| Filed by the Registrant | x |
|-------------------------|---|

| Filed by a Party other than the Registrant | o |
|--------------------------------------------|---|

| Check the appropriate box: |
|----------------------------|

| o | Preliminary Proxy Statement                                                     |
|---|---------------------------------------------------------------------------------|
| o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| x | Definitive Proxy Statement                                                      |
| o | Definitive Additional Materials                                                 |
| o | Soliciting Material Pursuant to Rule 14a-12                                     |

| Payment of Filing Fee (Check the appropriate box): |
|----------------------------------------------------|
| x                                                  | No fee required. |
| o                                                  | Fee computed on table below per Exchange Act Rules 14a-6(i)(2) and 0-11. |
|                                               | (1) | Title of each class of securities to which transaction applies: |
|                                               | (2) | Aggregate number of securities to which transaction applies: |
|                                               | (3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
|                                               | (4) | Proposed maximum aggregate value of transaction: |
|                                               | (5) | Total fee paid: |
| o                                                  | Fee paid previously with preliminary materials. |
| o                                                  | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
|                                               | (1) | Amount Previously Paid: |
|                                               | (2) | Form, Schedule or Registration Statement No.: |
|                                               | (3) | Filing Party: |
|                                               | (4) | Date Filed: |

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| 1.     | Election of nine directors to serve until the next Annual Meeting of Stockholders and until their successors are elected and have qualified.                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                              |
| 2.     | Approval, on an advisory basis, of the compensation of the Company’s named executive officers as disclosed in this year’s Proxy Statement.                            |
|   |                                                                                                                                                                              |
| 3.     | Indication, on an advisory basis, of stockholder preference for the frequency of stockholder advisory votes on compensation of named executive officers.                          |
|   |                                                                                                                                                                              |
| 4.     | Approval of an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 40 million to 180 million. |
|   |                                                                                                                                                                              |
| 5.     | Approval of an amendment to the 2005 Stock Incentive Plan to increase the number of shares of common stock reserved for issuance thereunder from 5,450,000 to 7,450,000.          |
|   |                                                                                                                                                                              |
| 6.     | Ratification of the selection of PricewaterhouseCoopers LLP to serve as our independent registered public accounting firm for 2011.                                               |

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GENERAL

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Table

| GENERAL INFORMATION                                                                                           | 1   |
|---------------------------------------------------------------------------------------------------------------|-----|
| PROPOSAL 1:  ELECTION OF DIRECTORS                                                                  | 3   |
| PROPOSAL 2:  ADVISORY VOTE ON EXECUTIVE COMPENSATION                                                | 7   |
| PROPOSAL 3:  ADVISORY VOTE ON THE FREQUENCY OF STOCKHOLDER ADVISORY VOTES ON EXECUTIVE COMPENSATION | 8   |
| PROPOSAL 4:  AMENDMENT OF  RESTATED CERTIFICATE OF INCORPORATION                          | 9   |
| PROPOSAL 5:  AMENDMENT OF 2005 STOCK INCENTIVE PLAN                                                 | 10  |
| PROPOSAL 6:  RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM             | 17  |
| EXECUTIVE AND OTHER OFFICERS                                                                                  | 19  |
| CORPORATE GOVERNANCE                                                                                          | 21  |
| Audit Committee Report                                                                                        | 25  |
| Compensation Committee Report                                                                                 | 26  |
| Compensation Committee Interlocks and Insider Participation                                                   | 26  |
| EXECUTIVE COMPENSATION                                                                                        | 27  |
| Compensation Discussion and Analysis                                                                          | 27  |
| Executive Compensation Tables                                                                                 | 36  |
| Director Compensation                                                                                         | 43  |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                                                | 45  |
| OTHER MATTERS                                                                                                 | 48  |
| Certain Relationships and Related Transactions                                                                | 48  |
| Section 16(a) Beneficial Ownership Reporting Compliance                                                       | 48  |
| Transactions in Stock by Insiders                                                                             | 48  |
| Stockholder Proposals                                                                                         | 49  |
| Householding of Proxy Materials                                                                               | 49  |
| Other Business                                                                                                | 49  |
| APPENDIX A: Restated Certificate of Incorporation as proposed to be amended                                   | A-1 |
| APPENDIX B: 2005 Stock Incentive Plan as proposed to be amended                                               | B-1 |

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PROPOSAL

|                                | Age | Year First Elected Director | Position with the Company                         |
|-------------------------------------|-----|-----------------------------|---------------------------------------------------|
| Peter J. Crowley, M.B.A.(1)(3)      | 52  | 2009                        | Chairman and Director                             |
| Paul J. Maddon, M.D., Ph.D.(4)      | 51  | 1986                        | Vice Chairman, Chief Science Officer and Director |
| Charles A. Baker, J.D.(1)(2)(3)     | 78  | 1994                        | Director                                          |
| Mark R. Baker, J.D.(4)              | 56  | 2009                        | Chief Executive Officer and Director              |
| Kurt W. Briner                      | 66  | 1998                        | Director                                          |
| Mark F. Dalton, J.D.(2)(3)          | 60  | 1990                        | Director                                          |
| Stephen P. Goff, Ph.D.(2)(4)        | 59  | 1993                        | Director                                          |
| David A. Scheinberg, M.D., Ph.D.(4) | 55  | 1996                        | Director                                          |
| Nicole S. Williams, M.B.A.(1)       | 66  | 2007                        | Director                                          |

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PROPOSAL

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PROPOSAL

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PROPOSAL

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PROPOSAL

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|                                                       | Number of sharesto be issued uponexercise ofoutstandingoptions, warrantsand rights |   |   | Weighted averageexercise price ofoutstandingoptions, warrantsand rights |   | Number ofshares remainingavailable forfuture issuance(excludingsecuritiesreflected in firstcolumn) |   |
|------------------------------------------------------------|------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by stockholders         | 5,228,102                                                                          | (1)    | $      | 14.29                                                                   |   | 2,175,977                                                                                          | (2)    |
| Equity compensation plans not approved by stockholders (3) | 36,768                                                                             |   | $      | 1.74                                                                    |   | -                                                                                                  |   |
|     Total                              | 5,264,870                                                                          |   | $      | 14.20                                                                   |   | 2,175,977                                                                                          |   |

| (1) | Does not include purchase rights issued under the Company’s Employee Stock Purchase Plans. |
|-----|--------------------------------------------------------------------------------------------------|

| (2) | Includes 1,458,610 shares available for issuance under the ESPP and Non-Qualified ESPP. |
|-----|-----------------------------------------------------------------------------------------|

| (3) | Only our 1989 Non-Qualified Stock Option Plan. |
|-----|------------------------------------------------|

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PROPOSAL

|                |   | 2010 |    | 2009   |
|---------------------|--------|------|---------|--------|
| Audit Fees (1) |   | $    | 563,375 |   | $ | 567,222 |
| Tax Fees (2)        |   | $    | 47,224  |   | $ | 36,000 |
| All Other Fees (3)  |   | $    | 1,611   |   | $ | 1,611 |

| _______________  |   |
|-----------------------|--------|

| (1) | In connection with (i) the audit of our annual financial statements, including attestation services required under section 404 of the Sarbanes-Oxley Act of 2002 and reviews of quarterly interim financial statements ($552,000 in 2010 and $552,650 in 2009), (ii) filing of registration statements with the SEC ($5,000 in 2010 and $8,500 in 2009), and (iii) statutory non-U.S. audit fees ($6,375 in 2010 and $6,072 in 2009). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In connection with tax return preparation ($38,000 in 2010 and $36,000 in 2009) and tax advice ($9,224 in 2010 and $0 in 2009). |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (3) | For a proprietary internet-based service. |
|-----|-------------------------------------------|

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EXECUTIVE

| Name                          |   | Age |   | Position                                                                                          |
|-------------------------------|--------|-----|--------|---------------------------------------------------------------------------------------------------|
| Mark R. Baker                 |   | 56  |   | Chief Executive Officer and Director                                                              |
| Paul J. Maddon, M.D., Ph.D.   |   | 51  |   | Vice Chairman, Chief Science Officer and Director                                                 |
| Robert A. McKinney            |   | 54  |   | Chief Financial Officer, Senior Vice President, Finance & Operations, Treasurer and Secretary |
| Robert J. Israel, M.D.        |   | 54  |   | Senior Vice President, Medical Affairs                                                            |
| William C. Olson, Ph.D.       |   | 48  |   | Senior Vice President, Research & Development                                                 |
| Benedict Osorio, M.S., M.B.A. |   | 54  |   | Senior Vice President, Quality                                                                    |
| Nitya G. Ray, Ph.D.           |   | 58  |   | Senior Vice President, Manufacturing                                                              |
| Ann Marie Assumma, M.S.       |   | 57  |   | Vice President, Regulatory                                                                        |
| Tage Ramakrishna, M.D.   |   | 36  |   | Vice President, Clinical Research                                                                 |
| Vivien Wong, Ph.D.            |   | 54  |   | Vice President, Product Development                                                               |

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CORPORATE

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| · | He or she shall be prepared to represent the best interests of all of our stockholders and not just one particular constituency. |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

| · | He or she shall be an individual who has demonstrated integrity and ethics in his or her personal and professional life and established a record of professional accomplishment in his or her chosen field. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Neither the candidate nor any family member (as defined in the Nasdaq Marketplace rules) or affiliate or associate (each as defined in Rule 405 under the Securities Act of 1933, as amended) shall have any material personal, financial or professional interest in any of our current or potential competitors. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | He or she shall be prepared to participate fully in Board activities, including, if eligible, active membership on at least one Board committee and attendance at, and active participation in, meetings of the Board and any committee of which he or she is a member, and not have other personal or professional commitments that would, in the Nominating and Corporate Governance Committee’s sole judgment, interfere with or limit his or her ability to do so. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | He or she should contribute to the Board’s overall diversity — diversity being broadly construed to mean a variety of opinions, perspectives, personal and professional experiences and backgrounds, as well as other differentiating characteristics. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | He or she should contribute positively to the collaborative culture among Board members. |
|--------|------------------------------------------------------------------------------------------|

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| · | He or she should possess professional and personal experiences and expertise relevant to our goal of being a leading biopharmaceutical company. At this stage of our development, relevant experiences might include, among other things, large biotechnology or pharmaceutical company CEO or senior management experience, senior-level management experience in medical research or clinical development activities in the fields of supportive care, oncology, virology, immunology or molecular biology within a public company or large university setting, and relevant senior-level expertise in one or more of finance, accounting, sales and marketing, organizational development and public relations. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Audit

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Compensation

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EXECU

TIVE

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| · | Attract and retain executives critical to our overall success; |
|--------|----------------------------------------------------------------|

| · | Reward executives for contributions to achieving strategic goals that enhance stockholder value; |
|--------|--------------------------------------------------------------------------------------------------|

| · | Foster and maintain a company culture of ownership, creativity and innovation; and |
|--------|------------------------------------------------------------------------------------|

| · | Motivate our NEOs to achieve critical long- and short-term development, product and financial milestones set by the Board and management. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

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| Acorda Therapeutics, Inc.    | Ligand Pharmaceuticals        |
|------------------------------|-------------------------------|
| Adolor Corp.                 | Myriad Genetics, Inc.         |
| ARIAD Pharmaceuticals        | Neurocrine Biosciences, Inc.  |
| GTx Inc.                     | Pharmasset, Inc.              |
| Idenix Pharmaceuticals, Inc. | POZEN, Inc.                   |
| Immunomedics Inc.            | Sucampo Pharmaceuticals, Inc. |
| Incyte Corp.                 | Synta Pharmaceuticals Corp.   |
|                         | Telik, Inc.                   |

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| · | the reacquisition from Wyeth of worldwide rights to RELISTOR; |
|--------|---------------------------------------------------------------|

| · | the interaction with Pfizer, as the new owner of Wyeth, in designing and implementing a successful transition of responsibility for the development and commercialization of RELISTOR; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | identifying a new partner for RELISTOR to take responsibility for the development and commercialization of the drug, and bringing together a collaboration that was established in early 2011; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | advances made in the life cycle of the RELISTOR franchise, including regulatory and clinical development of new indications and routes of administration; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | the advancement of clinical testing of our PSMA prostate cancer drug candidate; and |
|--------|-------------------------------------------------------------------------------------|

| · | cash conservation initiatives undertaken during the year, in response to a worldwide financial downturn, which resulted in a challenging financing environment, and anticipated increases in operational responsibilities arising from the reacquisition of RELISTOR. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Summary

| NameandPrincipalPosition | Year   | Salary($) | Bonus(1)($) | StockAwards(2)($) | OptionAwards(2)($) | Non-EquityIncentivePlanCompen-sation($) | All Other Compen-sation(3)($) | Total($)  |
|--------------------------|--------|-----------|-------------|-------------------|--------------------|-----------------------------------------|-------------------------------|-----------|
| Mr. Baker (CEO;          | 2010   | 425,000   | 350,000     | -                 | 883,275            | -                                       | 46,360                        | 1,704,635 |
| President in 2010)       | 2009   | 391,667   | 220,000     | -                 | -                  | -                                       | 46,201                        | 657,868   |
|                     | 2008   | 385,000   | 160,000     | -                 | 665,334            | -                                       | 78,780                        | 1,289,114 |
|                     |   |      |        |              |               |                                    |                          |      |
| Dr. Maddon (Vice         | 2010   | 618,000   | 250,000     | -                 | 405,260            | -                                       | 13,893                        | 1,287,153 |
| Chairman and CSO;        | 2009   | 618,000   | 250,000     | -                 | 350,000            | -                                       | 13,170                        | 1,231,170 |
| CEO and CSO in 2010)(4)  | 2008   | 618,000   | 330,000     | 238,496           | 513,000            | -                                       | 17,228                        | 1,716,724 |
|                     |   |      |        |              |               |                                    |                          |      |
| Mr. McKinney             | 2010   | 301,600   | 105,560     | 53,500            | 106,386            | -                                       | 32,370                        | 599,416   |
| (CFO)                    | 2009   | 290,000   | 88,000      | -                 | 186,945            | -                                       | 45,251                        | 610,196   |
|                     | 2008   | 290,000   | 88,000      | 133,745           | 277,223            | -                                       | 69,704                        | 858,672   |
|                     |   |      |        |              |               |                                    |                          |      |
| Dr. Israel (SVP)         | 2010   | 369,200   | 110,760     | 53,500            | 106,386            | -                                       | 35,150                        | 674,996   |
|                     | 2009   | 355,000   | 80,000      | -                 | 186,945            | -                                       | 49,539                        | 671,484   |
|                     | 2008   | 355,000   | 80,000      | 107,005           | 221,778            | -                                       | 74,889                        | 838,672   |
|                     |   |      |        |              |               |                                    |                          |      |
| Mr. Osorio (SVP)         | 2010   | 294,840   | 88,452      | 53,500            | 106,386            | -                                       | 31,245                        | 574,423   |

| (1) | Discretionary cash bonus approved by the Committee. |
|-----|-----------------------------------------------------|

| (2) | Amount of compensation for each NEO reflects the aggregate grant date fair value for the year presented, in accordance with FASB ASC Topic 718, in respect of awards made for the year presented. The fair values were determined based on the assumptions for calculating the expense amounts as set forth in the notes to our consolidated financial statements included in our 2010 Annual Report on Form 10-K for the relevant years (Note 9 – Share-Based Payment Arrangements, in our 2010 Annual Report). The aggregate grant date fair value of the performance-based awards, assuming achievement of the highest level of performance conditions, are (i) $535,000, $932,750 and $1,605,000 for Dr. Maddon’s 2010, 2009 and 2008 awards, respectively, and (ii) $1,070,000 for Mr. Baker’s 2010 award. Additional information on the 2010 awards is included in the Grants of Plan-Based Awards for 2010 and Outstanding Equity Awards at Fiscal Year-End tables, below. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | For 2010, includes the gross-up for payment of taxes and compensation cost of ESPP and Non-Qualified ESPP computed in accordance with FASB ASC Topic 718 in the following amounts: Mr. Baker - $30,710, Mr. McKinney - $18,477, Dr. Israel - $21,257 and Mr. Osorio - $17,374. Includes the Company’s matching contribution under our 401(k) Plan in the amount of $11,000 for each named executive officer. Includes payments of premiums for enhanced life and disability insurance in the following amounts: Dr. Maddon - $2,893, Mr. Baker - $4,650, Mr. McKinney - $2,893, Dr. Israel - $2,893 and Mr. Osorio - $2,871. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Dr. Maddon received a $250,000 cash bonus for the year 2010. He elected to receive his bonus for 2009 in the form of 44,723 shares of immediately vesting restricted stock having a fair value of $250,000 based on a per share value of $5.59, the fair market value of the stock on the date of grant and which is reported in the Grants of Plan-Based Awards for 2010 table. Dr. Maddon elected to receive his 2008 bonus in the form of 66,294 shares of restricted stock in lieu of $330,000 cash, of which 29,464 shares vested on the date of grant and the balance vested six months later. The aggregate fair value of the award was $371,246, based on a per-share value of $5.60, the fair market value of our common stock on the date of grant. The $41,246 incremental cost is reported in the Stock Awards column. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|         | Grant Date | EstimatedFuture PayoutsUnder EquityIncentive PlanAwards (1)(#) | All Other Stock Awards:Number ofShares of Stockor Units (#) | All Other OptionAwards: Numberof SecuritiesUnderlyingOptions (5) (#) | Exercise orBase Price ofOption Awards($/Share) | Grant DateFair Value ofStock andOptionAwards(6)($) |
|--------------|------------|----------------------------------------------------------------|-------------------------------------------------------------|----------------------------------------------------------------------|------------------------------------------------|----------------------------------------------------|
| Mr. Baker    | 7/1/2010   | 200,000(2)                                                     |                                                        |                                                                 | 5.35                                           | 440,000                                            |
|         | 7/1/2010   |                                                           |                                                        | 125,000                                                              | 5.35                                           | 443,275                                            |
|         |       |                                                           |                                                        |                                                                 |                                           |                                               |
| Dr. Maddon   | 7/1/2010   | 100,000(2)                                                     |                                                        |                                                                 | 5.35                                           | 220,000                                            |
|         | 7/1/2010   |                                                           |                                                        | 50,000                                                               | 5.35                                           | 185,260                                            |
|         | 4/5/2010   |                                                           | 44,723 (3)                                                  |                                                                 |                                           | 250,000                                            |
|         |       |                                                           |                                                        |                                                                 |                                           |                                               |
| Mr. McKinney | 7/1/2010   |                                                           |                                                        | 30,000                                                               | 5.35                                           | 106,386                                            |
|         | 7/1/2010   |                                                           | 10,000 (4)                                                  |                                                                 |                                           | 53,500                                             |
|         |       |                                                           |                                                        |                                                                 |                                           |                                               |
| Dr. Israel   | 7/1/2010   |                                                           |                                                        | 30,000                                                               | 5.35                                           | 106,386                                            |
|         | 7/1/2010   |                                                           | 10,000 (4)                                                  |                                                                 |                                           | 53,500                                             |
|         |       |                                                           |                                                        |                                                                 |                                           |                                               |
| Mr. Osorio   | 7/1/2010   |                                                           |                                                        | 30,000                                                               | 5.35                                           | 106,386                                            |
|         | 7/1/2010   |                                                           | 10,000 (4)                                                  |                                                                 |                                           | 53,500                                             |

| ____________ |
|--------------|

| (1) | Awards reported in this column are limited to performance-based equity awards; other equity awards are reported in following columns. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Stock options vest in defined percentages upon achievement of specified performance or market-based milestones; not subject to cliff vesting. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Restricted stock award granted in lieu of 2009 cash bonus of $250,000, of which all shares vested on the date of grant. The aggregate fair market value of this award ($250,000) is reported in the Summary Compensation Table. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Stock awards vest one-third in each of the three years beginning June 20, 2011. |
|-----|---------------------------------------------------------------------------------|

| (5) | Stock options vest one-third in each of the three years beginning July 1, 2011. |
|-----|---------------------------------------------------------------------------------|

| (6) | Amount of compensation for each NEO reflects the aggregate grant date fair value for the year presented, in accordance with FASB ASC Topic 718, in respect of awards made in the year presented. The fair values were determined using the assumptions for calculating the expense amounts as set forth in the notes to our consolidated financial statements included in our 2010 Annual Report on Form 10-K (Note 9 – Share-Based Payment Arrangements). The aggregate grant date fair value of Dr. Maddon’s and Mr. Baker’s 2010 performance-based awards, assuming achievement of the highest level of performance conditions, are $535,000 and $1,070,000, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 |   | Option Awards                                                    |                                                               | Stock Awards                                                                               |
|----------------------|--------|------------------------------------------------------------------|--------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
| Name                 |   | No. of Securities Underlying Unexercised Options (#) Exercisable | No. of Securities Underlying Unexercised Options (#) Unexercisable | EquityIncentive Plan Awards: No. of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option ExpirationDate |   | No. of Shares or Units of StockThatHave Not Vested(#)(1) | Market Value of Shares or Units of Stock That HaveNot Vested ($) | EquityIncentivePlanAwards: No.of Unearned Shares, Units or Other Rights That Have Not Vested (#) | EquityIncentivePlan Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) |
| Mr. Baker            |   |                                                             |                                                               | 200,000 (6)                                                                                | $5.35 | 7/1/2020 |   |   |   |   |   |
|                 |   |                                                             | 125,000 (3)                                                        |                                                                                       | $5.35 | 7/1/2020 |   |   |   |   |   |
|                 |   | 40,000                                                           | 20,000 (4)                                                         |                                                                                       | $16.05 | 7/1/2018 |   |   |   |   |   |
|                 |   | 7,500                                                            | 2,500 (5)                                                          |                                                                                       | $22.01 | 7/2/2017 |   |   |   |   |   |
|                 |   | 25,000                                                           |                                                               |                                                                                       | $24.26 | 7/3/2016 |   |   |   |   |   |
|                 |   | 60,000                                                           |                                                               |                                                                                       | $27.71 | 2/21/2016 |   |   |   |   |   |
|                 |   | 50,000                                                           |                                                               |                                                                                       | $20.02 | 6/20/2015 |   |   |   |   |   |
|                 |   |                                                             |                                                               |                                                                                       |   |   |   | 3,333 | $18,198 |   |   |
| Dr. Maddon (7)       |   |                                                             | 50,000 (3)                                                         |                                                                                       | $5.35 | 7/1/2020 |   |   |   |   |   |
|                 |   | 50,000                                                           |                                                               | 50,000 (6)                                                                                 | $5.35 | 7/1/2020 |   |   |   |   |   |
|                 |   | 70,000                                                           |                                                               | 105,000 (6)                                                                                | $5.33 | 7/1/2019 |   |   |   |   |   |
|                 |   | 18,750                                                           |                                                               | 56,250 (6)                                                                                 | $16.05 | 7/1/2018 |   |   |   |   |   |
|                 |   | 101,250                                                          |                                                               | 11,250 (8)                                                                                 | $22.01 | 7/2/2017 |   |   |   |   |   |
|                 |   | 79,750                                                           |                                                               | 65,250 (9)                                                                                 | $24.26 | 7/3/2016 |   |   |   |   |   |
|                 |   | 75,000                                                           |                                                               |                                                                                       | $21.39 | 7/1/2015 |   |   |   |   |   |
|                 |   | 35,625                                                           |                                                               | 1,875 (10)                                                                                 | $16.85 | 7/1/2014 |   |   |   |   |   |
|                 |   | 37,500                                                           |                                                               |                                                                                       | $16.85 | 7/1/2014 |   |   |   |   |   |
|                 |   | 112,500                                                          |                                                               |                                                                                       | $15.06 | 7/1/2013 |   |   |   |   |   |
|                 |   | 112,500                                                          |                                                               |                                                                                       | $15.06 | 7/1/2013 |   |   |   |   |   |
|                 |   | 75,000                                                           |                                                               |                                                                                       | $12.29 | 7/1/2012 |   |   |   |   |   |
|                 |   | 33,000                                                           |                                                               |                                                                                       | $12.29 | 7/1/2012 |   |   |   |   |   |
|                 |   |                                                             |                                                               |                                                                                       |   |   |   | 9,375 | $51,188 | 18,750 | $102,375 |
| Mr. McKinney         |   |                                                             | 30,000 (3)                                                         |                                                                                       | $5.35 | 7/1/2020 |   |   |   |   |   |
|                 |   | 16,666                                                           | 33,334 (11)                                                        |                                                                                       | $5.33 | 7/1/2019 |   |   |   |   |   |
|                 |   | 16,667                                                           | 8,333 (4)                                                          |                                                                                       | $16.05 | 7/1/2018 |   |   |   |   |   |
|                 |   | 7,500                                                            | 2,500 (5)                                                          |                                                                                       | $22.01 | 7/2/2017 |   |   |   |   |   |
|                 |   | 25,000                                                           |                                                               |                                                                                       | $24.26 | 7/3/2016 |   |   |   |   |   |
|                 |   | 12,500                                                           |                                                               |                                                                                       | $21.39 | 7/1/2015 |   |   |   |   |   |
|                 |   | 25,000                                                           |                                                               |                                                                                       | $22.68 | 3/1/2015 |   |   |   |   |   |
|                 |   | 25,000                                                           |                                                               |                                                                                       | $15.06 | 7/1/2013 |   |   |   |   |   |
|                 |   | 25,000                                                           |                                                               |                                                                                       | $12.29 | 7/1/2012 |   |   |   |   |   |
|                 |   |                                                             |                                                               |                                                                                       |   |   |   | 16,111 | $87,966 |   |   |
| Dr. Israel           |   |                                                             | 30,000 (3)                                                         |                                                                                       | $5.35 | 7/1/2020 |   |   |   |   |   |
|                 |   | 16,666                                                           | 33,334 (11)                                                        |                                                                                       | $5.33 | 7/1/2019 |   |   |   |   |   |
|                 |   | 13,333                                                           | 6,667 (4)                                                          |                                                                                       | $16.05 | 7/1/2018 |   |   |   |   |   |
|                 |   | 5,250                                                            | 1,750 (5)                                                          |                                                                                       | $22.01 | 7/2/2017 |   |   |   |   |   |
|                 |   | 17,500                                                           |                                                               |                                                                                       | $24.26 | 7/3/2016 |   |   |   |   |   |
|                 |   | 10,000                                                           |                                                               |                                                                                       | $21.39 | 7/1/2015 |   |   |   |   |   |
|                 |   | 35,000                                                           |                                                               |                                                                                       | $15.06 | 7/1/2013 |   |   |   |   |   |
|                 |   | 25,000                                                           |                                                               |                                                                                       | $12.29 | 7/1/2012 |   |   |   |   |   |
|                 |   |                                                             |                                                               |                                                                                       |   |   |   | 14,555 | $79,470 |   |   |
| Mr. Osorio           |   |                                                             | 30,000 (3)                                                         |                                                                                       | $5.35 | 7/1/2020 |   |   |   |   |   |
|                 |   | 16,666                                                           | 33,334 (11)                                                        |                                                                                       | $5.33 | 7/1/2019 |   |   |   |   |   |
|                 |   | 13,333                                                           | 6,667 (4)                                                          |                                                                                       | $16.05 | 7/1/2018 |   |   |   |   |   |
|                 |   | 3,750                                                            | 1,250 (5)                                                          |                                                                                       | $22.01 | 7/2/2017 |   |   |   |   |   |
|                 |   | 12,500                                                           |                                                               |                                                                                       | $24.26 | 7/3/2016 |   |   |   |   |   |
|                 |   | 30,000                                                           |                                                               |                                                                                       | $21.39 | 7/1/2015 |   |   |   |   |   |
| ______________  |   |                                                             |                                                               |                                                                                       |   |   |   | 13,888 | $75,828 |   |   |

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| (1) | Vest in equal annual installments commencing one year from date of grant with final vesting no later than June 20, 2013. |
|-----|--------------------------------------------------------------------------------------------------------------------------|

| (2) | Based on the closing price of our common stock on December 31, 2010 of $5.46. |
|-----|-------------------------------------------------------------------------------|

| (3) | Stock options vest one-third in each of the three years beginning July 1, 2011. |
|-----|---------------------------------------------------------------------------------|

| (4) | Stock options vested two-thirds through December 31, 2010; remaining vest on July 2, 2011. |
|-----|--------------------------------------------------------------------------------------------|

| (5) | Stock options vested 75% through December 31, 2010; remaining vest on July 3, 2011. |
|-----|-------------------------------------------------------------------------------------|

| (6) | Performance-based stock options vest in percentages upon achievement of milestones or share price performance (see CD&A – Elements of Compensation – Long-term incentives, above, for a discussion of the performance criteria). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | 2008 and 2009 bonus awards have fully vested. |
|-----|-----------------------------------------------|

| (8) | Performance-based options vested 90% through 2010 due to the achievement of specified milestones; remaining 10% cliff vest on June 2, 2017. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Performance-based options vested 55% through 2010 due to the achievement of specified milestones; remaining 45% cliff vest on June 3, 2016. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Performance-based options vested 95% through 2010 due to the achievement of specified milestones; remaining 5% cliff vest on June 1, 2014 or earlier achievement of milestones. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Stock options vested one-third through December 31, 2010; remaining vest on July 2, 2011 and 2012. |
|------|----------------------------------------------------------------------------------------------------|

|         |   | Option Awards                          |   | Stock Awards                  |
|--------------|--------|----------------------------------------|--------|-------------------------------|
| Name         |   | No. of Shares Acquired on Exercise (#) |   | ValueRealized on Exercise ($) |   | No. of Shares Acquired on Vesting (#) |   | ValueRealized onVesting ($) |
| Mr. Baker    |   | -                                      |   | -                             |   | 10,666 |   | 61,010 |
| Dr. Maddon   |   | -                                      |   | -                             |   | 72,432 |   | 408,531 |
| Mr. McKinney |   | -                                      |   | -                             |   | 8,111 |   | 49,153 |
| Dr. Israel   |   | -                                      |   | -                             |   | 13,236 |   | 75,412 |
| Mr. Osorio   |   | -                                      |   | -                             |   | 9,259 |   | 54,506 |

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|                                                                                       | Cash Severance |      | Equity   | Benefits Continuation (5)($) | Gross-up Of I.R.C. Golden Parachute Excise Tax ResultingFrom Change-in-Control(6)($) | Total($)                                   |
|--------------------------------------------------------------------------------------------|----------------|-----------|----------|------------------------------|--------------------------------------------------------------------------------------|--------------------------------------------|
|                                                                                       | Base Salary    |      | Bonus(2) |                         | Value of Vested Equity(3)($)                                                         | Value of Accelerated Unvested Equity(4)($) |
|                                                                                       |           |      |
| Circumstances of Termination(1)                                                       | Multiple       | ($)       |     | Multiple                     | ($)                                                                                  |                                       |
| For cause or voluntary termination                                                         | N/A            | N/A       |     | N/A                          | N/A                                                                                  |                                       | 14,600 | N/A | N/A | N/A | 14,600 |
| Death or disability (7)                                                                    | 1              | 618,000   |     | N/A                          | 457,082                                                                              |                                       | 14,600 | N/A | 34,094 | N/A | 1,123,776 |
| Without cause or by the executive with good reason (8)                                     | 2              | 1,236,000 |     | 2                            | 664,164                                                                              |                                       | 14,600 | 153,563 | 34,094 | N/A | 2,102,421 |
| Without cause or by the executive with good reason following a change in control (9)  | 3              | 1,854,000 |     | 3                            | 871,246                                                                              |                                       | 14,600 | 153,563 | 51,141 | N/A | 2,944,550 |

|  ____________ |
|--------------------|

| (1) | Calculations in this table utilize the closing price per share of our common stock on December 31, 2010, of $5.46. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (2) | Includes, where any amount is shown, bonus multiple calculated using the multiple shown plus a pro-rated bonus of $250,000, representing an estimated pro-rata bonus for the year of termination. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | 680,875 of Dr. Maddon’s 800,875 outstanding stock options were underwater as of December 31, 2010. |
|-----|----------------------------------------------------------------------------------------------------------|

| (4) | Assumes (i) acceleration of vesting at December 31, 2010 of all 339,625 unexercisable and unearned stock options, as set forth in the Outstanding Equity Awards at Fiscal Year-End table above, 134,625 of which were underwater at December 31, 2010, and (ii) acceleration of vesting and sale of all 28,125 outstanding shares of restricted stock at December 31, 2010, yielding $153,563 before taxes, using the closing price of our common stock on that date ($5.46). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Health and welfare benefits continue for 24 or 36 months, depending on the circumstances of termination, and include the employer cost of health, dental, disability and group life insurance. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Provision eliminated by recent amendment. |
|-----|-------------------------------------------|

| (7) | In this circumstance, Dr. Maddon or his estate receives one times his base salary for the year of termination and average bonus (calculated using the average of the annual bonuses paid to him in the three years preceding the year of termination), and a pro-rated amount of bonus from the beginning of the year of termination to the date of termination based on an assumed bonus of $250,000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | In this circumstance, Dr. Maddon receives cash severance equal to twice the sum of his base salary for the year of termination and the average of the annual bonuses paid to him in the three years preceding the year of termination, together with a pro-rated bonus from the beginning of the year of termination to the date of termination based on an assumed bonus of $250,000. For purposes of this calculation, base salary at December 31, 2010 is $618,000 (reduced to $425,000 in the recent amendment), the fair market values of his bonuses for the three years preceding 2010 are $0, $371,246 and $250,000 and the fair market value of his bonus for 2010 is $250,000.  The foregoing analysis is based on Dr. Maddon’s agreement as it existed in 2010. The recent amendment to the agreement would change this analysis. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | In this circumstance, Dr. Maddon receives cash severance equal to three times the sum of his base salary for the year of termination and the average of the annual bonuses paid to him in the three years preceding the year of termination, together with a pro-rated bonus from the beginning of the year of termination to the date of termination. Assumptions specified in note (8) are used for purposes of this calculation. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | If termination is by us for Cause or if he resigns without Good Reason (each as defined), to a pro-rated salary through his termination date (his unvested equity compensation will be forfeited). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If termination is due to death or disability, to (i) his salary and a pro-rated bonus until his termination date, (ii) continued welfare benefits for a period of two years, (iii) a lump sum payment equal to the sum of his base salary and Average Bonus (defined as the average of the bonuses paid to him in the three years preceding the year of termination), (iv) vesting of all time-based equity, and (v) vesting of all milestone-based equity if the milestones are achieved under the original vesting provisions. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If termination is by us without Cause or if he resigns for Good Reason, and subject to the recent amendment to the agreement, which provides for a fixed cash severance amount and limits accelerated vesting of equity awards to those granted prior to the amendment date if such termination is prior to March 31, 2013, to (i) a pro-rated salary through his termination date, (ii) a lump sum equal to twice his base salary and Average Bonus, (iii) continued welfare benefits for two years, and (iv) immediate vesting of all time-based and performance-based equity. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If termination is by us for Cause or if he resigns without Good Reason, to a pro-rated salary through his termination date (his unvested equity compensation will be forfeited). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If termination is due to death or disability, to (i) his salary and a pro-rated bonus until his termination date, (ii) continued welfare benefits for a period of two years, (iii) a lump sum payment equal to the sum of his base salary and Average Bonus, (iv) vesting of all time-based equity, and (v) vesting of all milestone-based equity if the milestones are achieved under the original vesting provisions. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If termination is by us without Cause or if he resigns for Good Reason during the designated period before or after a Change-in-Control, and subject to the amendment as described above if such termination is prior to March 31, 2013, to (i) three times his base salary and Average Bonus, (ii) continued welfare benefits for three years, (iii) a pro-rata bonus for the year of termination, and (iv) immediate vesting of all time-based and performance-based equity. The Company's obligation under the original 2007 agreement to reimburse Dr. Maddon for "golden parachute" excise taxes was eliminated by the recent amendment. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                          | Cash Severance  |    | Equity | Benefits Continuation (1)($) | Gross-up Of I.R.C. Golden Parachute Excise Tax ResultingFromChange-in-Control ($) | Total ($)                                |
|-------------------------------|-----------------|---------|--------|------------------------------|-----------------------------------------------------------------------------------|------------------------------------------|
|                          | Base Salary (1) |    | Bonus  |                         | Value of Vested Equity($)                                                         | Value of Accelerated Unvested Equity ($) |
|                          |            |    |
| Circumstances of Termination  | Multiple        | ($)     |   | Multiple                     | ($)                                                                               |                                     |
| For cause                     | N/A             | N/A     |   | N/A                          | N/A                                                                               |                                     | N/A | N/A | N/A | N/A | - |
| By us without cause (2)  | N/A             | 276,900 |   | N/A                          | N/A                                                                               |                                     | 2,167 | N/A | 19,000 | N/A | 298,067 |

|  ____________ |
|--------------------|

| (1) | Assumes salary and benefits as of December 31, 2010. |
|-----|------------------------------------------------------|

| (2) | In this circumstance, Dr. Israel receives nine months salary at his current salary and benefits. The severance and benefits cease if at any time during the severance period he secures new employment. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Director

|              |   | Fees Earned orPaid in Cash ($) |   | OptionAwards (1)($) |   | All OtherCompensation(2)($) |   | Total ($) |
|-------------------|--------|--------------------------------|--------|---------------------|--------|-----------------------------|--------|-----------|
| Mr. Briner        |   | 36,500                         |   | 35,462              |   | -                           |   | 71,962    |
| Mr. Charles Baker |   | 38,000                         |   | 35,462              |   | -                           |   | 73,462    |
| Mr. Crowley       |   | 49,000                         |   | 141,848             |   | -                           |   | 190,848   |
| Mr. Dalton        |   | 33,500                         |   | 35,462              |   | -                           |   | 68,962    |
| Dr. Goff          |   | 23,000                         |   | 35,462              |   | 30,000                      |   | 88,462    |
| Dr. Scheinberg    |   | 25,500                         |   | 35,462              |   | 30,000                      |   | 90,962    |
| Ms. Williams      |   | 38,500                         |   | 35,462              |   | -                           |   | 73,962    |

| ________  |   |
|----------------|--------|

|   | (1) | At December 31, 2010, the aggregate number of stock options outstanding for each of our non-employee directors was as follows: Mr. Charles Baker, 95,000; Mr. Briner, 182,500; Mr. Crowley, 75,000; Mr. Dalton, 87,500; Dr. Goff, 127,500; Dr. Scheinberg, 121,607; Ms. Williams, 65,000. In general, the options granted to the non-employee directors vested immediately on the date of grant and the amounts shown represent the grant date fair value of stock awards made during the fiscal year under FASB ASC Topic 718. The grant date fair value of the 2010 option awards was determined using the assumptions disclosed in our 2010 Annual Report on Form 10-K (Note 9 – Share-Based Payment Arrangements). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Drs. Goff and Scheinberg each received payment of $30,000 for services as scientific advisors for the year 2010. Commencing in 2010, each of Drs. Goff and Scheinberg receive a retainer fee of $30,000, reduced by paid attendance fees, for service on the Board’s Science and Technology Committee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | $2,000 for attendance at each Board meeting (including a same-day committee) ($1,000 for attendance by telephone), and $500 for participation in each telephonic Board meeting; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | $1,000 for attendance at each committee meeting not in conjunction with a Board meeting ($500 for telephonic participation); |
|--------|------------------------------------------------------------------------------------------------------------------------------|

| · | $500 for each committee meeting held on the day after a Board meeting; |
|--------|------------------------------------------------------------------------|

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| · | an annual retainer fee of $15,000 for Board service ($40,000 for service as Chair); |
|--------|-------------------------------------------------------------------------------------|

| · | a fully-vested option to purchase 10,000 shares of common stock (40,000 shares in the case of the Chair) granted annually on the first business day of July with an exercise price equal to the fair market value as of the date of grant; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | an annual retainer fee of $10,000 for service as Audit Committee Chair (currently Ms. Williams), $2,500 for service as Compensation Committee Chair (currently Mr. Dalton) and $2,500 for service as Nominating and Corporate Governance Committee Chair (currently Mr. Charles Baker). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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SECURITY

|                                                                                        |   | Shares Beneficially Owned (2) |
|---------------------------------------------------------------------------------------------|--------|-------------------------------|
| Name and Address of Beneficial Owner (1)                                                    |   | Number                        |   | Percent |
| Federated Investors, Inc.(3)Federated Investors TowerPittsburgh, PA 15222-3779              |   | 6,672,374                     |   | 20.0% |
| Paul Tudor Jones, II(4)1275 King StreetGreenwich, CT 06831                                  |   | 2,888,513                     |   | 8.6% |
| Entities affiliated with Tudor Investment Corporation(5)1275 King StreetGreenwich, CT 06831 |   | 2,342,388                     |   | 7.0% |
| BlackRock, Inc.(6)40 East 52nd StreetNew York, NY 10022                                     |   | 1,983,102                     |   | 5.9% |
| James E. Flynn(7)780 Third Avenue, 37th FloorNew York, NY 10017                             |   | 1,974,281                     |   | 5.9% |
| Charles A. Baker (8)                                                                        |   | 113,981                       |   | * |
| Mark R. Baker (9)                                                                           |   | 212,250                       |   | * |
| Kurt W. Briner (10)                                                                         |   | 233,000                       |   | * |
| Peter J. Crowley (11)                                                                       |   | 60,000                        |   | * |
| Mark F. Dalton (12)                                                                         |   | 2,552,388                     |   | 7.5% |
| Stephen P. Goff (13)                                                                        |   | 158,500                       |   | * |
| Paul J. Maddon (14)                                                                         |   | 1,654,932                     |   | 4.8% |
| David A. Scheinberg (15)                                                                    |   | 164,039                       |   | * |
| Nicole S. Williams (16)                                                                     |   | 65,000                        |   | * |
| Robert A. McKinney (17)                                                                     |   | 198,218                       |   | * |
| Robert J. Israel (18)                                                                       |   | 157,126                       |   | * |
| Benedict Osorio (19)                                                                   |   | 107,282                       |   | * |
| All directors and executive officers as a group (20)                                        |   | 5,646,716                     |   | 15.9% |

| __________  |   |
|------------------|--------|

|  * |         Less than one percent. |
|---------|------------------------------------------------------------------------|

| (1) | If not otherwise specified, the address of each beneficial owner is c/o Progenics Pharmaceuticals, Inc., 777 Old Saw Mill River Road, Tarrytown, New York 10591. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | With respect to our directors and executive officers, and except as indicated and pursuant to applicable community property laws, each stockholder possesses sole voting and investment power with respect to the shares of common stock listed. The number of shares of common stock beneficially owned includes the shares issuable pursuant to stock options held by the stockholder that are currently exercisable, i.e., within 60 days of March 31, 2011. Shares issuable upon exercise of these options are deemed outstanding for computing the percentage of beneficial ownership of the person holding the options but are not deemed outstanding for computing the percentage of beneficial ownership of any other person. None of the shares held by our directors and executive officers are pledged as collateral.  With respect to stockholders which are not affiliated with us, the percent reported is calculated by dividing (i) the number of shares reported by the stockholder in its Schedule 13G filing as described in the related note by (ii) the aggregate number of our common shares outstanding on March 31, 2011, and differs from the Percent of Class reported in the stockholder’s Schedule 13G; it assumes that the stockholder continued to own the number shares reported in its Schedule 13G on March 31, 2011. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (3) | Based on a Schedule 13G filed February 8, 2011, (i) Federated Investors, Inc. (“FII”) is the parent holding company of Federated Equity Management Company of Pennsylvania and Federated Global Investment Management Corp., which act as investment advisors to registered investment companies and separate accounts that own the shares reported, and (ii) all of FII’s outstanding voting stock is held in the Voting Shares Irrevocable Trust for which John F. Donahue, Rhodora J. Donahue and J. Christopher Donahue act as trustees and who have collective voting control over FII. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes 2,342,388 shares beneficially owned by entities affiliated with Tudor Investment Corporation (TIC). Mr. Jones is the Co-Chairman and principal equity owner of TIC and Tudor Group Holdings LLC (TGH) and the Co-Chairman, Chief Investment Officer and indirect principal equity owner of Tudor Proprietary Trading, L.L.C. (TPT) and Tudor Global Trading LLC (TGT). Mr. Jones may be deemed to be the beneficial owner of shares beneficially owned, or deemed beneficially owned, by entities affiliated with TIC. Mr. Jones disclaims beneficial ownership of such shares. See Note (5). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The number of shares owned by entities affiliated with TIC consists of 1,820,068 shares held of record by The Tudor BVI Global Portfolio L.P., a limited partnership organized under the laws of the Cayman Islands (Tudor BVI), 287,813 shares held of record by TIC, 219,107 shares held of record by TPT, and 15,400 shares held of record by TGT. In addition, because TIC provides investment advisory services to Tudor BVI, it may be deemed to beneficially own the shares held by such entity. TIC disclaims beneficial ownership of such shares. TGH holds a majority of equity interests in TGT and indirectly holds a majority of the membership interests of TPT. TGH expressly disclaims beneficial ownership of the shares beneficially owned by each of such entities. The number set forth does not include shares owned of record by Mr. Jones and Mr. Dalton. See Notes (4) and (12). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Based on a Schedule 13G filed on January 21, 2011, BlackRock Japan Co. Ltd., BlackRock Institutional Trust Company, N.A., BlackRock Fund Advisors, BlackRock Advisors, LLC and BlackRock Investment Management, LLC acquired the securities reported. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Based on a Schedule 13G filed on November 16, 2010, (i) 754,289 of such shares are held by Deerfield Special Situations Fund, L.P., of which Deerfield Capital, L.P. (of which J.E. Flynn Capital LLC is General Partner) and J.E. Flynn Capital LLC are General Partners, (ii) 1,219,992 of such shares are held by Deerfield Special Situations Fund International Limited, (iii) James E. Flynn is authorized signatory of J.E. Flynn Capital LLC, Flynn Management LLC, General Partner of Deerfield Management Company, L.P., and Deerfield Special Situations Fund International Limited and (iv) the address of Deerfield Special Situations Fund International Limited is c/o Citi Hedge Fund Services (B.V.I.) Ltd., Bison Court, Columbus Centre, P.O. Box 3460, Road Town, Tortola, D8, British Virgin Islands. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Includes 21,481 shares owned by the Baker Family Limited Partnership and 92,500 shares issuable upon exercise of currently exercisable options. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Includes 29,750 shares outstanding, of which 3,333 are restricted shares subject to forfeiture, and 182,500 shares issuable upon exercise of currently exercisable options. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Includes 53,000 shares outstanding and 180,000 shares issuable upon exercise of currently exercisable options. |
|------|----------------------------------------------------------------------------------------------------------------|

| (11) | Consists of 60,000 shares issuable upon exercise of currently exercisable options. |
|------|------------------------------------------------------------------------------------|

| (12) | Includes 78,500 shares held of record directly by Mr. Dalton and 85,000 shares issuable upon exercise of currently exercisable options held by Mr. Dalton. The number set forth also includes 2,342,388 shares beneficially owned by entities affiliated with TIC. Mr. Dalton is Chief Executive Officer and Co-Chairman and an equity owner of TIC and Co-Chairman, Chief Executive Officer and an equity owner of TGH. Mr. Dalton is also Co- Chairman, Chief Executive Officer and President and an indirect equity owner of TGT and TPT. Mr. Dalton disclaims beneficial ownership of shares beneficially owned, or deemed beneficially owned, by entities affiliated with TIC and DF Partners, except to the extent of his pecuniary interest therein. See Note (5). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Includes 66,000 shares outstanding and 92,500 shares issuable upon exercise of currently exercisable options. |
|------|---------------------------------------------------------------------------------------------------------------|

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| (14) | Includes (i) 854,057 shares outstanding, of which 28,125 are restricted shares subject to forfeiture and (ii) 800,875 shares issuable upon exercise of currently exercisable options. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Includes 46,182 shares outstanding and 117,857 shares issuable upon exercise of currently exercisable options. |
|------|----------------------------------------------------------------------------------------------------------------|

| (16) | Includes 5,000 shares outstanding and 60,000 shares issuable upon exercise of currently exercisable options. |
|------|--------------------------------------------------------------------------------------------------------------|

| (17) | Includes 44,885 shares outstanding, of which 16,111 are restricted shares subject to forfeiture, and 153,333 shares issuable upon exercise of currently exercisable options. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (18) | Includes 43,377 shares outstanding, of which 14,555 are restricted shares subject to forfeiture, and 113,749 shares issuable upon exercise of currently exercisable options. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Includes 31,033 shares outstanding, of which 13,888 are restricted shares subject to forfeiture, and 76,249 shares issuable upon exercise of currently exercisable options. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (20) | Includes 3,632,153 shares outstanding, of which 76,012 are restricted shares subject to forfeiture, and 2,014,563 shares issuable upon exercise of currently exercisable options held by directors, NEOs and all other executive officers of the Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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OTHER

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Stockholder

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AMENDED

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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: |
|--------|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                    |
|--------|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   | (a)    | The designation of such series;                                                                                                                                                                                                                                                                                                                         |
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                    |
|   |   |   | (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; |
|--------|--------|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (d) | The terms and amount of any sinking fund provided for the purchase or redemption of the shares of such series; |
|--------|--------|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   |   |   | (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; |
|--------|--------|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (g) | The restrictions, if any, on the issue or reissue of any additional Preferred Shares; |
|--------|--------|--------|-----|---------------------------------------------------------------------------------------|

|   |   |   | (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 |
|--------|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (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: _____________________________ |
|   | Name: Mark R. Baker               |
|   | Title: Chief Executive Officer    |

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PROGENICS

| 1.   | PURPOSE |
|----------------|---------|

| 2.   | DEFINITIONS |
|----------------|-------------|

| (a) | Award means an award of a Stock Option, Stock Appreciation Right, Restricted Stock Award, Stock Unit Award, Stock Award or Performance Award granted under the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Award Agreement means a written or electronic agreement entered into between the Company and a Participant setting forth the terms and conditions of an Award.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (c) | Board means the Board of Directors of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (d) | Change in Control shall have the meaning set forth in Section 13.2 hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (e) | Code means the Internal Revenue Code of 1986, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (f) | Committee means the Compensation Committee of the Board or a successor thereof, or any other committee of the Board appointed by the Board to administer the Plan from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (g) | Common Stock means the Company’s Common Stock, par value $.0013 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (h) | Company means Progenics Pharmaceuticals, Inc., a Delaware corporation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (i) | Date of Grant means the date on which an Award under the Plan is granted by the Committee, or such later date as the Committee may specify to be the effective date of an Award.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (j) | Disability means a Participant being considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code, unless otherwise provided in an Award Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (k) | Eligible Person means any person who is an employee, officer, director, consultant, advisor or other individual service provider of the Company or any Subsidiary, as determined by the Committee, or any person who is determined by the Committee to be a prospective employee, officer, director, consultant, advisor or other individual service provider of the Company or any Subsidiary.                                                                                                                                                                                                                                          |
| (l) | Exchange Act means the Securities Exchange Act of 1934, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (m) | Fair Market Value with respect to the value of a share of Common Stock as of a particular day, shall mean the last reported sale price (as reported on the NASDAQ) of the Common Stock on such day (unless such day is not a trading day, in which case, on the last trading day immediately preceding such day on which the Common Stock is traded on the NASDAQ).  If the Common Stock is not listed on the NASDAQ, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate, taking into account to the extent necessary the requirements of Section 409A of the Code. |
| (n) | Incentive Stock Option means a Stock Option granted under Section 6 hereof that is intended to meet the requirements of section 422 of the Code and the regulations promulgated thereunder.                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (o) | NASDAQ means The Nasdaq Stock Market’s National Market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (p) | Nonqualified Stock Option means a Stock Option granted under Section 6 hereof that is not an Incentive Stock Option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (q) | Participant means any Eligible Person who holds an outstanding Award under the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

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|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (r)        | Performance Awards means an Award under Section 11 hereof entitling a Participant to a payment in cash at the end of a performance period, if the performance and other conditions established by the Committee are satisfied.                                                                                                                                                                                                                                                                             |
| (s)        | Plan means this Progenics Pharmaceuticals, Inc. 2005 Stock Incentive Plan as amended herein, and as may be amended from time to time, effective as provided in Section 15.1 hereof.                                                                                                                                                                                                                                                                                                                        |
| (t)        | Restricted Stock Award means a grant of shares of Common Stock to an Eligible Person under Section 8 hereof that are issued subject to such vesting and transfer restrictions and such other conditions as are set forth in the Plan and the applicable Award Agreement.                                                                                                                                                                                                                                   |
| (u)        | Section 162(m) Award means any Award that is intended to qualify for the “performance-based” compensation exception under section 162(m) of the Code and the regulations promulgated thereunder.                                                                                                                                                                                                                                                                                               |
| (v)        | Service means a Participant’s employment or other service relationship with the Company or any Subsidiary.                                                                                                                                                                                                                                                                                                                                                                                           |
| (w)        | Stock Appreciation Right means a contractual right granted to an Eligible Person under Section 7 hereof entitling such Eligible Person to receive a payment, representing the difference between the base price per share of the right and the Fair Market Value of a share of Common Stock at such time, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.                                                                                                 |
| (x)        | Stock Award means a grant of shares of Common Stock to an Eligible Person under Section 10 hereof entitling a Participant to shares of Common Stock that are issued free of transfer restrictions and forfeiture conditions.                                                                                                                                                                                                                                                                               |
| (y)        | Stock Option means a contractual right granted to an Eligible Person under Section 6 hereof to purchase shares of Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.                                                                                                                                                                                                                                                    |
| (z)        | Stock Unit Award means a contractual right granted to an Eligible Person under Section 9 hereof representing notional unit interests equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.                                                                                                                                                                                  |
|  (aa) | Subsidiary means an entity (whether or not a corporation) that is wholly or majority owned or controlled, directly or indirectly, by the Company, or any other affiliate of the Company that is so designated, from time to time, by the Committee; provided, however, that with respect to Incentive Stock Options, the term “Subsidiary” shall include only an entity that qualifies under section 424(f) of the Code as a “subsidiary corporation” with respect to the Company. |

| 3.   | ADMINISTRATION |
|----------------|----------------|

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| 4.   | SHARES SUBJECT TO THE PLAN |
|----------------|----------------------------|

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| 5.   | PARTICIPATION AND AWARDS |
|----------------|--------------------------|

| 6.   | STOCK OPTIONS |
|----------------|---------------|

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| (i)   | Eligibility.  An Incentive Stock Option may only be granted to an Eligible Person who is considered an employee under Treasury Regulation §1.421-7(h) of the Company or any Subsidiary.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)  | Annual Limits.  No Incentive Stock Option shall be granted to an Eligible Person as a result of which the aggregate Fair Market Value (determined as of the Date of Grant) of the stock with respect to which Incentive Stock Options are exercisable for the first time in any calendar year under the Plan and any other stock option plans of the Company or any Subsidiary would exceed $100,000, determined in accordance with section 422(d) of the Code.  This limitation shall be applied by taking Incentive Stock Options into account in the order in which granted.                                |
| (iii) | Ten Percent Stockholders.  If a Stock Option granted under the Plan is intended to be an Incentive Stock Option, and if the Participant, at the time of grant, owns stock possessing ten percent or more of the total combined voting power of all classes of Common Stock of the Company or any Subsidiary, then (A) the Stock Option exercise price per share shall in no event be less than 110 percent of the Fair Market Value of the Common Stock on the date of such grant and (B) such Stock Option shall not be exercisable after the expiration of five years following the date such Stock Option is granted. |
| (iv)  | Termination of Employment.  An Award of an Incentive Stock Option may provide that such Stock Option may be exercised not later than 3 months following termination of employment of the Participant with the Company and all Subsidiaries, or not later than one year following death or a permanent and total disability within the meaning of section 22(e)(3) of the Code, as and to the extent determined by the Committee to comply with the requirements of section 422 of the Code.                                                                                                                              |

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| (v)  | Other Terms and Conditions; Nontransferability.  Any Incentive Stock Option granted hereunder shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as are deemed necessary or desirable by the Committee, which terms, together with the terms of the Plan, shall be intended and interpreted to cause such Incentive Stock Option to qualify as an “incentive stock option” under section 422 of the Code.  An Award Agreement for an Incentive Stock Option may provide that such Stock Option shall be treated as a Nonqualified Stock Option to the extent that certain requirements applicable to “incentive stock options” under the Code shall not be satisfied.  An Incentive Stock Option shall by its terms be nontransferable other than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of a Participant only by such Participant. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (vi) | Disqualifying Dispositions.  If shares of Common Stock acquired by exercise of an Incentive Stock Option are disposed of within two years following the Date of Grant or one year following the transfer of such shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Company in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Company may reasonably require.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| 7.   | STOCK APPRECIATION RIGHTS |
|----------------|---------------------------|

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| (i)   | a change in the composition of the Board such that during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (ii) or (iii) of this Section 13.2) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members thereof;                                                                                                                                                                                                                                                                                                                                      |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)  | the consummation of  a merger, consolidation, reorganization or similar corporate transaction, whether or not the Company is the surviving corporation in such transaction, in which outstanding shares of Common Stock are converted into (A) shares of stock of another company, other than a conversion into shares of voting common stock of the successor corporation (or a holding company thereof) representing more than 50% of the voting power of all capital stock thereof outstanding immediately after the merger or consolidation, or (B) other securities (of either the Company or another company) or cash or other property;                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (iii) | any “Person” (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), except that such term shall not include (A) the Company, (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, who is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company) representing 30% or more of the voting power of all capital stock thereof outstanding, excluding any Person who is an officer or director of the Company or who becomes such a Beneficial Owner in connection with a transaction described in clause (ii) of this Section 13.2; or |
| (iv)  | the consummation of (A) the sale or other disposition of all or substantially all of the assets of the Company, or (B) a complete liquidation or dissolution of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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| VOTE BY INTERNET - www.proxyvote.comUse the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59PM EDT on the day before the cut-off date ormeeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic votinginstruction form.ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALSIf you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cardsand annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and,when prompted, indicate that you agree to receive or access proxy materials electronically in future years.VOTE BY PHONE - 1-800-690-6903Use any touch-tone telephone to transmit your voting instructions up until 11:59PM EDT on the day before the cut-off date or meeting date. Have yourproxy card in hand when you call and then follow the instructions.VOTE BY MAILMark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.VOTE IN PERSONAttend the Annual Shareholders Meeting at 10:00AM EDT on Wednesday, June 8, 2011.The Landmark at EastviewRockland Room777 Old Saw Mill River RoadTarrytown, NY 10591 |
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| TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS                              |                               |
|---------------------------------------------------------------------------------|------------------------------------|
| FOLLOWS:                                                         | KEEP THIS PORTION FOR YOUR RECORDS |
| DETACH AND RETURN THIS PORTION ONLY                                             |
|                                                                            |
| THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.                            |
| PROGENICS PHARMACEUTICALS, INC.                                                 |
|   The Board of Directors recommends you vote FOR the Nominees named below: |
|                                                                            |
| 1. Election of Directors                                              |

| NOMINEES:               | For All | Withhold All | For All Except | To withhold authority to vote for any individual nominee(s), mark “For All Except” and write the number(s) of the nominee(s) on the line below. |
|-------------------------|---------|--------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    | ¨  | ¨       | ¨         |                                                                                                                                                             |
| 01) Peter J. Crowley    |    |         |           |                                                                                                                                                             |
| 02) Paul J. Maddon      |    |         |           |                                                                                                                                                             |
| 03) Charles A. Baker    |    |         |           |                                                                                                                                                             |
| 04) Mark R. Baker       |    |         |           |                                                                                                                                                             |
| 05) Kurt W. Briner      |    |         |           |                                                                                                                                                             |
| 06) Mark F. Dalton      |    |         |           |                                                                                                                                                             |
| 07) Stephen P. Goff     |    |         |           |                                                                                                                                                             |
| 08) David A. Scheinberg |    |         |           |                                                                                                                                                             |
| 09) Nicole S. Williams  |    |         |           |                                                                                                                                                             |

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|                                                                                                                                                | For    | Against | Abstain |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------|--------|
| 2. Approval, on an advisory basis, of the compensation of the Company’s named executive officers as disclosed in this year's Proxy Statement. | ¨ | ¨  | ¨  |   |
|                                                                                                                                                |   |    |    |   |
|                                                                                                                                                                       | 3 Years | 2 Years | 1 Year | Abstain |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|--------|---------|
| 3. Indication, on an advisory basis, of stockholder preference for the frequency of stockholder advisory votes on compensation of named executive officers. | ¨  | ¨  | ¨ | ¨  |
|                                                                                                                                                                                           | For    | Against | Abstain |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------|--------|
| 4. Approval of an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 40 million to 180 million. | ¨ | ¨  | ¨  |   |
|                                                                                                                                                                                           |   |    |    |   |
| 5. Approval of an amendment to the Company’s 2005 Stock Incentive Plan to increase the number of shares of common stock reserved for issuance thereunder from 5,450,000 to 7,450,000.    | ¨ | ¨  | ¨  |   |
|                                                                                                                                                                                           |   |    |    |   |
| 6. Ratification of the selection of PricewaterhouseCoopers LLP to serve as the Company’s independent registered public accounting firm for 2011.                                    | ¨ | ¨  | ¨  |   |
|                                                                                                                                                                                           |   |    |    |   |

| Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name, by authorized officer. |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|

|                               |   |   |                     |   |
|------------------------------------|--------|--------|--------------------------|--------|
| Signature [PLEASE SIGN WITHIN BOX] | Date   |   | Signature (Joint Owners) | Date   |

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| PROGENICS PHARMACEUTICALS, INC.ANNUAL MEETING OF STOCKHOLDERSJUNE 8, 2011 - 10:00AMTHIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| The undersigned(s) hereby appoint(s) Mark R. Baker and Robert A. McKinney, and each of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side of this ballot, all of the shares of common stock of PROGENICS PHARMACEUTICALS, INC. that the stockholder(s) is/are entitled to vote at the Annual Meeting of Stockholders to be held at 10:00AM EDT on June 8, 2011, at The Landmark at Eastview, 777 Old Saw Mill River Road, Tarrytown, NY 10591, Rockland Room, and any adjournment or postponement thereof. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE BOARD OF DIRECTORS' RECOMMENDATIONS.                                                                                                                                                                                                                                                                                                                                                                                                             |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (Continued and to be signed on the reverse side)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |