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              (914)
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              (914)
      789-2818
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PROGENICS
ANNOUNCES WYETH HAS RECEIVED


RELISTOR
APPROVAL IN AUSTRALIA





Tarrytown, NY, November 17, 2008–Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX), today announced the
Therapeutic Goods Administration (TGA) division of the Australian Government has
approved the registration of RELISTOR®
(methylnaltrexone bromide 12mg/0.6ml solution for injection) 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.





“We are
pleased that RELISTOR, an important new medicine to treat an unmet medical need,
received registration approval in Australia, and is now available to patients
with advanced illness receiving palliative care in another major region of the
world,” said Paul J. Maddon, M.D., Ph.D., Chief Executive Officer, Chief Science
Officer and Founder of Progenics Pharmaceuticals, Inc. “Approval in Australia
expands global access to this novel product which has already received approval
in Canada, the U.S., European Union member states, and Iceland, Norway,
Liechtenstein and Venezuela. RELISTOR is the first approved therapy in a new
class of drugs designed to relieve one of the significant side effects of
opioids on the gastrointestinal tract without interfering with their ability to
provide pain relief.”





Progenics,
in collaboration with Wyeth, is developing RELISTOR for the treatment of
opioid-induced side effects. Wyeth has worldwide rights to commercialize all
forms of RELISTOR, except in Japan, where Progenics has granted Ono
Pharmaceutical Co., Ltd. an exclusive license to the subcutaneous form of
RELISTOR for development and commercialization in that country.





About
RELISTOR





RELISTOR,
a peripherally acting mu-opioid receptor antagonist, works by reducing the
constipating side effects of opioids, such as morphine and codeine, without
affecting their ability to relieve pain. Opioids provide analgesia - or relieve
pain - by specifically interacting with mu-opioid receptors within the central
nervous system (CNS), the area where pain is perceived - namely, the brain and
spinal cord. However, opioids also interact with mu-opioid receptors found
outside the CNS, such as those within the gastrointestinal tract, resulting in
constipation that can be debilitating. RELISTOR selectively displaces opioids
from the mu-opioid receptors outside the CNS, including those located in the
gastrointestinal tract. Because of its chemical structure, RELISTOR has
restricted access to the CNS.








About
Subcutaneous RELISTOR





RELISTOR,
administered via subcutaneous injection, is a peripherally acting mu-opioid
receptor antagonist that decreases the constipating effects of opioid pain
medications in the gastrointestinal tract without affecting their ability to
relieve pain. Each year, more than 1.5 million Americans receive palliative care
due to an advanced illness, such as incurable cancer and other end-stage
diseases.





In April,
the U.S. Food and Drug Administration approved RELISTOR subcutaneous injection
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. RELISTOR was made available in the United States in June. In March,
this form of RELISTOR was approved by Health Canada and was launched there in
May. In July, RELISTOR (methylnaltrexone bromide) subcutaneous injection
received marketing approval from the European Commission, and is now approved in
the 27 member states of the E.U. as well as Iceland, Norway and Liechtenstein
for the treatment of OIC in advanced illness patients who are receiving
palliative care when response to usual laxative therapy has not been sufficient.
Other applications in additional countries are also pending.





Important
Safety Information for Subcutaneous 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 in clinical trials were
abdominal pain, flatulence, and nausea.





-- Full
RELISTOR Prescribing Information for the U.S. is available at www.relistor.com.





(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(R) (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 of RELISTOR for development and commercialization in that 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 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
cytotoxin-linked 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®, 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 visit www.progenics.com.







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