Contact:
            Investors:
              
              Progenics
      Pharmaceuticals, Inc.
              Richard
      W. Krawiec, Ph.D.
              Vice
      President, Corporate Affairs
              (914)
      789-2814
              krawiecr@progenics.com
              
              Dory
      A. Kurowski
              Associate
      Director, Corporate Affairs
              (914)
      789-2818
              dlombardo@progenics.com
            Media:
              
              WeissComm
      Partners
              Aline
      Schimmel
              (312)
      646-6295




PROGENICS
ANNOUNCES PROMOTION OF MARK R. BAKER TO PRESIDENT AND APPOINTS HIM TO BOARD OF
DIRECTORS





Tarrytown,
NY, September 16, 2009 – Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today
announced the promotion of Mark R. Baker to the newly created position of
President. Mr. Baker was also appointed to the Board of Directors. He will
continue to report to Paul J. Maddon, M.D., Ph.D., Progenics’ Founder, Chief
Executive Officer and Chief Science Officer. In his new role, Mr. Baker will be
responsible for overseeing the Company’s commercial development, strategic
planning, business development, investor relations, corporate communications,
finance and accounting, operations and legal affairs. With Mr. Baker’s
appointment, Progenics’ newly expanded board now has nine members. Prior to his
promotion, Mr. Baker was Executive Vice President – Corporate. He joined the
company in 2005 as Senior Vice President and General Counsel.





“Over the last four years, Mark has
been the architect of our business development efforts, having negotiated our
agreements with Wyeth and Ono Pharmaceuticals,” said Dr. Maddon.  “He
has also been a key player in building and maintaining these relationships. His
appointment as President and Director not only recognizes the significant
contributions he has made to Progenics, but calls upon him to provide direction
and leadership in developing the Company’s business and commercial
capabilities.”





Mr. Baker
came to Progenics with over 25 years of legal experience, including 21 years
with the Dewey Ballantine law firm where he represented Progenics in its 1997
initial public offering, along with many other clients in the biotechnology
field, including biotech companies, investment banks, consultants and venture
capital firms. Mr. Baker’s practice at Dewey Ballantine included work in capital
raising, mergers and acquisitions, joint ventures, technology and product
licensing, and general business counseling.  During his tenure at
Dewey Ballantine, he served as Partner, Chairman of the Capital Markets Group as
well as the Chairman of the Legal Personnel Committee.  In 1997, Mr.
Baker joined Contigroup Companies, Inc. as Executive Vice President, Chief Legal
Officer and Secretary, serving on an executive committee responsible for
Contigroup’s strategic direction.  Prior to joining Progenics, he was
the Chief Business Officer, Treasurer, Secretary and a Director of New York
Water Taxi.  He earned his J.D. at Columbia University School of Law
and holds an A.B. degree in History and Biochemistry from Columbia
College.







“It is a
proud moment for me in my long involvement with Progenics to take on these
leadership roles,” said Mark Baker, Progenics’ new President. “I hope that my
business skills in negotiating and completing transactions, guiding corporate
collaborations and managing organizations will help the people of Progenics
achieve our goal of enhancing value for all of our shareholders.”





(PGNX-G)





About
the Company





Progenics Pharmaceuticals,
Inc., of Tarrytown, NY, is a biopharmaceutical company focusing on the
development and commercialization of innovative therapeutic products to treat
the unmet medical needs of patients with debilitating conditions and
life-threatening diseases. Principal programs are directed toward supportive
care, virology—including human immunodeficiency virus (HIV) and hepatitis C
virus (HCV) infections—and oncology. Progenics, in collaboration with Wyeth
Pharmaceuticals, is developing RELISTOR®
(methylnaltrexone bromide) for the treatment of opioid-induced side effects.
RELISTOR is currently approved in over 30 countries, including the U.S., Canada
and Australia, as well as Latin American and all European Union member
countries. Marketing applications are pending for RELISTOR in other countries.
In the U.S., RELISTOR (methylnaltrexone bromide) subcutaneous injection is
indicated for the treatment of opioid-induced constipation in patients with
advanced illness who are receiving palliative care, when response to laxative
therapy has not been sufficient. In the area of virology, Progenics is
conducting phase 2 clinical trials of its HIV entry inhibitor PRO 140, a
humanized monoclonal antibody targeting the entry co-receptor CCR5. In the area
of oncology, the Company is conducting a phase 1 clinical trial of a human
monoclonal antibody-drug conjugate (ADC)—a selectively targeted chemotherapeutic
antibody directed against prostate-specific membrane antigen (PSMA)—for the
treatment of prostate cancer. PSMA is a protein found on the surface of prostate
cancer cells as well as in blood vessels supplying other solid tumors. Progenics
is also conducting a phase 1 clinical trial with a vaccine designed to treat
prostate cancer by stimulating an immune response to PSMA.




DISCLOSURE NOTICE: This
document contains statements that do not relate strictly to historical fact, any
of which may be forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. When we use the words
“anticipates,” “plans,” “expects” and similar expressions, we are identifying
forward-looking statements.




Forward-looking
statements involve known and unknown risks and uncertainties which may cause our
actual results, performance or achievements to be materially different from
those expressed or implied by forward-looking statements. While it is impossible
to identify or predict all such matters, these differences may result from,
among other things, the inherent uncertainty of the timing and success of, and
expense associated with, research, development, regulatory approval and
commercialization of our products and product candidates, including the risks
that clinical trials will not commence or proceed as planned; products appearing
promising in early trials will not demonstrate efficacy or safety in
larger-scale trials; clinical trial data on our products and product candidates
will be unfavorable; our products will not receive marketing approval from
regulators or, if approved, do not gain sufficient market acceptance to justify
development and commercialization costs; we, our collaborators or others might
identify side effects after the product is on the market; or efficacy or safety
concerns regarding marketed products, whether or not originating from subsequent
testing or other activities by us, governmental regulators, other entities or
organizations or otherwise, and whether or not scientifically justified, may
lead to product recalls, withdrawals of marketing approval, reformulation of the
product, additional pre-clinical testing or clinical trials, changes in labeling
of the product, the need for additional marketing applications, declining sales
or other adverse events.









We
are also subject to risks and uncertainties associated with the actions of our
corporate, academic and other collaborators and government regulatory agencies,
including risks from market forces and trends, such as those relating to the
pending acquisition of our RELISTOR collaborator, Wyeth Pharmaceuticals, by
Pfizer Inc.; potential product liability; intellectual property, litigation,
environmental and other risks; the risk that licenses to intellectual property
may be terminated for our failure to satisfy performance milestones; the risk of
difficulties in, and regulatory compliance relating to, manufacturing products;
and the uncertainty of our future profitability.




Risks
and uncertainties also include general economic conditions, including interest-
and currency exchange-rate fluctuations and the availability of capital; changes
in generally accepted accounting principles; the impact of legislation and
regulatory compliance; the highly regulated nature of our business, including
government cost-containment initiatives and restrictions on third-party payments
for our products; trade buying patterns; the competitive climate of our
industry; and other factors set forth in our Annual Report on Form 10-K and
other reports filed with the U.S. Securities and Exchange Commission. In
particular, we cannot assure you that RELISTOR will be commercially successful
or be approved in the future in other formulations, indications or
jurisdictions, or that any of our other programs will result in a commercial
product.




We
do not have a policy of updating or revising forward-looking statements and
assume no obligation to update any statements as a result of new information or
future events or developments. It should not be assumed that our silence over
time means that actual events are bearing out as expressed or implied in
forward-looking statements.




###





Editors
Note:




For more
information about Progenics Pharmaceuticals, Inc., please visit
www.progenics.com.




For more
information about RELISTOR, please visit www.RELISTOR.com.