Velan Implores for Improved Transparency and Real Change at Progenics Pharmaceuticals Following Q1 2019 Earnings Call

Monday, May 13, 2019 General News
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Believes Progenics Board and Senior Management Continue to Fail at Explaining Poor Performance and Instead, Hide Behind Insufficient Disclosure

Management Q1 2019 Earnings Call Quotes

Velan Perspectives / Follow-up Questions

"I think we're pleased by the momentum …"

Identifying (not dosing) an average of approximately two patients per month since FDA approval should not be a satisfactory outcome, yet alone one that is pleasing.

"The majority of the centers that we have up and running were part of our clinical trial…"

If these centers had already dosed patients in the clinical trial, their on-boarding for commercial product should be straight-forward. How can you continue to not explain the nine-month delay from FDA approval to dosing? How long will be required for a naïve center to adopt AZEDRA?

 "…hopefully we'll be able to provide more [AZEDRA sales] guidance later in the year as we gain more experience"

Given the targeted centers and orphan patient population, this "experience" should be readily identifiable and translatable into guidance.

"…we have long guided to an addressable population here of between 400 and 600 patients per year"

Our understanding was your prior disclosure was for an eligible population of 400-800 patients per year. Are you changing your guidance?



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