Remember Progenics Pharmaceuticals (PGNX)? If you do, you will be up 85 percent from the stock’s multiple bottom at $4.00. The company received ample cash, not through a share issuance or debt sale. That kind of dilution is typical for most biotech firms. PGNX received a $50 million milestone payment from Valeant. Per the conference call, The company may earn up to 200 million of additional one time sales milestone payments based on U.S. net sales of oral and subcutaneous RELISTOR.PGNX ended the second quarter with $60.1 million in cash.The confidence Progenics has in its relationship with Valeant is notable:I think we've been encouraged by the changes that have been seen at Valeant's, the hiring of a new CEO hopefully building their commercial focus, many remarked to me that the article announcing the approval of oral RELISTOR was a good news story for Valeant's and we Valeant's Directors' comments favourably on the approval of RELISTOR, so we're hoping and expecting that RELISTOR will be very important to Valeant and they haven’t shown us any hesitations so far. Obviously we are not starting from scratch with oral RELISTOR because subcutaneous RELISTOR is being sold by hundreds of reps, Valeant reps but obviously what we want to see with their oral formulation is step up in their effort and a strong commercial showing.Valeant takes all the trial costs. PGNX is strategically structured so it exposes investors to all the upside should it meet the milestones. Further, the high cash gives the company the flexibility in building its oncology drug portfolio.TakeawayProgenics is a well-run company. The lows are likely behind it and the stock has more room to move higher.