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
              dkurowski@progenics.com
            Media:
              
              WeissComm
      Partners
              Aline
      Schimmel
              (312)
      646-6295


PROGENICS
ANNOUNCES THIRD QUARTER 2009


FINANCIAL
RESULTS





Tarrytown, NY, November 9,
2009 – Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced its
results of operations for the third quarter and nine months ended September 30,
2009.





Financial
Results





Net loss
for the third quarter of 2009 was $13.0 million or $0.41, basic and diluted, per
share, compared to $12.2 million or $0.40, basic and diluted, per share in the
third quarter of 2008. Net loss for the nine months ended September 30, 2009 was
$30.0 million or $0.97, basic and diluted, per share, compared to a net loss of
$30.1 million or $1.00, basic and diluted, per share for the first nine months
of 2008.





Revenues
for the third quarter of 2009 totaled $5.4 million, compared to $17.5 million
for the same period of 2008, reflecting a decrease in reimbursement revenue from
Wyeth (NYSE: WYE) for RELISTOR®research and development under the recently terminated 2005 collaboration
between Wyeth and Progenics. For the first nine months of 2009, Progenics
reported revenues of $31.8 million compared to $60.8 million for the comparable
period of 2008.  Revenues for nine months also reflect a decrease in
reimbursement and milestone revenue from Wyeth, offset by recognition in the
first quarter of a $15.0 million upfront payment received in 2008 from Ono
Pharmaceutical Co., Ltd. (OSE-TYO: 4528), Progenics’ collaborator for
subcutaneous RELISTOR in Japan.





Expenses
for the third quarter of 2009 were $18.6 million, compared to $31.2 million for
the same period in the previous year. For the nine months ended September 30,
2009, expenses totaled $63.5 million, compared to $95.9 million for the same
period of 2008.








Progenics
ended the quarter with cash, cash equivalents and marketable securities of
$106.8 million, a reduction of $10.7 million from $117.5 million at June 30,
2009.




The
decreases in expenses for the third quarter and nine months ended September 30,
2009 compared to 2008 were attributable primarily to decreases of $10.3 million
and $29.9 million, respectively, in research and development expenses. The
overall decreases, which reflect increases in PSMA-related clinical activities,
resulted primarily from:





·
            Reduced
      RELISTOR development expenses following completion of Progenics-conducted
      clinical trials and other development work;
and





·
            Reduced
      manufacturing activities for PRO 140 clinical
  trials.





Global
net sales of RELISTOR for the third quarter of 2009 were $3.3 million, as
compared to $3.2 million in sales for the previous quarter and $0.8 million for
the third quarter of 2008 when RELISTOR had only been partially launched by
Wyeth. Of the current period’s global net sales, U.S. net sales comprised $1.8
million, as compared with $2.0 million in the previous quarter.





“During
the third quarter, we worked diligently to regain worldwide rights to RELISTOR,
the only approved drug for opioid-induced constipation, and our announcement
just after the closing of this quarter was a significant event,” said Paul J.
Maddon, Founder, Chief Executive Officer and Chief Science Officer of Progenics
Pharmaceuticals. “We are excited about the future of the RELISTOR franchise,
including our plans to submit an sNDA by early 2011 for approval of subcutaneous
RELISTOR for the treatment of opioid-induced constipation in the broader
chronic-pain market and to take immediate responsibility for development of oral
RELISTOR. We believe that RELISTOR is just beginning to realize its potential in
the opioid-induced constipation marketplace.”





Third
Quarter Highlights





·
            Applications
      for a new RELISTOR pre-filled syringe delivery system were submitted to
      the U.S. Food and Drug Administration and the European Union European
      Medicines Agency. Pre-filled syringes are designed to ease preparation and
      administration for patients and caregivers and, if approved, could be
      available to advanced-illness patients in the U.S. and Europe as early as
      the first half of 2010.





·
            Mark
      R. Baker, formerly Executive Vice President – Corporate, was appointed
      President and a member of the Board of Directors. He continues to report
      to Dr. Maddon. In his new role, Mr. Baker oversees business and commercial
      development, strategic planning, investor relations, corporate
      communications, finance and accounting, operations and legal
      affairs.








October
      Highlights





·
            Progenics
      and Wyeth terminated their 2005 collaboration, and Progenics is regaining
      all worldwide rights to the RELISTOR franchise. Progenics will assume full
      control of future development and commercialization of subcutaneous
      RELISTOR after a transition period, and is taking over clinical and
      non-clinical development of the oral form of the drug. Wyeth has agreed to
      pay Progenics a total of $10.0 million in installments through January
      2011, and to provide support by continuing manufacturing, marketing,
      sales, distribution, ongoing clinical studies and regulatory activities
      for subcutaneous RELISTOR over the transitional period. Wyeth is also
      committing up to $14.5 million of funding for development of RELISTOR in a
      multi-dose pen delivery system for the chronic-pain patient population and
      for pediatric clinical trials.  Progenics’ out-license of
      subcutaneous RELISTOR to Ono Pharmaceutical in Japan is not affected by
      the Wyeth collaboration
termination.





·
            Positive data from a phase 2
      study of methylnaltrexone treatment during rehabilitation following
      orthopedic procedures was presented at the annual meeting of theAmerican
      Academy of Physical Medicine and Rehabilitation.  The
      hypothesis-generating study was conducted by Progenics in 33
      patients andserved
      to evaluate methylnaltrexone in a new patient setting. Significantly more
      patients on study drug experienced laxation within two and four hours
      compared to those on placebo (33% versus 0%, [p<0.05] and 39% versus
      7%, [p<0.05], respectively).In addition, the median time to
      laxation in the methylnaltrexone group was nearly one day earlier than the
      placebo group. Incidences of adverse events were comparable between the
      two treatment groups, and no serious adverse events were reported. Data
      from this study will support the safety portion of the chronic-pain sNDA
      planned for FDA submission by early
2011.





-
Financial Tables follow -








PROGENICS
      PHARMACEUTICALS, INC.
              CONDENSED
      CONSOLIDATED STATEMENTS OF OPERATIONS
              (unaudited)
              (in
      thousands, except net loss per share)For
      the Three Months Ended
              September
      30,
            
            
            For
      the Nine Months Ended
              September
      30,2009
            
            
            2008
            
            
            2009
            
            
            2008Revenues:Research
      and development
            
            $
            4,431
            
            
            $
            16,015
            
            
            $
            29,206
            
            
            $
            54,896Royalty
      income
            
            
            509
            
            
            
            44
            
            
            
            976
            
            
            
            86Research
      grants and contract
            
            
            404
            
            
            
            1,377
            
            
            
            1,421
            
            
            
            5,689Other
      revenues
            
            
            75
            
            
            
            61
            
            
            
            189
            
            
            
            172Total
      revenues
            
            
            5,419
            
            
            
            17,497
            
            
            
            31,792
            
            
            
            60,843Expenses:Research
      and development
            
            
            11,345
            
            
            
            21,478
            
            
            
            39,055
            
            
            
            68,191License
      fees – research and development
            
            
            136
            
            
            
            305
            
            
            
            961
            
            
            
            1,788General
      and administrative
            
            
            5,844
            
            
            
            8,265
            
            
            
            19,758
            
            
            
            22,530Royalty
      expense
            
            
            51
            
            
            
            5
            
            
            
            98
            
            
            
            9Depreciation
      and amortization
            
            
            1,207
            
            
            
            1,166
            
            
            
            3,633
            
            
            
            3,427Total
      expenses
            
            
            18,583
            
            
            
            31,219
            
            
            
            63,505
            
            
            
            95,945Operating
      loss
            
            
            (13,164
            )
            
            
            (13,722
            )
            
            
            (31,713
            )
            
            
            (35,102
            )Other
      income:Interest
      income
            
            
            123
            
            
            
            1,502
            
            
            
            1,457
            
            
            
            5,028Gain
      on sale of marketable securities
            
            
            -
            
            
            
            -
            
            
            
            237
            
            
            
            -Gain
      on disposal of fixed assets
            
            
            27
            
            
            
            -
            
            
            
            46
            
            
            
            -Total
      other income
            
            
            150
            
            
            
            1,502
            
            
            
            1,740
            
            
            
            5,028Net
      loss
            
            $
            (13,014
            )
            
            $
            (12,220
            )
            
            $
            (29,973
            )
            
            $
            (30,074
            )Net
      loss per share; basic and diluted
            
            $
            (0.41
            )
            
            $
            (0.40
            )
            
            $
            (0.97
            )
            
            $
            (1.00
            )Weighted
      average shares outstanding; basic and diluted
            
            
            31,428
            
            
            
            30,323
            
            
            
            31,060
            
            
            
            30,048





CONDENSED
      CONSOLIDATED BALANCE SHEETS
              (unaudited)
              (in
      thousands)September
      30, 2009
            
            
            December
      31, 2008Cash,
      cash equivalents and marketable securities
            
            $
            106,756
            
            
            $
            141,374Accounts
      receivable
            
            
            697
            
            
            
            1,337Fixed
      assets, net
            
            
            8,080
            
            
            
            11,071Other
      assets
            
            
            1,513
            
            
            
            4,051Total
      assets
            
            $
            117,046
            
            
            $
            157,833Liabilities
            
            $
            12,547
            
            
            $
            38,464Stockholders’
      equity
            
            
            104,499
            
            
            
            119,369Total
      liabilities and stockholders’ equity
            
            $
            117,046
            
            
            $
            157,833










About
Subcutaneous RELISTOR





RELISTOR
subcutaneous injection is approved in the United States 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. The
use of RELISTOR beyond four months has not been studied. The drug is also
approved for use in over 30 countries worldwide, including the European Union,
Canada, Australia and Brazil. Applications in additional countries are
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.





About
Subcutaneous RELISTOR for OIC in the Chronic-pain Setting





In May
2009, Progenics and Wyeth reported a positive outcome from a 470-patient, phase
3 efficacy clinical trial in patients with chronic, non-cancer pain. This study
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.  Enrollment was
also recently completed for phase 3 safety study of over 1,000 patients, with
results expected by the end of 2010. Results from these two studies are expected
to be included in an sNDA submission by early 2011. If FDA approval of the
application is granted, Progenics plans to launch subcutaneous RELISTOR in a
multi-dose pen for the chronic-pain OIC market thereafter.





(PGNX-F)








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 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., E.U.
member countries, Canada, Australia and Brazil; marketing applications are
pending elsewhere throughout the world. Progenics is pursuing strategic
alternatives for RELISTOR, including licensing, collaboration, strategic
alliances and U.S. commercialization or co-promotion, following termination of
its 2005 collaboration with Wyeth Pharmaceuticals, which is continuing
manufacturing, sales, marketing, and certain development and regulatory
activities for RELISTOR during the transition. Ono Pharmaceutical Co., Ltd. has
an exclusive license from Progenics for development and commercialization of
subcutaneous RELISTOR in Japan. In the area of virology, Progenics is developing
the viral-entry inhibitor PRO 140, a humanized monoclonal antibody which binds
to co-receptor CCR5 to inhibit human immunodeficiency virus (HIV)
infection.  PRO 140 is currently in phase 2 clinical testing. The
Company’s hepatitis C virus discovery program seeks to identify novel inhibitors
of HCV entry. In 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 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.





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;
competing products currently on the market or in development might reduce the
commercial potential of our products; 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
we may not be able to enter into favorable collaboration or other relationships
or that existing or future relationships may not proceed as planned; the risk
that current and pending patent protection for our products may be invalid,
unenforceable or challenged, or fail to provide adequate market exclusivity, or
that our rights to in-licensed 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.