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      Pharmaceuticals, Inc.:
              Dory
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              dkurowski@progenics.com
              
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      Contact:
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PROGENICS
PRESENTS NOVEL MULTIPLEX PI3-KINASE INHIBITORS AT AMERICAN ASSOCIATION FOR
CANCER RESEARCH CONFERENCE ON PROTEIN TRANSLATION AND CANCER








Tarrytown, NY and Coronado, CA,
February 4, 2010 – Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today
announced the presentation of preclinical data on a series of novel compounds
that simultaneously blocked two critical pathways involved in the growth and
survival of cancer cells. The compounds were identified as part of the Company’s
ongoing oncology drug discovery efforts. The data are being presented in both
oral and poster sessions at the American Association for Cancer Research (AACR)
conference on Protein Translation and Cancer in Coronado, CA.





“Progenics’
identification of these small-molecule compounds as part of our discovery
program underscores our long-standing commitment to oncology drug development,”
stated Paul J. Maddon, M.D., Ph.D., Founder, Chief Executive Officer and Chief
Science Officer of Progenics. “In laboratory studies, the synthetic,
small-molecule compounds blocked both phosphoinositide 3-kinase (PI3K), which is
a key regulator of one molecular signaling pathway, and MNK, an oncogenic kinase
in the Ras pathway.  We look forward to exploring the therapeutic
potential of this series of compounds which are being optimized for clinical
development.”





“Our
findings add to a growing body of scientific evidence that demonstrates the
importance of blocking both the PI3K and Ras pathways at once,” said William C.
Olson, Ph.D., Senior Vice President, Research and Development at Progenics.
“These interlinked cellular pathways are directly involved in a variety of
difficult-to-treat cancers. The cancer cells become dependent on each of these
pathways, such that when one pathway is blocked, the cells often adjust to use
the other pathway. Blocking both pathways simultaneously can switch off
oncogenic signaling altogether and therefore holds great promise as a strategy
to combat some of our most aggressive forms of cancer.”








Multiplex
PI3K inhibitors: Summary of results





The
multiplex PI3K inhibitors discovered by Progenics constitute a novel series of
synthetic, drug-like compounds that, in vitro, demonstrated potent
activity against diverse tumor cells, including those derived from lung, colon,
liver, breast, prostate and pancreatic cancers. Activity was demonstrated
against both PI3K and MNK, an oncogenic kinase in the Ras
pathway.  Kinases are enzymes that modify other molecules by
chemically adding phospate groups to them (phosphorylation). Phosphorylation
frequently results in a change in the biological activity of
molecules.  In in
vitro assays, the multiplex PI3K inhibitor compounds exhibited potent
cell-eradicating activity against cancer cells containing activating mutations
in either or both the PI3K and Ras pathways. In addition to
blocking PI3K- and Ras-dependent signaling in cells, the compounds selectively
blocked expression of critical growth and survival proteins that are associated
with cancer, without altering the expression of “housekeeping” proteins that are
associated with normal cellular functions.





The
presentation, entitled, “Novel Multiplex PI3-Kinase Inhibitors Potently Inhibit
Ras-mutated Tumors via Suppression of eIF-4E-mediated Protein Translation” is
scheduled for oral presentation in a plenary session at the AACR Conference on
Protein Translation and Cancer on Saturday, February 6th by
Mark Hamilton, Ph.D., Investigator, Drug Discovery at Progenics. These data are
also being presented at the Conference in a poster session today. A copy of the
poster can be accessed via the following link:





http://www.progenics.com/eventdetail.cfm?eventid=77659





About
the PI3K and Ras pathways





The PI3K
and Ras pathways are targets of significant interest for cancer drug development
due to their prominent roles in human cancer. The pathways relay molecular
signals that promote tumor growth, survival, and resistance to chemotherapy.
Both pathways frequently undergo a variety of activating alterations, including
oncogenic mutations, gene amplifications and loss of tumor-suppressor genes.
Ras-mutant tumors represent approximately a third of all human tumors and are
largely refractory to treatment with existing drugs. The PI3K and Ras pathways
are interlinked through crosstalk, feedback mechanisms and points of convergence
in tumor cells. A key point of convergence is the step of protein translation,
where both pathways can contribute to the overproduction of critical growth and
survival factors that are associated with cancer.








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), in which the antibody is a selectively targeted,
chemotherapeutic, human monoclonal 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 conducting phase 1 clinical trials with vaccines designed to treat
prostate cancer by stimulating an immune response to PSMA in immunized
subjects.





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.





###








Editor’s
Note:


For
further information, please visit www.progenics.com