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Progenics 1Q loss narrows, revenue tops Street

TARRYTOWN, N.Y. (AP) -- Progenics Pharmaceuticals' first-quarter loss narrowed as the company trimmed expenses.

Progenics lost $11.3 million, or 22 cents per share, for the three months ended March 31. That compares with a loss of $13.1 million, or 39 cents per share, a year earlier.

Analysts predicted a smaller loss of 19 cents per share, according to a FactSet poll.

Total expenses dropped to $13.5 million from $15.3 million.

Revenue was flat at $2.23 billion. This easily beat the $1.7 billion in revenue that Wall Street expected.

Shares of Progenics climbed 48 cents, or 11.2 percent, to $4.78 in midday trading on Friday. Over the last year, the stock has traded between $1.41 and $11 per share.

Progenics said that Relistor sales fell 37 percent from a year ago, but climbed 47 percent from the fourth quarter. Progenics Pharmaceuticals Inc., which is based in Tarrytown, N.Y., licensed rights for the opioid-induced constipation treatment Relistor to Salix.