Progenics revealed the lease expansion on Oct. 31 when it released its third quarter financials. The company signed a new lease to rent additional laboratory, office and manufacturing space within the Landmark at Eastview complex. Company officials stated that the firm plans to occupy its new space over the next six months. Progenics now leases approximately 80,000 sf at the Tarrytown facility.
"We are talking to them about possibly leasing more space," LCOR's Brierley adds. He represented LCOR in the lease deal, while Patricia Ardigo of CB Richard Ellis represented Progenics.
Another major pharmaceutical firm, Regeneron Pharmaceuticals, is the largest tenant at the Landmark complex, leasing in excess of 200,000 sf. Brierley says the Landmark property is currently about 95% leased.
Progenics reported that revenues for the third quarter (ended September 30) were $1.9 million, down from $2.7 million a year ago. For the first nine months of 2003, Progenics amassed revenues of $6.1 million, compared to $7.8 million for the same period in 2002.
In September of this year, Progenics was awarded a contract from the National Institute of Health to develop a novel vaccine against HIV, the virus that causes AIDS. The contract provides Progenics with up to $28.6 million over five years to fund preclinical research, development, and early clinical testing of a prophylactic vaccine. The company has four product candidates in clinical development and several in preclinical development.
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