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Shareholders Letter
To Our Shareholders:
It is my privilege to write to you for the first time as chief executive of Progenics, and I will use this opportunity to address the two subjects shareholders have most asked me about recently: Our agreement with Salix Pharmaceuticals and our executive management transition.
First, the Salix agreement signifies our belief that their robust sales and marketing capabilities, and their focused expertise in gastroenterology, are an effective combination to drive RELISTOR®’s further development and commercialization. As the commercial transition progresses, we also are working together on a Supplemental New Drug Application for the chronic pain indication, and to advance the oral formulation clinical program. Salix’s enthusiasm confirms my conviction that this is an ideal arrangement for RELISTOR at this crucial period in its life cycle.
Regarding our leadership change: When I assumed my new duties last month as chief executive officer, the Board of Directors also appointed Dr. Paul Maddon vice chairman and chief science officer, where he will maintain an active role helping as before to shape our future. Under Paul’s leadership, scientific excellence became one of Progenics’ greatest strengths, and his insight will continue to enhance our research and development efforts.
Throughout all this, our mission has remained unchanged: To treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases. To this end, in 2011 I will work closely with my colleagues and our advisors in honing our business strategy to pursue a compelling product pipeline that benefits patients and supports future growth. I believe that by leveraging select business development opportunities while efficiently managing our resources, we can deliver innovative drug development with a focus on the bottom line. I look forward to keeping you apprised of our progress, and invite you to visit our website, www.progenics.com, for periodic updates.
All of my colleagues at Progenics join me in thanking our collaborators for their continued commitment and dedication to our mission, the patients who have contributed to the advancement of our clinical trials, and our shareholders for your continued support.
With best regards,
Chief Executive Officer
April 28, 2011