TARRYTOWN, N.Y.--(BUSINESS WIRE)--Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) today announced that it has earned a $5 million payment from Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE). This first milestone payment under the companies’ collaborative agreement was triggered by Progenics’ start of a phase 3 clinical trial of intravenous methylnaltrexone for the treatment of post-operative ileus (POI), a debilitating impairment of the gastrointestinal tract that occurs after surgery. Methylnaltrexone is an investigational drug that is designed to treat the peripheral side effects of opioid analgesics without interfering with pain relief. In December 2005, Wyeth and Progenics Pharmaceuticals entered into a collaboration to develop and commercialize methylnaltrexone. Under the terms of the agreement, Progenics has the potential to receive as much as $356.5 million, including the payment announced today, payable upon achievement of certain milestones.
