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Contact:
            Investors:
              
              Progenics
      Pharmaceuticals, Inc.
              Richard
      W. Krawiec, Ph.D.
              Vice
      President, Corporate Affairs
              (914)
      789-2814
              rkrawiec@progenics.com
              
              Dory
      A. Lombardo
              Senior
      Manager, Corporate Affairs
              (914)
      789-2818
              dlombardo@progenics.com
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              Aline
      Schimmel
              (312)
      646-6295


PROGENICS
APPOINTS PETER J. CROWLEY


AS
INDEPENDENT BOARD MEMBER





Tarrytown, NY – February 4,
2009 – Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced the
appointment of Peter J. Crowley to its Board of Directors as an independent
director. A senior healthcare investment banker with over 20 years’ experience
in the industry, Mr. Crowley will also serve on the Company’s Audit
Committee.





“Peter is
a respected member of the financial community who has worked extensively with
Progenics in past years, enabling significant contributions to our success,”
said Paul J. Maddon, M.D., Ph.D., Chief Executive Officer, Chief Science Officer
and Company Founder. “His industry expertise and business acumen will be
invaluable as we select strategies to advance our virology and oncology programs
and further the Company’s development.  I welcome Peter to our team and
look forward to working with him in his new role.”





Mr. Crowley, 49,
retired last year from a 23-year career at CIBC World Markets, where he headed
Healthcare Investment Banking since 1995, with responsibility for public and
private financing and advisory services for biotechnology, pharmaceutical,
medical device and healthcare services companies. While at CIBC, Mr. Crowley
worked in the mergers and acquisitions group, the principal investments group
and for the last 14 years had been head of healthcare investment
banking.  Mr. Crowley’s early professional experience was with Allen
and Company and Blyth Eastman Paine Webber.





Mr.
Crowley serves on the boards of the New York Eye and Ear Infirmary, the Cancer
Research Institute, the Foundation Fighting Blindness, the Glaucoma Foundation,
and Rye Country Day School. He is also a board member at Jurlique plc, a skin
care company, and Napastyle, a specialty food and furnishings company. Peter is
active as a committee member of the Harvard Alumni Association and member of the
Council of Rockefeller University. In addition to a Harvard undergraduate degree
in economics, he holds an M.B.A. in finance from Columbia University’s Graduate
School of Business.








Mr.
Crowley’s appointment brings Progenics’ board to eight members, six of whom are
independent under applicable regulatory standards and only one of whom is a
Company employee. Mr. Crowley’s appointment allows Progenics to be operating in
compliance with Nasdaq Marketplace Rule 4350(d), which requires a Nasdaq-listed
company to have an audit committee with at least three members, each of whom
meets both the NASDAQ and SEC independence requirements.





(PGNX-G)





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®
(methylnaltrexone bromide) for the treatment of opioid-induced side effects.
RELISTOR is currently approved in over 30 countries, which include approvals in
the U.S., Canada and Australia, as well as all European Union member countries.
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. 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 currently in phase 2 clinical testing. The
Company is also developing a novel HCV entry inhibitor, PRO 206. 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 conducting a phase 1 clinical trial with a vaccine 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.