----

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|                                              | Progenics (1) |    |   | MIP (2) |   |   | Pro Forma Adjustments |   |        | Notes  |        | Progenics UnauditedPro Forma Combined |                           |
|---------------------------------------------------|---------------|---------|--------|---------|--------|--------|-----------------------|--------|--------|--------|--------|---------------------------------------|--------------------------------|
| Revenues:                                         |               |    |   |         |   |   |                       |   |        |   |        |                                       |                           |
| Royalty income                                    | $             | 1,157   |   |    | $      | -      |                  |   | $      | -      |   |                                       |                           |  | $ | 1,157 |   |
| Collaboration revenue                             |          | 853     |   |    |   | 4      |                  |   |   | -      |   |                                       |                           |  |   | 857 |   |
| Research grants                                   |          | 198     |   |    |   | 1      |                  |   |   | -      |   |                                       |                           |  |   | 199 |   |
| Other revenues                                    |          | 18      |   |    |   | -      |                  |   |   | -      |   |                                       |                           |  |   | 18 |   |
| Total revenues                                    |          | 2,226   |   |    |   | 5      |                  |   |   | -      |   |                                       |                           |  |   | 2,231 |   |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Expenses:                                         |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Research and development                          |          | 8,721   |   |    |   | 541    |                  |   |   | -      |   |                                       |                           |  |   | 9,262 |   |
| License fees – research and development     |          | 70      |   |    |   | 16     |                  |   |   | -      |   |                                       |                           |  |   | 86 |   |
| Royalty expense                                   |          | 116     |   |    |   | 1      |                  |   |   | -      |   |                                       |                           |  |   | 117 |   |
| General and administrative                        |          | 4,314   |   |    |   | 1,388  |                  |   |   | (750   | )      |                                       | (A)                            |  |   | 4,952 |   |
| Depreciation and amortization                     |          | 277     |   |    |   | 13     |                  |   |   | -      |   |                                       |                           |  |   | 290 |   |
| Total expenses                                    |          | 13,498  |   |    |   | 1,959  |                  |   |   | (750   | )      |                                       |                           |  |   | 14,707 |   |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Operating (loss) income                           |          | (11,272 | )      |    |   | (1,954 | )                     |   |   | 750    |   |                                       |                           |  |   | (12,476 | ) |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Other income (expense):                           |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Interest income                                   |          | 14      |   |    |   | -      |                  |   |   | -      |   |                                       |                           |  |   | 14 |   |
| Interest expense                                  |          | -       |   |    |   | (6,529 | )                     |   |   | 6,529  |   |                                       | (B)                            |  |   | - |   |
| Change in fair value of liabilities               |          | -       |   |    |   | -      |                  |   |   | -      |   |                                       |                           |  |   | - |   |
| Other                                             |          | -       |   |    |   | 506    |                  |   |   | (506   | )      |                                       | (B)                            |  |   | - |   |
| Total other income (expense)                      |          | 14      |   |    |   | (6,023 | )                     |   |   | 6,023  |   |                                       |                           |  |   | 14 |   |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Net (loss) income before income taxes        |          | (11,258 | )      |    |   | (7,977 | )                     |   |   | 6,773  |   |                                       |                           |  |   | (12,462 | ) |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Income tax benefit                                |          | -       |   |    |   | -      |                  |   |   | -      |   |                                       |                           |  |   | - |   |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Net (loss) income                                 | $             | (11,258 | )      |    | $      | (7,977 | )                     |   | $      | 6,773  |   |                                       |                           |  | $ | (12,462 | ) |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Net loss per share – basic and diluted      | $             | (0.22   | )      |    |   |   |                  |   |   |   |   |                                       |       |  | $ | (0.25 | ) |
| Weighted-average shares – basic and diluted |          | 50,116  |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   | 50,116 |   |
|                                              |          |    |   |    |   |   |                  |   |   |   |   |                                       |                           |  |   |   |   |
| (1)   Amounts represent the historical results of operations for Progenics, including the results of operations for MIP from January 19, 2013, the date it subsequently became a wholly owned subsidiary of Progenics, and are based on the accounting records of Progenics, as reported in its Quarterly Report on Form 10-Q for the three months ended March 31, 2013, filed with the U.S. Securities and Exchange Commission on May 10, 2013.  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (2)   Amounts represent Progenics' best estimate of the historical results of operations for MIP from January 1, 2013 to January 18, 2013, the effective date of MIP becoming a wholly owned subsidiary of Progenics, and are based on the accounting records of MIP provided to Progenics in connection with the Agreement.                                                                                                                                     |

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|                                              | Progenics (1) |    |   | MIP (2) |   |    | Pro Forma Adjustments |   |        | Notes  |        | Progenics UnauditedPro Forma Combined |                           |
|---------------------------------------------------|---------------|---------|--------|---------|--------|---------|-----------------------|--------|--------|--------|--------|---------------------------------------|--------------------------------|
| Revenues:                                         |               |    |   |         |   |    |                       |   |        |   |        |                                       |                           |
| Royalty income                                    | $             | 4,963   |   |    | $      | 7       |                  |   | $      | -      |   |                                       |                           |  | $ | 4,970 |   |
| Collaboration revenue                             |          | 8,525   |   |    |   | 2,949   |                  |   |   | -      |   |                                       |                           |  |   | 11,474 |   |
| Research grants                                   |          | 488     |   |    |   | 1,172   |                  |   |   | -      |   |                                       |                           |  |   | 1,660 |   |
| Other revenues                                    |          | 72      |   |    |   | 59      |                  |   |   | -      |   |                                       |                           |  |   | 131 |   |
| Total revenues                                    |          | 14,048  |   |    |   | 4,187   |                  |   |   | -      |   |                                       |                           |  |   | 18,235 |   |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Expenses:                                         |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Research and development                          |          | 31,840  |   |    |   | 20,829  |                  |   |   | -      |   |                                       |                           |  |   | 52,669 |   |
| License fees – research and development     |          | 1,170   |   |    |   | 117     |                  |   |   | -      |   |                                       |                           |  |   | 1,287 |   |
| Royalty expense                                   |          | 499     |   |    |   | -       |                  |   |   | -      |   |                                       |                           |  |   | 499 |   |
| General and administrative                        |          | 14,706  |   |    |   | 5,322   |                  |   |   | (366   | )      |                                       | (A)                            |  |   | 19,662 |   |
| Depreciation and amortization                     |          | 1,324   |   |    |   | 394     |                  |   |   | -      |   |                                       |                           |  |   | 1,718 |   |
| Total expenses                                    |          | 49,539  |   |    |   | 26,662  |                  |   |   | (366   | )      |                                       |                           |  |   | 75,835 |   |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Operating (loss) income                           |          | (35,491 | )      |    |   | (22,475 | )                     |   |   | 366    |   |                                       |                           |  |   | (57,600 | ) |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Other income (expense):                           |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Interest income                                   |          | 60      |   |    |   | 35      |                  |   |   | -      |   |                                       |                           |  |   | 95 |   |
| Interest expense                                  |          | -       |   |    |   | (9,974  | )                     |   |   | 9,974  |   |                                       | (B)                            |  |   | - |   |
| Change in fair value of liabilities               |          | -       |   |    |   | 2,159   |                  |   |   | (2,159 | )      |                                       | (B)                            |  |   | - |   |
| Other                                             |          | -       |   |    |   | (1      | )                     |   |   |   |   |                                       |                           |  |   | (1 | ) |
| Total other income (expense)                      |          | 60      |   |    |   | (7,781  | )                     |   |   | 7,815  |   |                                       |                           |  |   | 94 |   |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Net (loss) income before income taxes        |          | (35,431 | )      |    |   | (30,256 | )                     |   |   | 8,181  |   |                                       |                           |  |   | (57,506 | ) |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Income tax benefit                                |          | -       |   |    |   | 420     |                  |   |   | -      |   |                                       |                           |  |   | 420 |   |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Net (loss) income                                 | $             | (35,431 | )      |    | $      | (29,836 | )                     |   | $      | 8,181  |   |                                       |                           |  | $ | (57,086 | ) |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| Net loss per share – basic and diluted      | $             | (1.02   | )      |    |   |    |                  |   |   |   |   |                                       |       |  | $ | (1.45 | ) |
| Weighted-average shares – basic and diluted |          | 34,754  |   |    |   |    |                  |   |   | 4,566  |   |                                       | (C)                            |  |   | 39,320 |   |
|                                              |          |    |   |    |   |    |                  |   |   |   |   |                                       |                           |  |   |   |   |
| (1)   Amounts represent historical results of operations for Progenics for the year ended December 31, 2012 and are derived from its audited financial statements for the year ended December 31, 2012.  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)   Amounts represent historical results of operations for MIP for the year ended December 31, 2012 and are derived from its audited financial statements for the year ended December 31, 2012.             |

----

----

|                                                                  | Amount |    |
|-----------------------------------------------------------------------|--------|---------|
| Consideration:                                                        |        |    |
| Progenics common stock consideration                                  | $      | 11,265  |   |
| Contingent consideration (related to future milestone obligations)    |   | 15,900  |   |
| Total consideration                                                   |   | 27,165  |   |
|                                                                  |   |    |   |
| Tangible assets acquired and liabilities assumed:                     |   |    |   |
| Cash and cash equivalents                                             |   | 1,888   |   |
| Accounts receivable                                                   |   | 56      |   |
| Other current assets                                                  |   | 529     |   |
|  Fixed assets                                                    |   | 249     |   |
| Accounts payable, accrued expenses and deferred revenue - current     |   | (2,876  | ) |
| Deferred tax liability – long term                              |   | (12,683 | ) |
| Total tangible assets acquired and liabilities assumed                |   | (12,837 | ) |
|                                                                  |   |    |   |
| Intangible assets                                                     |   | 32,300  |   |
| Total tangible and intangible assets acquired and liabilities assumed |   | 19,463  |   |
|                                                                  |   |    |   |
| Goodwill                                                              | $      | 7,702   |   |

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|  | The pro forma adjustments included in the unaudited pro forma combined statements of operations are as follows: |
|--|-----------------------------------------------------------------------------------------------------------------|
|  |                                                                                                            |   |
|  | A.                                                                                                              | To eliminate non-recurring transaction expenses recorded in the statement of operations. |
|  | B.                                                                                                              | To eliminate interest expense and change in fair value of liabilities related to the term loan payable, loan derivative and warrant liability. |
|  | C.                                                                                                              | Change in weighted average shares outstanding. |