|  **Contact:** |  **Investors:**Progenics                  Pharmaceuticals, Inc.Richard                  W. Krawiec, Ph.D.VP,                  Corporate Affairs(914)                  789-2814rkrawiec@progenics.com  |  **Media:**Aline                  SchimmelWeissComm                  Partners(212)                  301-7218 |
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**PROGENICS        AWARDED $1.9 MILLION IN NIH GRANTS FOR NOVEL PROSTATE CANCER        THERAPIES**

*–  Antibody-drug        conjugate and vaccine target prostate-specific membrane        antigen  –*

*–  Scientific        findings published in peer-reviewed science        journals  –*

**Tarrytown,        NY – November 1,        2007 - **

**About        PSMA Antibody-Drug Conjugate**

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*Reviews on *
*Recent Clinical Trials*

**PSMA-VRP        Vaccine**

*Clinical Cancer Research*

**About        PSMA**

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**About        Prostate Cancer**

**NIH        Disclosure Notice**

**About        the Company**

*in vivo*

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*PROGENICS        DISCLOSURE NOTICE: The information contained in this document is current        as of        November 1, 2007. This press release contains forward-looking statements.        Any        statements contained herein that are not statements of historical fact may        be        forward-looking statements. When the Company uses the words "anticipates,"        "plans," "expects" and similar expressions, it is identifying forward-looking        statements. Such forward-looking statements involve risks and uncertainties        which may cause the Company's actual results, performance or achievements        to be        materially different from those expressed or implied by forward-looking        statements. Such factors include, among others, the uncertainties associated        with product development, the risk that clinical trials will not commence        or        proceed as planned, the risks and uncertainties associated with dependence        upon        the actions of our corporate, academic and other collaborators and of government        regulatory agencies, the risk that our licenses to intellectual property        may be        terminated because of our failure to have satisfied performance milestones,        the        risk that products that appear promising in early clinical trials do not        demonstrate efficacy in larger-scale clinical trials, the risk that we may        not        be able to manufacture commercial quantities of our products, the uncertainty        of        future profitability and other factors set forth more fully in the Company's        Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and        other reports filed with the Securities and Exchange Commission, to which        investors are referred for further information. In particular, the Company        cannot assure you that any of its programs will result in a commercial        product.*

*Progenics        does not have a policy of updating or revising forward-looking statements        and        assumes no obligation to update any forward-looking statements contained        in this        document as a result of new information or future events or developments.        Thus,        it should not be assumed that the Company's silence over time means that        actual        events are bearing out as expressed or implied in such forward-looking        statements.*

*Additional        information on Progenics is available athttp://www.progenics.com*