| Contact:  | Investors: Amy MartiniCorporate Affairs(914) 789-2816amartini@progenics.com   | Media: Aline SchimmelScienta Communications(312) 238-8957aschimmel@scientapr.com |
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|   | · | Progenics licenses RELISTOR to Salix Pharmaceuticals |
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| PROGENICS PHARMACEUTICALS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)(in thousands, except net loss per share) |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                     |   | For the Three Months EndedDecember 31, |   |   | For the Year EndedDecember 31, |   |
|                                                                                                                     |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Revenues:                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|   Research and development                                                                                     |   | $ | 238 |   |   | $ | 15,145 |   |   | $ | 1,413 |   |   | $ | 44,351 |   |
|   Royalty income                                                                                               |   |   | - |   |   |   | 1,396 |   |   |   | 1,826 |   |   |   | 2,372 |   |
|   Research grants                                                                                              |   |   | 1,906 |   |   |   | 547 |   |   |   | 4,573 |   |   |   | 1,968 |   |
|   Other revenues                                                                                               |   |   | 13 |   |   |   | 67 |   |   |   | 140 |   |   |   | 256 |   |
|      Total revenues                                                                             |   |   | 2,157 |   |   |   | 17,155 |   |   |   | 7,952 |   |   |   | 48,947 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Research and development                                                                               |   |   | 15,122 |   |   |   | 10,775 |   |   |   | 50,640 |   |   |   | 49,798 |   |
|    License fees – research and development                                                          |   |   | 53 |   |   |   | 97 |   |   |   | 1,270 |   |   |   | 1,058 |   |
|    General and administrative                                                                             |   |   | 5,264 |   |   |   | 5,362 |   |   |   | 22,832 |   |   |   | 25,106 |   |
|    Royalty expense                                                                                        |   |   | 59 |   |   |   | 139 |   |   |   | 241 |   |   |   | 237 |   |
|    Depreciation and amortization                                                                          |   |   | 570 |   |   |   | 1,445 |   |   |   | 2,853 |   |   |   | 5,078 |   |
|       Total expenses                                                                       |   |   | 21,068 |   |   |   | 17,818 |   |   |   | 77,836 |   |   |   | 81,277 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                                                                           |   |   | (18,911 | ) |   |   | (663 | ) |   |   | (69,884 | ) |   |   | (32,330 | ) |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income:                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest income                                                                                        |   |   | 16 |   |   |   | 24 |   |   |   | 64 |   |   |   | 1,481 |   |
|    Gain on sale of marketable securities                                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 237 |   |
|       Total other income                                                                   |   |   | 16 |   |   |   | 24 |   |   |   | 64 |   |   |   | 1,718 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss before income taxes                                                                                             |   |   | (18,895 | ) |   |   | (639 | ) |   |   | (69,820 | ) |   |   | (30,612 | ) |
|    Income tax benefit                                                                                     |   |   | 95 |   |   |   | - |   |   |   | 95 |   |   |   | - |   |
| Net loss                                                                                                                 |   | $ | (18,800 | ) |   | $ | (639 | ) |   | $ | (69,725 | ) |   | $ | (30,612 | ) |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss per share; basic and diluted                                                                                    |   | $ | (0.57 | ) |   | $ | (0.02 | ) |   | $ | (2.14 | ) |   | $ | (0.98 | ) |
| Weighted-average shares outstanding; basic and diluted                                                              |   |   | 33,031 |   |   |   | 31,688 |   |   |   | 32,590 |   |   |   | 31,219 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)(in thousands) |   |
|----------------------------------------------------------------|--------|
|                                                           |   | December 31, 2010 |   |   | December 31, 2009 |   |
|                                                           |   |   |   |   |   |   |
| Cash and cash equivalents                                      |   | $ | 47,918 |   |   | $ | 90,903 |   |
| Accounts receivable                                            |   |   | 2,283 |   |   |   | 7,522 |   |
| Marketable and auction rate securities                         |   |   | 3,608 |   |   |   | 5,293 |   |
| Fixed assets, net                                              |   |   | 5,878 |   |   |   | 6,560 |   |
| Other assets                                                   |   |   | 3,051 |   |   |   | 3,335 |   |
|    Total assets                                 |   | $ | 62,738 |   |   | $ | 113,613 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Liabilities                                                    |   | $ | 11,430 |   |   | $ | 6,006 |   |
| Stockholders’ equity                                     |   |   | 51,308 |   |   |   | 107,607 |   |
| Total liabilities and stockholders’ equity               |   | $ | 62,738 |   |   | $ | 113,613 |   |

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|   | ·    RELISTOR is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction |
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|   | ·    If severe or persistent diarrhea occurs during treatment, advise patients to discontinue therapy with RELISTOR and consult their physician |
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|   | ·    Rare cases of gastrointestinal (GI) perforation have been reported in advanced illness patients. Use RELISTOR with caution in patients with known or suspected lesions of the GI tract |
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|   | ·    Use of RELISTOR has not been studied in patients with peritoneal catheters |
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|   | ·    The most common adverse reactions reported with RELISTOR compared with placebo in clinical trials were abdominal pain (28.5% vs. 9.8%), flatulence (13.3% vs. 5.7%), nausea (11.5% vs. 4.9%), dizziness (7.3% vs. 2.4%), diarrhea (5.5% vs. 2.4%), and hyperhidrosis (6.7% vs. 6.5%) |
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|   | ·    Safety and efficacy of RELISTOR have not been established in pediatric patients |
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|   | RELISTOR full Prescribing Information for the U.S. is available at www.relistor.com. |
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