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|  |  Progenics Pharmaceuticals, Inc.777 Old Saw Mill River RoadTarrytown, New York 10591Fax: (914) 789-2817 (914) 789-2800www.progenics.com |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------|
| Contact:  | Amy MartiniCorporate Affairs(914) 789-2816amartini@progenics.com | Kathleen FredriksenCorporate Development(914) 789-2871kfredriksen@progenics.com |
|----------------|------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                     |   | Three Months Ended |   |   | Six Months Ended |
|--------------------------|--------|--------------------|--------|--------|------------------|
|                     |   | June 30,           |   |   | March 31,        |   |   | June 30, |
|                     |   | 2013               |   |   | 2012             |   |   | 2013 |   |   | 2013 |   |   | 2012 |
| U.S.                     |   | $                  | 6.7    |   |             | $ | 10.0 |   |   | $ | 6.7 |   |   | $ | 13.4 |   |   | $ | 21.3 |
| Ex-U.S.                  |   |               | 1.2    |   |             |   | 0.8 |   |   |   | 1.0 |   |   |   | 2.2 |   |   |   | 1.8 |
|    Global |   | $                  | 7.9    |   |             | $ | 10.8 |   |   | $ | 7.7 |   |   | $ | 15.6 |   |   | $ | 23.1 |

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| · | Completed underwritten public offering of 8.5 million primary common shares resulting in $34.8 million net proceeds.  Exercise of the underwriters' 1.275 million overallotment option after quarter-end brought total net proceeds to approximately $40.0 million. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Relistor global net sales increased 2% over the previous quarter, and decreased 27% from the second quarter of 2012. |
|--------|----------------------------------------------------------------------------------------------------------------------|

| · | Hagop Youssoufian, M.D., joined Progenics as Executive Vice President, Research & Development, overseeing the company's global research and development efforts. He will be instrumental in driving the strategic trajectory of developmental stage oncology assets. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Held Investor and Analyst Day on July 18th. The archived live webcast is available in the Media Center of Progenics' newly-redesigned website, www.progenics.com. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| PROGENICS PHARMACEUTICALS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)(in thousands, except net loss per share)  |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                           |   | For the Three Months EndedJune 30, |   |   | For the Six Months EndedJune 30, |   |
|                                                                                                                           |   | 2013 |   |   | 2012 |   |   | 2013 |   |   | 2012 |   |
| Revenues:                                                                                                                      |   |  |   |   |  |   |   |  |   |   |  |   |
|   Royalty income                                                                                                     |   | $ | 1,176 |   |   | $ | 1,619 |   |   | $ | 2,333 |   |   | $ | 3,453 |   |
|   Collaboration revenue                                                                                              |   |   | 514 |   |   |   | 94 |   |   |   | 1,367 |   |   |   | 385 |   |
|   Research grants                                                                                                    |   |   | 77 |   |   |   | 88 |   |   |   | 275 |   |   |   | 174 |   |
|   Other revenues                                                                                                     |   |   | 34 |   |   |   | 19 |   |   |   | 52 |   |   |   | 34 |   |
|      Total revenues                                                                                   |   |   | 1,801 |   |   |   | 1,820 |   |   |   | 4,027 |   |   |   | 4,046 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Research and development                                                                                     |   |   | 10,068 |   |   |   | 7,957 |   |   |   | 18,789 |   |   |   | 18,866 |   |
|    License fees – research and development                                                                |   |   | 153 |   |   |   | 110 |   |   |   | 223 |   |   |   | 150 |   |
|    Royalty expense                                                                                              |   |   | 119 |   |   |   | 162 |   |   |   | 235 |   |   |   | 347 |   |
|    General and administrative                                                                                   |   |   | 3,416 |   |   |   | 4,025 |   |   |   | 7,730 |   |   |   | 7,746 |   |
|    Depreciation and amortization                                                                                |   |   | 318 |   |   |   | 300 |   |   |   | 595 |   |   |   | 772 |   |
|       Total expenses                                                                             |   |   | 14,074 |   |   |   | 12,554 |   |   |   | 27,572 |   |   |   | 27,881 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                                                                                 |   |   | (12,273 | ) |   |   | (10,734 | ) |   |   | (23,545 | ) |   |   | (23,835 | ) |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income:                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest income                                                                                              |   |   | 10 |   |   |   | 14 |   |   |   | 24 |   |   |   | 29 |   |
|       Total other income                                                                         |   |   | 10 |   |   |   | 14 |   |   |   | 24 |   |   |   | 29 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                                       |   | $ | (12,263 | ) |   | $ | (10,720 | ) |   | $ | (23,521 | ) |   | $ | (23,806 | ) |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss per share; basic and diluted                                                                                          |   | $ | (0.24 | ) |   | $ | (0.32 | ) |   | $ | (0.46 | ) |   | $ | (0.70 | ) |
| Weighted average shares outstanding; basic and diluted                                                                         |   |   | 51,481 |   |   |   | 33,798 |   |   |   | 50,802 |   |   |   | 33,779 |   |
| CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)    |
|--------------------------------------------------------|
|                                                   |   | June 30,2013 |   |   | December 31,2012 |
|                                                   |   | (unaudited) |   |   |  |
|                                                   |   |  |   |   |  |
| Cash and cash equivalents                              |   | $ | 79,221 |   |   | $ | 58,838 |
| Accounts receivable                                    |   |   | 1,250 |   |   |   | 6,937 |
| Auction rate securities                                |   |   | 2,208 |   |   |   | 3,240 |
| Fixed assets, net                                      |   |   | 2,676 |   |   |   | 3,399 |
| Intangible assets and goodwill                         |   |   | 40,002 |   |   |   | - |
| Other assets                                           |   |   | 1,603 |   |   |   | 3,894 |
|    Total assets                         |   | $ | 126,960 |   |   | $ | 76,308 |
|                                                   |   |   |   |   |   |   |   |
| Current liabilities                                    |   | $ | 6,182 |   |   | $ | 8,662 |
| Acquisition-related contingent consideration liability |   |   | 15,900 |   |   |   | - |
| Deferred tax and other liabilities                     |   |   | 13,598 |   |   |   | 1,078 |
|     Total liabilities              |   |   | 35,680 |   |   |   | 9,740 |
|     Stockholders' equity           |   |   | 91,280 |   |   |   | 66,568 |
| Total liabilities and stockholders' equity             |   | $ | 126,960 |   |   | $ | 76,308 |

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*Progenics Announces Second Quarter Financial Results*