**FOR      IMMEDIATE RELEASE:**

| **Contacts:** | **Progenics                Pharmaceuticals, Inc.:** Investor                Contact:Richard                W. Krawiec, Ph.D.Progenics                Pharmaceuticals(914)                789-2800rkrawiec@progenics.com Media                Contact:Barri                WiniarskiWeissComm                Partners(914)                584-7468 | **Wyeth:** Media                Contacts:Sal                FotiWyeth                Pharmaceuticals(484)                865-3490 Gwen                FisherWyeth                Pharmaceuticals(484)                865-5160 Investor                Contact:Justin                VictoriaWyeth(973)                660-5340 |
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**PROGENICS      AND WYETH ANNOUNCE FDA HAS ACCEPTED FOR FILING THE NEW DRUG APPLICATION FOR      SUBCUTANEOUS METHYLNALTREXONE**

*-      European Medicines Agency Confirms Marketing Authorization Application*

*is      Valid for Review -*

**Tarrytown,      N.Y., and Collegeville, Pa.**
**,      May 31, 2007 **

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**About      Opioid-Induced Constipation**

**About      Methylnaltrexone**

**About      the Companies**

**Progenics      Pharmaceuticals, Inc.**

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**PROGENICS      DISCLOSURE NOTICE:**
*      The      information contained in this document is current as of May 31, 2007. 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, 2006, 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.*

**Wyeth      Pharmaceuticals**

**WYETH      DISCLOSURE NOTICE: **
*The      statements in this press release that are not historical facts are      forward-looking statements based on current expectations of future events and      are subject to risks and uncertainties that could cause actual results to differ      materially from those expressed or implied by such statements. These risks      and      uncertainties include the inherent uncertainty of the timing and success of,      and      expense associated with, research, development, regulatory approval and      commercialization of our products, including with respect to our pipeline      products; government cost-containment initiatives; restrictions on third-party      payments for our products; substantial competition in our industry, including      from branded and generic products; data generated on our products; the      importance of strong performance from our principal products and our anticipated      new product introductions; the highly regulated nature of our business; product      liability, intellectual property and other litigation risks and environmental      liabilities; uncertainty regarding our intellectual property rights and those      of      others; difficulties associated with, and regulatory compliance with respect      to,      manufacturing of our products; risks associated with our strategic      relationships; economic conditions including interest and currency exchange      rate      fluctuations; changes in generally accepted accounting principles; trade buying      patterns; the impact of legislation and regulatory compliance; risks and      uncertainties associated with global operations and sales; and*
* *
*other      risks and uncertainties, including those detailed from time to time in our      periodic reports filed with the Securities and Exchange Commission, including      our current reports on Form 8-K, quarterly reports on Form 10-Q and annual      report on Form 10-K, particularly the discussion under the caption “Item 1A,      RISK FACTORS.” The forward-looking statements in this press release are      qualified by these risk factors. We assume no obligation to publicly update      any      forward-looking statements, whether as a result of new information, future      developments or otherwise.*

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