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| (1) | Authority is hereby expressly granted to the Board of Directors of the Corporation, subject to the provisions of this Article IV and to the limitations prescribed by the General Corporation Law of Delaware, to authorize the issue of one or more series of Preferred Shares, and with respect to each such series to fix by resolution or resolutions providing for the issue of such series the voting powers, full or limited, if any, of the shares of such series and the designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof. The authority of the Board of Directors with respect to each series shall include, but not be limited to, the determination or fixing of the following: |
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|   |   |   | (a) |   The designation of such series;                                                                                                                                                                                                                                                                                                                    |
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|   |   |   | (b) |   The dividend rate of such series, the conditions and dates upon which such dividends shall be payable, the relationship which such dividends shall bear to the dividends payable on any other class or classes of stock or any other series of any class of stock of the Corporation, and whether such dividends shall be cumulative or non-cumulative; |
|   |   |   | (c) | Whether the shares of such series shall be subject to redemption by the Corporation and, if made subject to such redemption, the times, prices and other terms and conditions of such redemption; |
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|   |   |   | (d) | The terms and amount of any sinking fund provided for the purchase or redemption of the shares of such series; |
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|   |   |   | (e) | Whether or not the shares of such series shall be convertible into or exchangeable for shares of any other class or classes of any stock or any other series of any class of stock of the Corporation, and, if provision is made for conversion or exchange, the times, prices, rates, adjustments, and other terms and conditions of such conversion or exchange; |
|--------|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   | (f) | The extent, if any, to which the holders of shares of such series shall be entitled to vote with respect to the election of directors or otherwise; |
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|   |   |   | (g) | The restrictions, if any, on the issue or reissue of any additional Preferred Shares; |
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|   |   |   | (h) | The rights of the holders of the shares of such series upon the voluntary or involuntary liquidation, dissolution or winding up of the affairs of, or upon the distribution of the assets of, the Corporation; and |
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|   |   |   | (i) | Any other rights, preferences or limitations of the shares of such series consistent with the provisions hereof governing the Preferred Shares. |
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|   | PROGENICS PHARMACEUTICALS, INC. |
|--------|---------------------------------|
|   | By:                             | /s/ Mark R. Baker |
|   |                            | Name:  Mark R. Baker |
|   |                            | Title:  Chief Executive Officer |