**For      Immediate Release**

| **Contacts:** | **Wyeth:** Media                Contacts:Gerald                BurrWyeth                Pharmaceuticals(484)                865-5138 Douglas                PetkusWyeth(973)                660-5218 Investor                Contact:Justin                VictoriaWyeth(973)                660-5340 | **Progenics                Pharmaceuticals, Inc.:** Richard                W. Krawiec, Ph.D.Vice                PresidentCorporate                Affairs(914)                789-2800rkrawiec@progenics.com |
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**WYETH      AND PROGENICS PHARMACEUTICALS ANNOUNCE**

**INITIATION      OF PHASE 2 CLINICAL TRIAL OF ORAL METHYLNALTREXONE**

*-      Global trial to evaluate methylnaltrexone in chronic pain patients*

*with      opioid-induced constipation -*

**Madison,      N.J. and Tarrytown, N.Y., August 22, 2006 - **

*mu*

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**About      the Companies**

**Progenics      Pharmaceuticals, Inc.**

**PROGENICS**
**      DISCLOSURE NOTICE: **
*The      information contained in this document is current as of August 22, 2006. 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, 2005, 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.*

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**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 risks associated with the inherent uncertainty of the      timing and success of product research, development and commercialization      (including with respect to our pipeline products), drug pricing and payment      for      our products by government and third party-payors, manufacturing, data generated      on the safety and efficacy of our products, economic conditions including      interest and currency exchange rate fluctuations, changes in generally accepted      accounting principles, the impact of competitive or generic products, trade      buying patterns, global business operations, product liability and other types      of litigation, the impact of legislation and regulatory compliance, intellectual      property rights, strategic relationships with third parties, environmental      liabilities, 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.” 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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