**For      Immediate Release **

| **Contact:** | Progenics                Pharmaceuticals, Inc.Richard                W. Krawiec, Ph.D.VP,                Investor Relations and Corporate Communications(914)                789-2800rkrawiec@progenics.com |
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**PROGENICS      PHARMACEUTICALS REPORTS **

**SECOND      QUARTER 2006 RESULTS**

**Tarrytown,      NY, August 8, 2006**

*.*

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**Progenics      Pharmaceuticals, Inc.**

*(Financial        Tables Follow)*

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| **PROGENICS                PHARMACEUTICALS, INC.****CONDENSED                CONSOLIDATED STATEMENTS OF OPERATIONS**(in                thousands, except net loss per share) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                         |   | Three                Months Ended |   | Six                Months Ended |   |
|                                                                                                                                                                         |   | 6/30/2006 |   | 6/30/2005 |   | 6/30/2006 |   | 6/30/2005 |   |
| Revenues:                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
|     Contract                research and development from collaborator                                                                                   |   | $ | 17,044 |   |   |   |   | $ | 25,533 |   |   |   |   |
|     Contract                research and development from JV                                                                                             |   |   |   |   | $ | 129 |   |   |   |   | $ | 569 |   |
|     Research                grants                and contracts                                                                                          |   |   | 2,064 |   |   | 1,925 |   |   | 4,526 |   |   | 4,070 |   |
|     Product                sales                                                                                                                         |   |   | 14 |   |   | 21 |   |   | 65 |   |   | 25 |   |
|         Total                revenues                                                                                                |   |   | 19,122 |   |   | 2,075 |   |   | 30,124 |   |   | 4,664 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Research                and                development                                                                                                     |   |   | 29,978 |   |   | 10,466 |   |   | 40,                537 |   |   | 22,565 |   |
|    General                and                administrative                                                                                                   |   |   | 5,016 |   |   | 2,900 |   |   | 9,528 |   |   | 6,042 |   |
|    Loss                in                JV                                                                                                                   |   |   |   |   |   | 1,339 |   |   | 121 |   |   | 1,544 |   |
|    Depreciation                and amortization                                                                                                               |   |   | 362 |   |   | 470 |   |   | 725 |   |   | 953 |   |
|         Total                expenses                                                                                                |   |   | 35,356 |   |   | 15,175 |   |   | 50,911 |   |   | 31,104 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                loss                                                                                                                                                |   |   | (16,234 | ) |   | (13,100 | ) |   | (20,787 | ) |   | (26,440 | ) |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                income:                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                income                                                                                                                             |   |   | 1,906 |   |   | 305 |   |   | 3,816 |   |   | 451 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                                                                                                      |   | $ | (14,                328 | ) | $ | (12,795 | ) | $ | (16,971 | ) | $ | (25,989 | ) |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net                loss per                share; basic and diluted                                                                                        |   | $ | (0.56 | ) | $ | (0.65 | ) | $ | (0.67 | ) | $ | (1.40 | ) |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |

| **CONDENSED                CONSOLIDATED BALANCE SHEETS**(in                thousands)                      |   |
|------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                       |   | June                30, 2006 |   | December                31, 2005 |   |
|                                                                                                       |   |   |   |   |   |
| Cash,                cash equivalents and marketable securities                                            |   | $ | 155,294 |   | $ | 173,090 |   |
| Accounts                receivable                                                                         |   |   | 1,618 |   |   | 3,287 |   |
| Fixed                assets, net                                                                           |   |   | 6,434 |   |   | 4,156 |   |
| Other                assets                                                                                |   |   | 3,326 |   |   | 3,470 |   |
|     Total                assets                                                        |   | $ | 166,672 |   | $ | 184,003 |   |
|                                                                                                       |   |   |   |   |   |   |   |
| Liabilities                                                                                                |   | $ | 62,501 |   | $ | 71,271 |   |
| Stockholders’                equity                                                                  |   |   | 104,171 |   |   | 112,732 |   |
|                                                                                                       |   |   |   |   |   |   |   |
|                        Total liabilities and stockholders’ equity |   | $ | 166,672 |   | $ | 184,003 |   |
|                                                                                                       |   |   |   |   |   |   |   |

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***DISCLOSURE      NOTICE:***
*The      information contained in this document is current as of August 8, 2006. This      press release contains forward-looking statements. Any statements contained      herein that are not statements of historical fact may be forward-looking      statements. When the Company uses the words ‘anticipates,’ ‘plans,’ ‘expects’and similar expressions, it is identifying forward-looking statements. Such      forward-looking statements involve risks and uncertainties which may cause      the      Company’s actual results, performance or achievements to be materially different      from those expressed or implied by forward-looking statements. Such factors      include, among others, the uncertainties associated with product development,      the risk that clinical trials will not commence or proceed as planned, the      risks      and uncertainties associated with dependence upon the actions of our corporate,      academic and other collaborators and of government regulatory agencies, the      risk      that our licenses to intellectual property may be terminated because of our      failure to have satisfied performance milestones, the risk that products that      appear promising in early clinical trials do not demonstrate efficacy in      larger-scale clinical trials, the risk that we may not be able to manufacture      commercial quantities of our products, the uncertainty of future profitability      and other factors set forth more fully in the Company’s Annual Report on Form      10-K for the fiscal year ended December 31, 2005 and other reports filed with      the Securities and Exchange Commission, to which investors are referred for      further information. In particular, the Company cannot assure you that any      of      its programs will result in a commercial product. *

*Progenics      does not have a policy of updating or revising forward-looking statements and      assumes no obligation to update any forward-looking statements contained in      this      document as a result of new information or future events or developments. Thus,      it should not be assumed that the Company’s silence over time means that actual      events are bearing out as expressed or implied in such forward-looking      statements.*