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              Progenics
      Pharmaceuticals, Inc.
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              (914)
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              rkrawiec@progenics.com
              
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              (914)
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PROGENICS
ANNOUNCES PROGRESS AND PRESENTATIONS IN


HIV
THERAPY PROGRAM





–Enrollmentfor PRO 140 phase 2 clinical studiescompleted–





–Interimphase 2 resultsfor intravenous form of PRO 140 to
bepresented at‘late-breaker’ICAAC session–





–PRO 140 phase1b clinicalstudyresults published inJournal
of Infectious Diseases –







Tarrytown,
NY – October 2, 2008 – Progenics Pharmaceuticals, Inc.
(Nasdaq: PGNX) today announced the completion of enrollment in two, phase 2
clinical studies of PRO 140, an investigational drug that is being developed for
treatment of human immunodeficiency virus (HIV) infection. The phase 2
studies are separately evaluating intravenous and subcutaneous forms of PRO
140. The Company also reported that interim antiviral and tolerability data
from the phase 2 study of intravenous PRO 140 have been selected for
presentation in a “late-breaker” session at the joint meeting of
the Interscience Conference on Antimicrobial Agents and Chemotherapy
(ICAAC) and the Infectious Diseases Society of America (IDSA) to be held
October 25-28, 2008 in Washington, D.C. Finally, the Company announced the
online publication of results from a phase 1b study, authored by Progenics’
scientists and their academic collaborators, of intravenous PRO 140 in the Journal of Infectious
Diseases, a
peer-reviewed science journal.




“Despite recent progress, treatment of
HIV infection remains challenged by viral resistance, daily adherence, drug
toxicities, and our growing recognition of the widespread bodily damage caused
by uncontrolled HIV replication,” said Jeffrey M. Jacobson, M.D., Professor of
Medicine, Microbiology, and Immunology, and Chief, Division of Infectious
Diseases and HIV Medicine, Drexel University College of Medicine, and lead
author of the Journal of
Infectious Diseases article. “Continued advances will require a robust
pipeline of new HIV drugs to address these therapeutic shortcomings. PRO 140
could offer a new approach to HIV therapy for patients with CCR5-tropic virus at
various stages of their disease, in light of the extended antiviral activity,
favorable tolerability and barrier to resistance exhibited by PRO 140 to
date.”





PRO 140
is a humanized monoclonal antibody directed against CCR5, the principal portal
used by HIV to enter and infect immune system cells. As a viral-entry inhibitor,
PRO 140 is designed to treat HIV by protecting healthy cells from
infection.








Enrollment
completed in two, phase 2 studies





The
Company also announced the completion of enrollment of two phase 2 clinical
studies which were initiated in January 2008.  The double-blind,
placebo-controlled trials are being conducted in individuals with early-stage
HIV disease and who have not received antiretroviral therapy in the previous
three months. Prior to treatment, all patients were screened for the
presence of virus that uses CCR5, and the absence of virus that uses CXCR4, as
the entry co-receptor. Patients are being monitored for approximately two
months to assess tolerability, antiviral activity and blood concentrations of
PRO 140. Additional information on the phase 2 trials is available at www.clinicaltrials.gov.




“The
timely enrollment of the phase 2 studies reflects our dedication to furthering
the clinical development of PRO 140, and the high degree of enthusiasm among HIV
physicians for PRO 140,” said Paul J. Maddon, M.D., Ph.D., Chief Executive
Officer, Chief Science Officer and Founder of Progenics. “We look forward to
sharing interim results from the phase 2 study of intravenous PRO 140 at the
ICAAC/IDSA joint meeting. The complete data set from both phase 2 studies should
provide information to help us design a registration program. We expect to
present the full analysis of these studies at future scientific conferences and
also plan to meet with the U.S. Food and Drug Administration to assess next
steps for initiating pivotal studies.”




The phase
2 trial of intravenous PRO 140 enrolled 31 individuals who were randomized
to receive a single dose of placebo, 5 mg/kg PRO 140 or 10 mg/kg PRO
140. Interim data from this trial will be presented at the upcoming
ICAAC/IDSA meeting.





The
second phase 2 trial is evaluating subcutaneous PRO 140 administered as three
weekly doses or two bi-weekly (once every two weeks) doses. This study is
being conducted in 44 individuals randomized to receive placebo, 162 mg PRO 140
weekly, 324 mg PRO 140 weekly, or 324 mg PRO 140 bi-weekly. Subcutaneous
PRO 140 is being developed as a potential long-acting, self-administered therapy
for HIV infection. Progenics expects to report phase 2 data
for subcutaneous PRO 140 in early 2009.





New
PRO 140 phase 2 results to be presented as ‘late-breaker’ at scientific
conference





The
ICAAC/IDSA poster presentation will provide interim phase 2 data for
intravenous PRO 140 and will be the first reported phase 2 clinical data for
the investigational drug. Progenics is scheduled to present these data
as follows:




Sunday,
October 26, 2008, 11:15 a.m. – 12:15 p.m. ET




Session
title: Antiretroviral Therapy: New Agents




Poster
number: H-1269a




“Antiviral
Activity and Tolerability of 5 mg/kg and 10 mg/kg Doses of PRO 140, a Humanized
Monoclonal Antibody to CCR5”













PublishedPRO 140phase 1bresults





The Journal of Infectious Diseases
publication provides the first detailed analysis of the phase 1b clinical trial
of PRO 140. The online article can be accessed via the home page of Progenics’
website, www.progenics.com, or
directly at: http://delivery.sheridan.com/index.php?ID=UCP_142660_EP.  The
print article will appear in the November 1, 2008 edition of the journal.
Preliminary results from the phase 1b study were first presented in July
2007 at a plenary session of the International AIDS Society meeting in
Sydney, Australia.  Results were also presented at ICAAC in September
2007.






In the
published study, all patients treated with 5 mg/kg PRO 140 experienced a greater
than 10-fold reduction in viral load. PRO 140 was generally well tolerated,
and no dose-limiting toxicity was observed. This first clinical study
of PRO 140 in HIV-infected individuals established clear proof of concept for
this monoclonal antibody as a potent antiretroviral agent with extended activity
after a single dose.




About
PRO 140





Discovered
by Progenics’ scientists, PRO 140 is a humanized monoclonal antibody that
binds to CCR5, a co-receptor characterized by Progenics and its collaborators in
1996 as the principal molecular portal used by HIV to enter and infect immune
system cells.  Some strains of HIV use the CXCR4 co-receptor as a
portal of entry either exclusively or alternatively to CCR5.  Unlike
small-molecule CCR5 antagonists, PRO 140 inhibits HIV entry at
concentrations that in
vitro do not appear to block CCR5’s natural activity of directing the
migration of immune cells towards sites of inflammation in the body. As a
monoclonal antibody, PRO 140 is not metabolized by the liver, and therefore
may have the potential for a better tolerability profile than many of the
existing small-molecule therapies for HIV-1 infection. In February 2006,
PRO 140 was designated a Fast Track product by FDA for the treatment of HIV
infection.





Progenics
gratefully acknowledges the development funding it has received for PRO 140
from the National Institute of Allergy and Infectious Diseases, part of the
National Institutes of Health (1 U19 AI066329).





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 RELISTORTM (methylnaltrexone bromide) for the treatment
of opioid-induced side effects. 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. Pre-clinical programs
for the development of novel HCV entry inhibitors are also underway. 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.