**FOR      IMMEDIATE RELEASE:**

**Contacts:**

| **Wyeth:** Media                Contact:Sal                FotiWyeth                Pharmaceuticals(484)                865-3490  Investor                Contact:Justin                VictoriaWyeth(973)                660-5340 |   | **Progenics                Pharmaceuticals, Inc.:** Investor                Contact:Richard                W. Krawiec, Ph.D.Corporate                Affairs(914)                789-2800rkrawiec@progenics.com Media                Contact:Aline                SchimmelWeissComm                Partners(212)                301-7218   |
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**WYETH      AND PROGENICS ANNOUNCE POSITIVE PRELIMINARY RESULTS OF PHASE 1 STUDY      OF**

**NEW      ORAL FORMULATION OF METHYLNALTREXONE**

**Collegeville,      Pa and Tarrytown, NY, July 20, 2007**

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**About      Opioid-Induced Constipation**

**About      Methylnaltrexone**

**About      the Companies**

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***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 the inherent      uncertainty of the timing and success of, and expense associated with, research,      development, regulatory approval and commercialization of our products,      including with respect to our pipeline products; government cost-containment      initiatives; restrictions on third-party payments for our products; substantial      competition in our industry, including from branded and generic products; data      generated on our products; the importance of strong performance from our      principal products and our anticipated new product introductions; the highly      regulated nature of our business; product liability, intellectual property      and      other litigation risks and environmental liabilities; uncertainty regarding      our      intellectual property rights and those of others; difficulties associated with,      and regulatory compliance with respect to, manufacturing of our products; risks      associated with our strategic relationships; economic conditions including      interest and currency exchange rate fluctuations; changes in generally accepted      accounting principles; trade buying patterns; the impact of legislation and      regulatory compliance; risks and uncertainties associated with global operations      and sales; 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." The forward-looking statements in this press      release are qualified by these risk factors. We assume no obligation to publicly      update any forward-looking statements, whether as a result of new information,      future developments or otherwise.*

*in vivo*

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***PROGENICS      DISCLOSURE NOTICE:***
*The information contained in this document      is current as of July 20, 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.*

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