**For      Immediate Release**

| **Contact:** | **Investors:**Progenics                Pharmaceuticals, Inc.Richard                W. Krawiec, Ph.D.Vice                PresidentCorporate                Affairs(914)                789-2814rkrawiec@progenics.com | **Media:**Barri                WiniarskiWeissComm                Partners(914)                584-7468 |
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**PROGENICS      PHARMACEUTICALS REPORTS **

**FIRST      QUARTER 2007 RESULTS**

**Tarrytown,      NY, May 9, 2007**

**Developments      in early 2007**

| ·   | Progenics              submitted a New Drug Application for marketing approval to the U.S.              Food              and Drug Administration for the subcutaneous formulation of              methylnaltrexone for the treatment of opioid-induced constipation in              patients receiving palliative care. |
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| ·   | Wyeth              Pharmaceuticals and Progenics announced that Wyeth had begun clinical              testing of a new formulation of oral methylnaltrexone for the treatment              of              opioid-induced constipation. Preliminary results from a phase 2 trial              conducted by Wyeth showed that the initial formulation of oral              methylnaltrexone tested was generally well tolerated, but did not exhibit              sufficient clinical activity to advance into phase 3              testing. |
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| ·   | Progenics              announced positive results from a phase 1b trial of PRO 140, a humanized              monoclonal antibody designed to inhibit entry of HIV (human              immunodeficiency virus) into healthy cells. Results showed that patients              receiving a single 5.0 mg/kg dose, the highest dose tested, achieved              an              average maximum decrease of viral concentrations in the blood of 98.5%.              In              these patients, reductions in viral load of greater than 90%, on average,              persisted for two-to-three weeks after receiving a single dose of the              drug. PRO 140 was generally well tolerated in this phase 1b              proof-of-concept study. |
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**Company      profile**

** **

*(Financial      Tables Follow)*

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**PROGENICS        PHARMACEUTICALS, INC.**

**CONDENSED        STATEMENTS OF OPERATIONS**

|                                                                                |       | **Three                    Months Ended****March                    31,** | ** ** |
|-------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------|------------|
| ** **                                                                          | ** ** | **2007**                                                                  | ** ** | **2006** |   |
|                                                                                |       |                                                                      |       |   |   |
| Revenues:                                                                           |       |                                                                      |       |   |   |   |   |
|                                                                                |       |                                                                      |       |   |   |   |   |
|                       Contract research and development from collaborator |       | $                                                                         | 15,499     |   | $ | 8,488 |   |
|                       Research grants and contracts                       |       |                                                                      | 2,119      |   |   | 2,462 |   |
|                       Product sales                                       |       |                                                                      | 19         |   |   | 51 |   |
|                          Total revenues                    |       |                                                                      | 17,637     |   |   | 11,001 |   |
|                                                                                |       |                                                                      |       |   |   |   |   |
| Expenses:                                                                           |       |                                                                      |       |   |   |   |   |
|                       Research and development                            |       |                                                                      | 22,421     |   |   | 10,283 |   |
|                       License fees - research and development             |       |                                                                      | 750        |   |   | 275 |   |
|                       General and administrative                          |       |                                                                      | 6,276      |   |   | 4,512 |   |
| Loss                    in joint venture                                            |       |                                                                      |       |   |   | 121 |   |
|                       Depreciation and amortization                       |       |                                                                      | 492        |   |   | 363 |   |
|                          Total expenses                    |       |                                                                      | 29,939     |   |   | 15,554 |   |
|                                                                                |       |                                                                      |       |   |   |   |   |
|                          Operating loss                    |       |                                                                      | (12,302    | ) |   | (4,553 | ) |
|                                                                                |       |                                                                      |       |   |   |   |   |
|                       Interest income                                     |       |                                                                      | 1,869      |   |   | 1,910 |   |
|                          Net loss                          |       | $                                                                         | (10,433    | ) | $ | (2,643 | ) |
|                                                                                |       |                                                                      |       |   |   |   |   |
|                       Net loss per share; basic and diluted               |       | $                                                                         | (0.40      | ) | $ | (0.10 | ) |
|                                                                                |       |                                                                      |       |   |   |   |   |

| **CONDENSED                  BALANCE SHEETS**(in                  thousands)                     |   |
|--------------------------------------------------------------------------------------------------|--------|
|                                                                                             |   | March                  31, 2007 |   | December                  31, 2006 |   |
|                                                                                             |   |   |   |   |   |
| Cash,                  cash equivalents and marketable securities                                |   | $ | 140,129 |   | $ | 149,100 |   |
| Accounts                  receivable                                                             |   |   | 1,699 |   |   | 1,699 |   |
| Fixed                  assets, net                                                               |   |   | 11,962 |   |   | 11,387 |   |
| Other                  assets                                                                    |   |   | 3,381 |   |   | 3,725 |   |
|                        Total assets                                     |   | $ | 157,171 |   | $ | 165,911 |   |
|                                                                                             |   |   |   |   |   |   |   |
| Liabilities                                                                                      |   | $ | 50,927 |   | $ | 55,065 |   |
| Stockholders’                  equity                                                      |   |   | 106,244 |   |   | 110,846 |   |
|                                                                                             |   |   |   |   |   |   |   |
|                        Total liabilities and stockholders’ equity |   | $ | 157,171 |   | $ | 165,911 |   |
|                                                                                             |   |   |   |   |   |   |   |

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**DISCLOSURE      NOTICE:**
*      The      information contained in this document is current as of May 9, 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.*