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|   |
|--------|

| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|---------|------------------------------------------------------------------------------------------|
|    | For the quarterly period ended March 31, 2015                                            |
|    | Or                                                                                       |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|    | For the transition period from ___________ to ___________                                |

|   |
|--------|

| Delaware                                                       | 13-3379479                              |
|----------------------------------------------------------------|-----------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |

|   |
|--------|

| Large accelerated filer  ☐                                                          | Accelerated filer   ☒         |
|------------------------------------------------------------------------------------------------|-----------------------------------------------|
| Non-accelerated filer    ☐  (Do not check if a smaller reporting company) | Smaller reporting company   ☐ |

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|     |                                                                                               | Page No. |
|----------|----------------------------------------------------------------------------------------------------|----------|
| Part I   | FINANCIAL INFORMATION                                                                              |     |
| Item 1.  | Financial Statements                                                                               |     |
|     | Consolidated Balance Sheets at March 31, 2015 and December 31, 2014                                | 3        |
|     | Consolidated Statements of Operations for the Three Months Ended March 31, 2015 and 2014           | 4        |
|     | Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2015 and 2014   | 5        |
|     | Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2015 and 2014 | 6        |
|     | Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 and 2014           | 7        |
|     | Notes to Consolidated Financial Statements                                                         | 8        |
| Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations              | 15       |
| Item 3.  | Quantitative and Qualitative Disclosures about Market Risk                                         | 25       |
| Item 4.  | Controls and Procedures                                                                            | 25       |
|     |                                                                                               |     |
| PART II  | OTHER INFORMATION                                                                                  |     |
| Item 1.  | Legal Proceedings                                                                                  | 26       |
| Item 1A. | Risk Factors                                                                                       | 26       |
| Item 6.  | Exhibits                                                                                           | 32       |
|     | Signatures                                                                                         | 33       |

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|                                                                                                                    |   | March 31,2015 |     |   | December 31,2014 |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|------------------|--------|
|                                                                                                                    |   | (Unaudited)   |     |   |                  |   |
| ASSETS                                                                                                                  |   |               |     |   |                  |   |
| Current assets:                                                                                                         |   |               |     |   |                  |   |
| Cash and cash equivalents                                                                                               |   | $             | 108,430  |   |             | $      | 119,302 |   |
| Accounts receivable, net                                                                                                |   |          | 152      |   |             |   | 109 |   |
| Other current assets                                                                                                    |   |          | 3,006    |   |             |   | 2,515 |   |
| Total current assets                                                                                                    |   |          | 111,588  |   |             |   | 121,926 |   |
| Fixed assets, at cost, net of accumulated depreciation and amortization                                                 |   |          | 2,473    |   |             |   | 2,552 |   |
| Intangible assets, net (Note 4)                                                                                         |   |          | 28,700   |   |             |   | 28,700 |   |
| Goodwill                                                                                                                |   |          | 7,702    |   |             |   | 7,702 |   |
| Other assets                                                                                                            |   |          | 157      |   |             |   | 157 |   |
|      Total assets                                                                              |   | $             | 150,620  |   |             | $      | 161,037 |   |
|                                                                                                                    |   |          |     |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                    |   |          |     |   |             |   |   |   |
| Current liabilities:                                                                                                    |   |          |     |   |             |   |   |   |
| Accounts payable and accrued expenses                                                                                   |   | $             | 5,301    |   |             | $      | 6,570 |   |
| Other current liabilities                                                                                               |   |          | 115      |   |             |   | 115 |   |
| Total current liabilities                                                                                               |   |          | 5,416    |   |             |   | 6,685 |   |
| Contingent consideration liability                                                                                      |   |          | 17,500   |   |             |   | 17,200 |   |
| Deferred tax liability – long term                                                                                |   |          | 11,332   |   |             |   | 11,332 |   |
| Other liabilities                                                                                                       |   |          | 899      |   |             |   | 911 |   |
| Total liabilities                                                                                                       |   |          | 35,147   |   |             |   | 36,128 |   |
| Commitments and contingencies (Note 8)                                                                                  |   |          |     |   |             |   |   |   |
| Stockholders' equity:                                                                                                   |   |          |     |   |             |   |   |   |
| Preferred stock, $.001 par value; 20,000,000 shares authorized; issued and outstanding – none                     |   |          | -        |   |             |   | - |   |
| Common stock, $.0013 par value; 160,000,000 shares authorized; issued – 69,844,949 in 2015 and 69,832,949 in 2014 |   |          | 91       |   |             |   | 91 |   |
| Additional paid-in capital                                                                                              |   |          | 590,644  |   |             |   | 589,826 |   |
| Accumulated deficit                                                                                                     |   |          | (472,521 | )      |             |   | (462,267 | ) |
| Treasury stock, at cost (200,000 shares in 2015 and 2014)                                                               |   |          | (2,741   | )      |             |   | (2,741 | ) |
| Total stockholders' equity                                                                                              |   |          | 115,473  |   |             |   | 124,909 |   |
| Total liabilities and stockholders' equity                                                                              |   | $             | 150,620  |   |             | $      | 161,037 |   |

----

|                                                                                         |   | For the Three Months Ended |    |
|----------------------------------------------------------------------------------------------|--------|----------------------------|---------|
|                                                                                         |   | March 31,                  |    |
|                                                                                         |   | 2015                       |    |   | 2014 |   |
| Revenues:                                                                                    |   |                            |    |   |  |   |
| Royalty income                                                                               |   | $                          | 174     |   |   | $ | 735 |   |
| Collaboration revenue                                                                        |   |                       | 65      |   |   |   | 1,049 |   |
| Other revenues                                                                               |   |                       | 9       |   |   |   | 31 |   |
| Total revenues                                                                               |   |                       | 248     |   |   |   | 1,815 |   |
|                                                                                         |   |                       |    |   |   |   |   |   |
| Expenses:                                                                                    |   |                       |    |   |   |   |   |   |
|  Research and development                                                               |   |                       | 6,463   |   |   |   | 6,919 |   |
|  License fees – research and development                                          |   |                       | (16     | ) |   |   | 90 |   |
|  Royalty expense                                                                        |   |                       | 42      |   |   |   | 82 |   |
|  General and administrative                                                             |   |                       | 3,593   |   |   |   | 3,405 |   |
|  Depreciation and amortization                                                          |   |                       | 132     |   |   |   | 144 |   |
|  Change in contingent consideration liability                                           |   |                       | 300     |   |   |   | 500 |   |
| Total expenses                                                                               |   |                       | 10,514  |   |   |   | 11,140 |   |
|                                                                                         |   |                       |    |   |   |   |   |   |
| Operating loss                                                                               |   |                       | (10,266 | ) |   |   | (9,325 | ) |
|                                                                                         |   |                       |    |   |   |   |   |   |
| Other income:                                                                                |   |                       |    |   |   |   |   |   |
| Interest income                                                                              |   |                       | 12      |   |   |   | 12 |   |
| Total other income                                                                           |   |                       | 12      |   |   |   | 12 |   |
|                                                                                         |   |                       |    |   |   |   |   |   |
| Net loss                                                                                     |   | $                          | (10,254 | ) |   | $ | (9,313 | ) |
|                                                                                         |   |                       |    |   |   |   |   |   |
| Net loss per share – basic and diluted                                                 |   | $                          | (0.15   | ) |   | $ | (0.15 | ) |
|         Weighted-average shares – basic and diluted |   |                       | 69,637  |   |   |   | 63,958 |   |

----

|               |   | For the Three Months Ended |    |
|--------------------|--------|----------------------------|---------|
|               |   | March 31,                  |    |
|               |   | 2015                       |    |   | 2014 |   |
|               |   |                            |    |   |  |   |
| Comprehensive loss |   | $                          | (10,254 | ) |   | $ | (9,313 | ) |

----

|                                                                         |   | Common Stock |   |   |        |   |   |                           |   |   | Accumulated Other  |   |   | Treasury Stock             |     |   |        |   |
|------------------------------------------------------------------------------|--------|--------------|--------|--------|--------|--------|--------|---------------------------|--------|--------|--------------------|--------|--------|----------------------------|----------|--------|--------|--------|
|                                                                         |   | Shares       |   |   | Amount |   |   | AdditionalPaid-In Capital |   |   | AccumulatedDeficit |   |   | ComprehensiveIncome (Loss) |     |   | Shares |   |   | Amount |   |   | Total |   |
| Balance at December 31, 2014                                                 |   |         | 69,833 |   |   | $      | 91     |                      |   | $      | 589,826            |   |   | $                          | (462,267 | )      |   | $      | - |   |   |   | (200 | ) |   | $ | (2,741 | ) |   | $ | 124,909 |   |
| Net loss                                                                     |   |         | -      |   |   |   | -      |                      |   |   | -                  |   |   |                       | (10,254  | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (10,254 | ) |
|    Compensation expenses for share-based payment arrangements |   |         | -      |   |   |   | -      |                      |   |   | 757                |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 757 |   |
|    Exercise of stock options                                  |   |         | 12     |   |   |   | -      |                      |   |   | 61                 |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 61 |   |
| Balance at March 31, 2015                                                    |   |         | 69,845 |   |   | $      | 91     |                      |   | $      | 590,644            |   |   | $                          | (472,521 | )      |   | $      | - |   |   |   | (200 | ) |   | $ | (2,741 | ) |   | $ | 115,473 |   |

|                                                                                                                         |   | Common Stock |   |   |        |   |   |                           |   |   | Accumulated Other   |   |   | Treasury Stock             |     |   |        |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|--------|--------|--------|---------------------------|--------|--------|---------------------|--------|--------|----------------------------|----------|--------|--------|--------|
|                                                                                                                         |   | Shares       |   |   | Amount |   |   | AdditionalPaid-In Capital |   |   | Accumulated Deficit |   |   | ComprehensiveIncome (Loss) |     |   | Shares |   |   | Amount |   |   | Total |   |
| Balance at December 31, 2013                                                                                                 |   |         | 61,025 |   |   | $      | 79     |                      |   | $      | 548,510             |   |   | $                          | (466,677 | )      |   | $      | (192 | ) |   |   | (200 | ) |   | $ | (2,741 | ) |   | $ | 78,979 |   |
| Net loss                                                                                                                     |   |         | -      |   |   |   | -      |                      |   |   | -                   |   |   |                       | (9,313   | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (9,313 | ) |
| Compensation expenses for share-based payment arrangements                                                                   |   |         | -      |   |   |   | -      |                      |   |   | 773                 |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 773 |   |
| Sale of common stock in public offering, net of underwriting discounts and commissions ($2,415) and offering expenses ($380) |   |         | 8,750  |   |   |   | 12     |                      |   |   | 37,443              |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 37,455 |   |
| Balance at March 31, 2014                                                                                                    |   |         | 69,775 |   |   | $      | 91     |                      |   | $      | 586,726             |   |   | $                          | (475,990 | )      |   | $      | (192 | ) |   |   | (200 | ) |   | $ | (2,741 | ) |   | $ | 107,894 |   |

----

|                                                                                                               |   | For the Three Months Ended |    |
|--------------------------------------------------------------------------------------------------------------------|--------|----------------------------|---------|
|                                                                                                               |   | March 31,                  |    |
|                                                                                                               |   | 2015                       |    |   | 2014 |   |
| Cash flows from operating activities:                                                                              |   |                            |    |   |  |   |
| Net loss                                                                                                           |   | $                          | (10,254 | ) |   | $ | (9,313 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:                                        |   |                       |    |   |   |   |   |   |
| Depreciation and amortization                                                                                      |   |                       | 132     |   |   |   | 144 |   |
| Gains on sales of fixed assets                                                                                     |   |                       | (2      | ) |   |   | (43 | ) |
| Change in contingent consideration liability                                                                       |   |                       | 300     |   |   |   | 500 |   |
| Expenses for share-based compensation awards                                                                       |   |                       | 757     |   |   |   | 773 |   |
| Changes in assets and liabilities:                                                                                 |   |                       |    |   |   |   |   |   |
| (Increase) decrease in accounts receivable                                                                         |   |                       | (43     | ) |   |   | 2,062 |   |
| (Increase) in other current assets                                                                                 |   |                       | (491    | ) |   |   | (905 | ) |
| (Increase) in other assets                                                                                         |   |                       | -       |   |   |   | (1 | ) |
| (Decrease) in accounts payable and accrued expenses                                                                |   |                       | (1,269  | ) |   |   | (2,531 | ) |
| (Decrease) in other liabilities                                                                                    |   |                       | (12     | ) |   |   | (1 | ) |
| Net cash used in operating activities                                                                              |   |                       | (10,882 | ) |   |   | (9,315 | ) |
| Cash flows from investing activities:                                                                              |   |                       |    |   |   |   |   |   |
| Capital expenditures                                                                                               |   |                       | (53     | ) |   |   | (10 | ) |
| Proceeds from sales of fixed assets                                                                                |   |                       | 2       |   |   |   | 46 |   |
| Net cash (used in) provided by investing activities                                                                |   |                       | (51     | ) |   |   | 36 |   |
| Cash flows from financing activities:                                                                              |   |                       |    |   |   |   |   |   |
| Proceeds from public offering of common stock, net of underwriting discounts and commissions and offering expenses |   |                       | -       |   |   |   | 37,455 |   |
| Proceeds from the exercise of stock options                                                                        |   |                       | 61      |   |   |   | - |   |
| Net cash provided by financing activities                                                                          |   |                       | 61      |   |   |   | 37,455 |   |
| Net (decrease) increase in cash and cash equivalents                                                               |   |                       | (10,872 | ) |   |   | 28,176 |   |
| Cash and cash equivalents at beginning of period                                                                   |   |                       | 119,302 |   |   |   | 65,860 |   |
| Cash and cash equivalents at end of period                                                                         |   | $                          | 108,430 |   |   | $ | 94,036 |   |
|                                                                                                               |   |                       |    |   |   |   |   |   |

----

----

|                              |   | Net Loss (Numerator) |    |   | Weighted Average Common Shares (Denominator)(in thousands) |   |   | Per Share Amount |   |
|-----------------------------------|--------|----------------------|---------|--------|------------------------------------------------------------|--------|--------|------------------|--------|
| Three months ended March 31, 2015 |   |                      |    |   |                                                            |   |   |                  |   |
| Basic and diluted                 |   | $               | (10,254 | )      |                                                       |   | 69,637 |             |   | $  | (0.15 | ) |
| Three months ended March 31, 2014 |   |                 |    |   |                                                       |   |   |             |   |   |   |   |
| Basic and diluted                 |   | $               | (9,313  | )      |                                                       |   | 63,958 |             |   | $  | (0.15 | ) |

|                               |   | Three Months Ended March 31,         |
|------------------------------------|--------|--------------------------------------|
|                               |   | 2015                                 |   |   | 2014 |
|                               |   | WeightedAverage Number(in thousands) |   |   | WeightedAverage Exercise Price |   |   | WeightedAverage Number(in thousands) |   |   | WeightedAverage Exercise Price |
| Options                            |   |                                 | 6,259 |   |   | $ | 10.06 |   |   |   | 5,868 |   |   | $ | 10.74 |
| Contingent consideration liability |   |                                 | 2,781 |   |   |   |   |   |   |   | 3,168 |   |   |   |   |
| Total                              |   |                                 | 9,040 |   |   |   |   |   |   |   | 9,036 |   |   |   |   |

----

|                       |   | Goodwill |   |   | IPR&D |
|----------------------------|--------|----------|--------|--------|-----------|
| Balance at January 1, 2015 |   | $        | 7,702  |   |      | $ | 28,700 |
| Impairment                 |   |     | -      |   |      |   | - |
| Balance at March 31, 2015  |   | $        | 7,702  |   |      | $ | 28,700 |

|                       |   | Goodwill |   |   | IPR&D |
|----------------------------|--------|----------|--------|--------|-----------|
| Balance at January 1, 2014 |   | $        | 7,702  |   |      | $ | 31,360 |
| Impairment                 |   |     | -      |   |      |   | - |
| Balance at March 31, 2014  |   | $        | 7,702  |   |      | $ | 31,360 |

----

|                     |   |                          |    |   | Fair Value Measurements at March 31, 2015                     |
|--------------------------|--------|--------------------------|---------|--------|---------------------------------------------------------------|
|                     |   | Balance atMarch 31, 2015 |    |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | Significant Unobservable Inputs(Level 3) |
| Assets:                  |   |                          |    |   |                                                               |   |   |  |   |   |  |
| Money market funds       |   | $                        | 102,818 |   |                                                          | $ | 102,818 |   |   | $ | - |   |   | $ | - |
| Total Assets             |   | $                        | 102,818 |   |                                                          | $ | 102,818 |   |   | $ | - |   |   | $ | - |
|                     |   |                     |    |   |                                                          |   |   |   |   |   |   |   |   |   |   |
| Liability:               |   |                     |    |   |                                                          |   |   |   |   |   |   |   |   |   |   |
| Contingent consideration |   | $                        | 17,500  |   |                                                          | $ | - |   |   | $ | - |   |   | $ | 17,500 |
| Total Liability          |   | $                        | 17,500  |   |                                                          | $ | - |   |   | $ | - |   |   | $ | 17,500 |

|                     |   |                             |    |   | Fair Value Measurements at December 31, 2014                  |
|--------------------------|--------|-----------------------------|---------|--------|---------------------------------------------------------------|
|                     |   | Balance atDecember 31, 2014 |    |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | Significant Unobservable Inputs(Level 3) |
| Assets:                  |   |                             |    |   |                                                               |   |   |  |   |   |  |
| Money market funds       |   | $                           | 112,808 |   |                                                          | $ | 112,808 |   |   | $ | - |   |   | $ | - |
| Total Assets             |   | $                           | 112,808 |   |                                                          | $ | 112,808 |   |   | $ | - |   |   | $ | - |
|                     |   |                        |    |   |                                                          |   |   |   |   |   |   |   |   |   |   |
| Liability:               |   |                        |    |   |                                                          |   |   |   |   |   |   |   |   |   |   |
| Contingent consideration |   | $                           | 17,200  |   |                                                          | $ | - |   |   | $ | - |   |   | $ | 17,200 |
| Total Liability          |   | $                           | 17,200  |   |                                                          | $ | - |   |   | $ | - |   |   | $ | 17,200 |

----

|                               |   | Fair Value as of March 31, 2015 |   |   | Fair Value as of December 31, 2014 |   | Valuation Technique |        | Unobservable Input                              |   | Range(Weighted Average)                  |
|------------------------------------|--------|---------------------------------|--------|--------|------------------------------------|--------|---------------------|--------|-------------------------------------------------|--------|------------------------------------------|
|                               |   |                                 |   |   |                                    |   |                |        |                                            |   |                                          |
| Contingent considerationliability: |   |                                 |   |   |                                    |   |                |        |                                            |   |                                          |
| Azedra commercialization           |   | $                               | 2,400  |   |                               | $      | 2,300               |   | Probability adjusted discounted cash flow model |        | Probability of success                   |   |   | 40% |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Period of milestone expected achievement |   |   | 2018 |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Discount rate                            |   |   | 10% |
|                               |   |                            |   |   |                               |   |                |   |                                            |        |                                     |   |   |   |
| 1404 commercialization             |   | $                               | 3,900  |   |                               | $      | 3,800               |   | Probability adjusted discounted cash flow model |        | Probability of success                   |   |   | 59% |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Period of milestone expected achievement |   |   | 2019 |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Discount rate                            |   |   | 10% |
|                               |   |                            |   |   |                               |   |                |   |                                            |        |                                     |   |   |   |
| MIP-1095 commercialization         |   | $                               | 400    |   |                               | $      | 400                 |   | Probability adjusted discounted cash flow model |        | Probability of success                   |   |   | 19% |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Period of milestone expected achievement |   |   | 2023 |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Discount rate                            |   |   | 10% |
|                               |   |                            |   |   |                               |   |                |   |                                            |        |                                     |   |   |   |
| Net sales targets                  |   | $                               | 10,800 |   |                               | $      | 10,700              |   | Monte-Carlo simulation                          |        | Probability of success                   |   |   | 19% - 59%(37.4%) |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Period of milestone expected achievement |   |   | 2019 - 2026 |
|                               |   |                            |   |   |                               |   |                |   |                             |        | Discount rates (1)                       |   |   | 12%/3.5% |

| (1) | At March 31, 2015 and December 31, 2014, net sales targets contingent consideration liability was derived from a model under a risk neutral framework resulting in the application of 12% and 3.5% discount rates to estimated cash flows. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                     |   | Liability – Contingent ConsiderationFair Value Measurements Using SignificantUnobservable Inputs(Level 3)For the Three Months Ended March 31, |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| Description                                                                                                                                                              |   | 2015                                                                                                                                                |   |   | 2014 |
|                                                                                                                                                                     |   |                                                                                                                                                     |   |   |  |
| Balance at beginning of period                                                                                                                                           |   | $                                                                                                                                                   | 17,200 |   |   | $ | $15,700 |
| Fair value change to contingent consideration included in net loss                                                                                                       |   |                                                                                                                                                | 300 |   |   |   | 500 |
| Balance at end of period                                                                                                                                                 |   | $                                                                                                                                                   | 17,500 |   |   | $ | 16,200 |
|   Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period |   | $                                                                                                                                                   | 300 |   |   | $ | $500 |

|                                  |   | March 31, 2015 |   |   | December 31, 2014 |   |
|---------------------------------------|--------|----------------|--------|--------|-------------------|--------|
| Collaborators                         |   | $              | 64     |   |              | $      | 14 |   |
| Royalties                             |   |           | 44     |   |              |   | 40 |   |
| Other                                 |   |           | 54     |   |              |   | 65 |   |
|                                  |   |           | 162    |   |              |   | 119 |   |
| Less, allowance for doubtful accounts |   |           | (10    | )      |              |   | (10 | ) |
| Total                                 |   | $              | 152    |   |              | $      | 109 |   |

----

|                                        |   | March 31, 2015 |   |   | December 31, 2014 |
|---------------------------------------------|--------|----------------|--------|--------|-------------------|
| Accrued consulting and clinical trial costs |   | $              | 1,992  |   |              | $ | 2,662 |
| Accrued payroll and related costs           |   |           | 666    |   |              |   | 1,722 |
| Legal and professional fees                 |   |           | 1,333  |   |              |   | 1,063 |
| Accounts payable and other                  |   |           | 1,310  |   |              |   | 1,123 |
| Total                                       |   | $              | 5,301  |   |              | $ | 6,570 |

----

----

----

|           |   | Three Months Ended March 31, |    |   |        |   |
|----------------|--------|------------------------------|---------|--------|--------|--------|
|           |   | 2015                         |    |   | 2014   |   |   | PercentChange |   |
| Revenues       |   | $                            | 248     |   |   | $      | 1,815 |   |   |   | (86 | %) |
| Expenses       |   |                         | (10,514 | )      |   |   | (11,140 | ) |   |   | (6 | %) |
| Operating loss |   |                         | (10,266 | )      |   |   | (9,325 | ) |   |   | 10 | % |
| Other income   |   |                         | 12      |   |   |   | 12 |   |   |   | 0 | % |
| Net loss       |   | $                            | (10,254 | )      |   | $      | (9,313 | ) |   |   | 10 | % |

|                  |   | Three Months Ended March 31, |   |   |        |   |
|-----------------------|--------|------------------------------|--------|--------|--------|--------|
| Sources of Revenue    |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                  |   |                              |   |   |        |   |   |  |   |
| Royalty income        |   | $                            | 174    |   |   | $      | 735 |   |   |   | (76 | %) |
| Collaboration revenue |   |                         | 65     |   |   |   | 1,049 |   |   |   | (94 | %) |
| Other revenues        |   |                         | 9      |   |   |   | 31 |   |   |   | (71 | %) |
| Total                 |   | $                            | 248    |   |   | $      | 1,815 |   |   |   | (86 | %) |

|                     |   | Relistor Net Sales (Losses)  |
|--------------------------|--------|------------------------------|
|                     |   | Three Months Ended March 31, |
|                     |   | 2015                         |   |   | 2014 |
| U.S.                     |   | $                            | (200 | ) |   | $ | 3,600 |
| Ex-U.S.                  |   |                         | 1,100 |   |   |   | 1,200 |
|    Global |   | $                            | 900 |   |   | $ | 4,800 |

----

|                  |   | Three Months Ended March 31, |   |   |        |   |
|-----------------------|--------|------------------------------|--------|--------|--------|--------|
|                  |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                  |   |                              |   |   |        |   |   |  |   |
| Salaries and benefits |   | $                            | 2,336  |   |   | $      | 2,876 |   |   |   | (19 | %) |

|                     |   | Three Months Ended March 31, |   |   |        |   |
|--------------------------|--------|------------------------------|--------|--------|--------|--------|
|                     |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                     |   |                              |   |   |        |   |   |  |   |
| Share-based compensation |   |                         | 390    |   |   | $      | 477 |   |   |   | (18 | %) |

|                 |   | Three Months Ended March 31, |   |   |        |   |
|----------------------|--------|------------------------------|--------|--------|--------|--------|
|                 |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                 |   |                              |   |   |        |   |   |  |   |
| Clinical trial costs |   | $                            | 1,046  |   |   | $      | 1,642 |   |   |   | (36 | %) |

----

|                                                |   | Three Months Ended March 31, |   |   |        |   |
|-----------------------------------------------------|--------|------------------------------|--------|--------|--------|--------|
|                                                |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                                                |   |                              |   |   |        |   |   |  |   |
| Laboratory and manufacturing supplies and equipment |   | $                            | 42     |   |   | $      | 34 |   |   |   | 24 | % |

|                                      |   | Three Months Ended March 31, |   |   |        |   |
|-------------------------------------------|--------|------------------------------|--------|--------|--------|--------|
|                                      |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                                      |   |                              |   |   |        |   |   |  |   |
| Contract manufacturing and subcontractors |   | $                            | 1,380  |   |   | $      | 662 |   |   |   | 108 | % |

|        |   | Three Months Ended March 31, |   |   |        |   |
|-------------|--------|------------------------------|--------|--------|--------|--------|
|        |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|        |   |                              |   |   |        |   |   |  |   |
| Consultants |   | $                            | 241    |   |   | $      | 195 |   |   |   | 24 | % |

|         |   | Three Months Ended March 31, |   |   |        |   |
|--------------|--------|------------------------------|--------|--------|--------|--------|
|         |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|         |   |                              |   |   |        |   |   |  |   |
| License fees |   | $                            | (16    | )      |   | $      | 90 |   |   |   | (118 | %) |

----

|            |   | Three Months Ended March 31, |   |   |        |   |
|-----------------|--------|------------------------------|--------|--------|--------|--------|
|            |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|            |   |                              |   |   |        |   |   |  |   |
| Royalty expense |   | $                            | 42     |   |   | $      | 82 |   |   |   | (49 | %) |

|                     |   | Three Months Ended March 31, |   |   |        |   |
|--------------------------|--------|------------------------------|--------|--------|--------|--------|
|                     |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                     |   |                              |   |   |        |   |   |  |   |
| Other operating expenses |   | $                            | 1,028  |   |   | $      | 1,033 |   |   |   | 0 | % |

|                  |   | Three Months Ended March 31, |   |   |        |   |
|-----------------------|--------|------------------------------|--------|--------|--------|--------|
|                  |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                  |   |                              |   |   |        |   |   |  |   |
| Salaries and benefits |   | $                            | 1,138  |   |   | $      | 1,319 |   |   |   | (14 | %) |

|                     |   | Three Months Ended March 31, |   |   |        |   |
|--------------------------|--------|------------------------------|--------|--------|--------|--------|
|                     |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                     |   |                              |   |   |        |   |   |  |   |
| Share-based compensation |   | $                            | 367    |   |   | $      | 296 |   |   |   | 24 | % |

|                             |   | Three Months Ended March 31, |   |   |        |   |
|----------------------------------|--------|------------------------------|--------|--------|--------|--------|
|                             |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                             |   |                              |   |   |        |   |   |  |   |
| Consulting and professional fees |   | $                            | 1,104  |   |   | $      | 852 |   |   |   | 30 | % |

----

|                     |   | Three Months Ended March 31, |   |   |        |   |
|--------------------------|--------|------------------------------|--------|--------|--------|--------|
|                     |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                     |   |                              |   |   |        |   |   |  |   |
| Other operating expenses |   | $                            | 984    |   |   | $      | 938 |   |   |   | 5 | % |

|                          |   | Three Months Ended March 31, |   |   |        |   |
|-------------------------------|--------|------------------------------|--------|--------|--------|--------|
|                          |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                          |   |                              |   |   |        |   |   |  |   |
| Depreciation and amortization |   | $                            | 132    |   |   | $      | 144 |   |   |   | (8 | %) |

|                                         |   | Three Months Ended March 31, |   |   |        |   |
|----------------------------------------------|--------|------------------------------|--------|--------|--------|--------|
|                                         |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|                                         |   |                              |   |   |        |   |   |  |   |
| Change in contingent consideration liability |   | $                            | 300    |   |   | $      | 500 |   |   |   | (40 | %) |

|            |   | Three Months Ended March 31, |   |   |        |   |
|-----------------|--------|------------------------------|--------|--------|--------|--------|
|            |   | 2015                         |   |   | 2014   |   |   | PercentChange |   |
|            |   |                              |   |   |        |   |   |  |   |
| Interest income |   | $                            | 12     |   |   | $      | 12 |   |   |   | 0 | % |

----

----

|                        |   | Three Months Ended March 31, |
|-----------------------------|--------|------------------------------|
|                        |   | 2015                         |   |   | 2014 |
|                        |   | (in millions)                |
| Oncology                    |   | $                            | 6.3 |   |   | $ | 6.4 |
| Relistor and other programs |   |                         | 0.2 |   |   |   | 0.7 |
| Total                       |   | $                            | 6.5 |   |   | $ | 7.1 |

----

|                                  |   |               |   |   | Payments due by Period |
|---------------------------------------|--------|---------------|--------|--------|------------------------|
|                                  |   | Total         |   |   | Less than one year     |   |   |   | 1 to 3 years |   |   |   | 3 to 5 years |   |   | Greater than 5 years |
|                                  |   | (in millions) |
| Operating leases                      |   | $             | 11.6   |   |                   | $ | 1.9 |   |   | $ | 4.0 |   |   | $ | 4.1 |   |   | $ | 1.6 |
| License and collaboration agreements: |   |          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed payments                        |   |          | 1.0    |   |                   |   | 0.3 |   |   |   | 0.4 |   |   |   | 0.3 |   |   |   | - |
| Contingent payments (1)               |   |          | 104.1  |   |                   |   | - |   |   |   | 2.3 |   |   |   | 12.7 |   |   |   | 89.1 |
| Total                                 |   | $             | 116.7  |   |                   | $ | 2.2 |   |   | $ | 6.7 |   |   | $ | 17.1 |   |   | $ | 90.7 |

| (1)    | Based on assumed achievement of milestones covered under each agreement, the timing and payment of which is highly uncertain. |
|-----------------------|-------------------------------------------------------------------------------------------------------------------------------|

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| Exhibit Number | Description                                                                                                                                                                                                                                         |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |                                                                                                                                                                                                                                                |
| 12.1           | Statement re computation of ratio of earnings (loss) to combined fixed charges and preferred stock dividends.                                                                                                                                       |
|           |                                                                                                                                                                                                                                                |
| 31.1           | Certification of Mark R. Baker, Chief Executive Officer of the Registrant, pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.                                                                     |
|           |                                                                                                                                                                                                                                                |
| 31.2           | Certification of Angelo W. Lovallo, Jr., Vice President, Finance and Treasurer (Principal Financial and Accounting Officer) of the Registrant, pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. |
|           |                                                                                                                                                                                                                                                |
| 32             | Certification of the Chief Executive Officer and Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                               |
|           |                                                                                                                                                                                                                                                |
| 101            | Interactive Data File                                                                                                                                                                                                                               |
|           |                                                                                                                                                                                                                                                |
| 101.INS        | XBRL Instance Document                                                                                                                                                                                                                              |
|           |                                                                                                                                                                                                                                                |
| 101.SCH        | XBRL Taxonomy Extension Schema                                                                                                                                                                                                                      |
|           |                                                                                                                                                                                                                                                |
| 101.CAL        | XBRL Taxonomy Extension Calculation Linkbase                                                                                                                                                                                                        |
|           |                                                                                                                                                                                                                                                |
| 101.LAB        | XBRL Taxonomy Extension Label Linkbase                                                                                                                                                                                                              |
|           |                                                                                                                                                                                                                                                |
| 101.PRE        | XBRL Taxonomy Extension Presentation Linkbase                                                                                                                                                                                                       |
|           |                                                                                                                                                                                                                                                |
| 101.DEF        | XBRL Taxonomy Extension Definition Document                                                                                                                                                                                                         |
|           |                                                                                                                                                                                                                                                |

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|              | PROGENICS PHARMACEUTICALS, INC. |
|-------------------|---------------------------------|
| Date: May 6, 2015 | By:                             | /s/ Angelo W. Lovallo, Jr. |
|              |                            | Angelo W. Lovallo, Jr.Vice President, Finance & Treasurer(Principal Financial and Accounting Officer) |