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              Progenics
      Pharmaceuticals, Inc.
              Richard
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              (914)
      789-2814
              rkrawiec@progenics.com
              
              Dory
      A. Lombardo
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              (914)
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              dlombardo@progenics.com
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      Schimmel
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              aschimmel@wcpglobal.com


PROGENICS
SELECTS SMALL-MOLECULE HEPATITIS C


DRUG
CANDIDATE FOR CLINICAL DEVELOPMENT





San Francisco, CA and Tarrytown,
NY – November 4, 2008 – Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX)
today announced the selection of a proprietary small-molecule drug candidate,
designated PRO 206, for clinical development as a treatment of hepatitis C virus
(HCV) infection.  Pre-clinical results supporting the development of
PRO 206 were presented today at the annual meeting of the American Association
for the Study of Liver Diseases (AASLD) in San Francisco. PRO 206 is an orally
available viral-entry inhibitor, designed to prevent HCV from entering and
infecting healthy liver cells.





PRO 206
represents an innovative treatment strategy as it specifically blocks the
hepatitis C virus. HCV currently is treated with interferon in combination with
ribavirin, non-specific antiviral agents that are associated with significant
side effects and failure rates.  Targeted antiviral agents are widely
viewed to be a promising approach to improving treatment of HCV
infection.





“The
development of specifically targeted antiviral therapy for HCV (STAT-C) has the
potential to transform treatment of this disease,” said Ira M. Jacobson, M.D.,
Chief of the Division of Gastroenterology and Hepatology and Medical Director of
the Center for the Study of Hepatitis C at the Joan and Sanford I. Weill Medical
College of Cornell University.  “Inhibiting viral entry is a proven
approach for treating other viral diseases, and I look forward to seeing this
strategy explored in HCV infection.”














PRO
206: Summary of results





PRO 206
belongs to a class of novel small-molecule drug candidates that were discovered
and developed by Progenics scientists as potent and selective inhibitors of HCV
entry. The results of laboratory and animal studies of PRO 206 were described in
a poster presentation at AASLD.  In each of two well-established in vitro models of HCV entry
and replication, PRO 206 demonstrated potent inhibitory activity at
concentrations that had no measurable effect on cell viability or entry of
unrelated viruses.  PRO 206 also demonstrated high oral
bioavailability and a prolonged pharmacokinetic half-life in animals. The
antiviral and pharmacokinetic properties observed for PRO 206 suggest the
potential for once-daily dosing in humans.  A copy of the AASLD poster
can be accessed via the following link:  http://www.progenics.com/sci_cal.cfm.





“PRO 206
was discovered at Progenics and reflects the outstanding efforts of our
discovery scientists,” said William C. Olson, Ph.D., Senior Vice President,
Research and Development, Progenics Pharmaceuticals, Inc.  “Our HCV
entry program leverages our expertise in the discovery and development of HIV
entry inhibitors such as PRO 140, which is currently in phase 2 clinical
trials.  We look forward to completing the IND-enabling studies in
2009 in preparation for phase 1 clinical trials.”





About
Hepatitis C Infection





HCV is a
major cause of acute hepatitis and chronic liver disease, including cirrhosis
and liver cancer. Globally, an estimated 170 million persons are chronically
infected with HCV. The U.S. Centers for Disease Control and Prevention (CDC)
estimates that approximately 4.1 million persons in the United States are
infected with HCV and 3.2 million of these people are chronic carriers, making
it the most common, chronic blood-borne infection in the United
States.  HCV is the leading cause of liver transplantation and causes
approximately 8,000 to 10,000 deaths each year in the United
States.





(PGNX-C)








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
gastroenterology, virology—including human immunodeficiency virus (HIV) and
hepatitis C virus (HCV) infections—and oncology. Progenics, in collaboration
with Wyeth, is developing RELISTOR®
(methylnaltrexone bromide) for the treatment of opioid-induced side effects.
Wyeth has worldwide rights to develop and commercialize all forms of RELISTOR,
except in Japan where Progenics has granted Ono Pharmaceutical Co., Ltd. an
exclusive license to the subcutaneous form or RELISTOR, for development and
commercialization in this country. In the U.S., RELISTOR (methylnaltrexone
bromide) 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
Canada, RELISTOR (methylnaltrexone bromide injection) for subcutaneous use is
indicated for the treatment of OIC in patients with advanced illness receiving
palliative care. In European member states and Iceland, Norway and
Liechtenstein, RELISTOR (methylnaltrexone bromide) subcutaneous injection is
indicated for the treatment of OIC in patients with advanced illness who are
receiving palliative care, when response to the usual laxative therapy has not
been sufficient. Marketing applications are pending for RELISTOR in Australia
and other countries. In the area of virology, Progenics is developing the HIV
entry inhibitor PRO 140, a humanized monoclonal antibody targeting the entry
co-receptor CCR5, which is in phase 2 clinical testing. A novel HCV entry
inhibitor, PRO 206, has been selected for clinical development and is currently
undergoing IND-enabling studies. 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
cytotoxic 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 developing
vaccines 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 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, this 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;
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 our lead product, RELISTOR TM , 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. Thus, 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 visitwww.progenics.com.