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
REGAINS WORLDWIDE RIGHTS


TO
RELISTOR FRANCHISE





–
Franchise includes subcutaneous RELISTOR, only drug approved for opioid-induced
constipation; marketed in 30 countries –





–
Progenics’ priority: Advance development of oral RELISTOR –





–
Conference call today at 8:45 a.m. EDT –





Tarrytown,
N.Y. October 14, 2009 – Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today
announced that it has entered into an agreement with Wyeth Pharmaceuticals, a
division of Wyeth (NYSE: WYE) under which Progenics is regaining all worldwide
rights to the RELISTOR®
franchise from Wyeth Pharmaceuticals, which Progenics had previously licensed to
Wyeth Pharmaceuticals.  Progenics will assume full control of future
development and commercialization of subcutaneous RELISTOR after a one-year
transition, and will immediately take over ongoing development of the oral form
of the drug.





Under the
terms of the transition agreement, Wyeth has agreed to:





·
            Pay
      Progenics a total of $10 million in six quarterly installments to cover
      certain costs associated with the
transition.


·
            Exclusively
      license to Progenics, on a royalty-free basis, its rights to RELISTOR
      intellectual property that arose under the companies’ 2005 License and
      Co-Development Agreement


·
            Return
      to Progenics rights previously granted to it under the companies’ 2005
      Agreement.


·
            Provide
      support by continuing manufacturing, marketing, sales, distribution,
      currently ongoing clinical studies and regulatory activities for
      subcutaneous RELISTOR.





RELISTOR
(subcutaneous injection) is the only drug approved to treat opioid-induced
constipation (OIC) in patients with advanced illness receiving palliative care.
RELISTOR initially received marketing approval in Canada, the U.S. and the E.U.
in 2008 and is currently marketed in 30 countries.  Additional
launches of RELISTOR are planned throughout 2009 and 2010.








“Subcutaneous
RELISTOR is a valuable product that is just beginning to realize its potential,”
said Paul J. Maddon, M.D., Ph.D., Progenics’ Founder, Chief Executive Officer
and Chief Science Officer. “We will aggressively continue development to expand
the utility of both subcutaneous and oral RELISTOR into a new population:
patients with chronic pain who experience opioid-induced constipation. We will
be conducting registrational activities with many of our team members who were
successful in submitting an NDA for the first approval of RELISTOR in the
advanced-illness setting. If approved in the chronic-pain setting, we believe
that RELISTOR can become the standard of care in OIC. Regaining the rights to
RELISTOR is an important step toward our goal of becoming a commercial
organization.”





“Wyeth
and Progenics mutually agreed that the return of rights to the RELISTOR
franchise at this time was in the best interests of both companies,” said Joseph
M. Mahady, President of Wyeth Pharmaceuticals and Senior Vice President of
Wyeth. “Our collaboration enabled us to commercialize worldwide a first-in-class
drug for an important unmet medical need. We plan to work closely with Progenics
to ensure a smooth and successful transition.”





Strategies
to maximize the value of the RELISTOR global franchise





Progenics
is pursuing a range of strategic alternatives to maximize the RELISTOR
franchise, including:





·
            Licensing
      the RELISTOR franchise to a worldwide partner, with Progenics co-promoting
      the drug with its own sales force in the
U.S.





·
            Commercializing
      the RELISTOR franchise in the U.S. on its own, and collaborating with one
      or more regional partners
internationally.





·
            Forming
      strategic alliances with biopharmaceutical companies with marketed
      products or late-stage product candidates that are commercially compatible
      with RELISTOR.





·
            Forming
      a collaboration to assist with the development and commercialization of
      oral RELISTOR.





Progenics
to assume ongoing development of oral RELISTOR





Progenics
will assume immediate operational and financial responsibility for ongoing
development of the oral form of RELISTOR. As part of the transition, Wyeth has
agreed to provide certain assistance, expertise, and access to personnel to
support Progenics’ efforts.





Two forms
of oral RELISTOR have exhibited positive activity in recent clinical studies,
and both were generally well tolerated. As part of the transition, Wyeth will
provide certain quantities of one of these oral formulations for Progenics’ use
in clinical trials. Before announcing a clinical development plan for oral
RELISTOR, Progenics is completing further non-clinical development
work.





Wyeth
to continue to commercialize RELISTOR®
(subcutaneous injection) during transition





Wyeth
will continue to commercialize RELISTOR through a transition period ending
September 30, 2010 in the U.S. and December 31, 2010 internationally, subject to
earlier termination by Progenics. During the transition period, Wyeth will be
responsible for all ongoing commercial activities, including manufacturing,
marketing, sales, distribution and customer service, and will book sales and pay
royalties to Progenics. Wyeth will transfer responsibility for the manufacture
and sale of RELISTOR (subcutaneous injection) to Progenics or its new partners
at the end of these transition periods, or in the case of ex-U.S. markets,
sooner, if applicable.








Wyeth
to support continued development of subcutaneous RELISTOR during
transition





Wyeth has
agreed to complete, at its expense, several ongoing clinical studies of
subcutaneous RELISTOR. As part of this commitment, Wyeth will complete the
ongoing 1,000-patient, one-year phase 3, safety study designed to support
Progenics’ sNDA submission of RELISTOR to treat OIC in the chronic-pain patient
population.  In May 2009, Progenics and Wyeth reported a positive
outcome from a 470-patient, phase 3 efficacy clinical trial in this patient
population, which showed statistically significant improvements in the
occurrence of bowel movements with the use of RELISTOR.  Adverse
events observed in this study were similar to those seen in prior
studies.  Results from this safety study, combined with results from
the efficacy trial, are expected to be included in an sNDA submission to FDA by
Progenics by early 2011.





Wyeth
will reimburse Progenics up to $9.5 million for development of a multi-dose pen
for subcutaneous RELISTOR.  Progenics plans to launch subcutaneous
RELISTOR in this multi-dose pen for the chronic-pain OIC market in
2011.  Wyeth will also provide up to $5 million in support for
required pediatric studies.





Progenics’
agreement with Ono Pharmaceutical unaffected





Today’s
announcement does not affect Progenics’ development and commercialization
agreement with Ono Pharmaceutical Co., Ltd.  In October 2008,
Progenics licensed to Ono the Japanese rights to the subcutaneous form of
RELISTOR. Ono is responsible for developing subcutaneous RELISTOR in Japan,
including conducting the required clinical trials, and will be responsible for
commercialization in Japan upon development necessary to support regulatory
marketing approval. Under the agreement, Progenics received an upfront fee, and
is entitled to commercial and development milestones, as well as royalties on
sales of RELISTOR in Japan.





Progenics
to hold conference call today at 8:45 a.m. EDT





To
participate in the live call by telephone, callers may dial (888) 218-8170(domestic) or (913)
312-1382 (international) and enter passcode 1087564when prompted. In
addition, the conference call is being webcast and can be accessed on the
“Investor” section of the Company’s website. Approximately one hour after the
teleconference concludes, a replay will be available on Progenics’ website or by
dialing (888) 203-1112(domestic) or (719)
457-0820 (international) and entering passcode 1087564when prompted. The replay
will be available through November 14, 2009.





About
Opioids, Constipation and RELISTOR (methylnaltrexone bromide)





Opioid
analgesics are commonly prescribed to manage pain in patients with advanced
illness. Constipation occurs in practically all palliative-care patients
receiving opioid therapy for pain. RELISTOR is the first approved medication
that specifically targets the underlying cause of OIC to relieve constipation in
these patients.





Opioids
relieve pain by specifically interacting with mu-opioid receptors within the
central nervous system (CNS), which is comprised of the brain and spinal cord.
However, opioids also interact with mu-opioid receptors found outside the CNS,
such as those within the gastrointestinal tract, resulting in constipation that
can be debilitating.








RELISTOR
(methylnaltrexone bromide) is a peripherally acting mu-opioid receptor
antagonist that decreases the constipating effects of opioid pain medications in
the gastrointestinal tract without affecting their ability to relieve pain.
RELISTOR selectively displaces opioids from the mu-opioid receptors outside the
CNS, including those located in the gastrointestinal tract, thereby decreasing
their constipating effects. Because of its chemical structure, RELISTOR does not
affect the opioid-mediated analgesic effects on the CNS.




About
Subcutaneous RELISTOR





RELISTOR
subcutaneous injection is approved in the United States for the treatment of OIC
in patients with advanced illness who are receiving palliative care, when
response to laxative therapy has not been sufficient. The use of RELISTOR beyond
four months has not been studied. The drug is also approved for use in the
European Union, Canada, Australia, as well as several countries in Latin
America. Applications in additional countries are also pending.





Important
Safety Information for RELISTOR





·
            RELISTOR
      is contraindicated in patients with known or suspected mechanical
      gastrointestinal obstruction.


·
            If
      severe or persistent diarrhea occurs during treatment, advise patients to
      discontinue therapy with RELISTOR and consult their
    physician.


·
            Use
      of RELISTOR has not been studied in patients with peritoneal
      catheters.


·
            The
      most common adverse reactions reported with RELISTOR compared with placebo
      in clinical trials were abdominal pain (28.5% vs. 9.8%), flatulence (13.3%
      vs. 5.7%), nausea (11.5% vs. 4.9%), dizziness (7.3% vs. 2.4%), diarrhea
      (5.5% vs. 2.4%), and hyperhidrosis (6.7% vs.
  6.5%).


·
            RELISTOR
      full Prescribing Information for the U.S. is available at
      www.relistor.com.





(PGNX-G)





About
Progenics





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 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. and E.U
member countries, Canada, Australia, and several Latin American countries;
marketing applications are pending elsewhere throughout the world. Progenics’
former collaborator, Wyeth Pharmaceuticals, is continuing manufacturing, sales,
marketing, distribution and certain development, clinical and regulatory
activities during an approximately one-year transition after the October 2009
termination of their 2005 RELISTOR collaboration. In Japan, Ono Pharmaceutical
Co., Ltd. has an exclusive license from Progenics for development and
commercialization of subcutaneous RELISTOR in that country. In the U.S.,
RELISTOR subcutaneous injection is indicated for the treatment of opioid-induced
constipation (OIC) 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 developing the HIV-entry inhibitor PRO 140, a
humanized monoclonal antibody which binds to co-receptor CCR5 to inhibit HIV
entry. PRO 140 is currently in phase 2 clinical testing for the treatment of HIV
infection. The Company also has an HCV discovery program to identify novel
inhibitors of HCV entry. In the area of oncology, the Company is conducting a
phase 1 clinical trial of a human monoclonal antibody-drug conjugate (ADC) for
the treatment of prostate cancer—a selectively targeted chemotherapeutic
antibody directed against prostate-specific membrane antigen (PSMA). 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 phase 1
clinical trials with vaccines designed to treat prostate cancer by stimulating
an immune response to PSMA.








Editors
Note:





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





Additional
information about the transition can be found in Progenics’ SEC Form 8-K filing
filed today and available at www.sec.gov.








PROGENICS 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, 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 we
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.