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|-------------------------|---------|
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|--------------------------------------------|---------|
| Check the appropriate box: |
|----------------------------|
| ☐ | Preliminary Proxy Statement                                                     |
|---------|---------------------------------------------------------------------------------|
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement                                                      |
| ☐ | Definitive Additional Materials                                                 |
| ☐ | Soliciting Material Pursuant to Rule 14a-12                                     |
| Payment of Filing Fee (Check the appropriate box): |
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| 1.  | Electing seven directors to serve until the next Annual Meeting of Stockholders and until their successors are elected and have qualified. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                       |
| 2.  | Approving, on an advisory basis, the compensation of the Company's named executive officers as disclosed in this year's Proxy Statement.   |
|     |                                                                                                                                       |
| 3.  | Ratifying the Board's selection of Ernst & Young LLP to serve as the Company's independent registered public accounting firm for 2015. |

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| · | Mailing to stockholders a Notice of Internet Availability of Proxy Materials that contains instructions on how to access the proxy materials online and how to request a physical or email copy; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Making available at www.proxyvote.com the Notice, Proxy Statement, Proxy Card, and a copy of our 2014 Annual Report to Stockholders, which includes our Annual Report on Form 10-K to the U.S. Securities and Exchange Commission. To view these documents, enter the 12-digit control number which appears on your Notice. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| GENERAL INFORMATION                                                                          |   | 1  |   |
|----------------------------------------------------------------------------------------------|--------|----|--------|
| PROPOSAL 1:  ELECTION OF DIRECTORS                                                      |   | 3  |   |
| PROPOSAL 2:  ADVISORY VOTE ON EXECUTIVE COMPENSATION                                    |   | 7  |   |
| PROPOSAL 3:  RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |   | 8  |   |
| EXECUTIVE AND OTHER OFFICERS                                                                 |   | 10 |   |
| CORPORATE GOVERNANCE                                                                         |   | 11 |   |
| Audit Committee Report                                                                       |   | 16 |   |
| Compensation Committee Report                                                                |   | 17 |   |
| Compensation Committee Interlocks and Insider Participation                                  |   | 17 |   |
| EXECUTIVE COMPENSATION                                                                       |   | 18 |   |
| Compensation Discussion and Analysis                                                         |   | 18 |   |
| Executive Compensation Tables                                                                |   | 24 |   |
| Director Compensation                                                                        |   | 28 |   |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                               |   | 30 |   |
| OTHER MATTERS                                                                                |   | 32 |   |
| Certain Relationships and Related Transactions                                               |   | 32 |   |
| Section 16(a) Beneficial Ownership Reporting Compliance                                      |   | 32 |   |
| Transactions in Stock by Insiders                                                            |   | 32 |   |
| Stockholder Proposals                                                                        |   | 33 |   |
| Householding of Proxy Materials                                                              |   | 33 |   |
| Other Business                                                                               |   | 33 |   |

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|                           | Director Since |   | Position with the Company            |
|--------------------------------|----------------|--------|--------------------------------------|
| Peter J. Crowley (3)(4)        | 2009           |   | Chairman                             |
| Paul J. Maddon (4)             | 1986           |   | Vice Chairman                        |
| Mark R. Baker (4)              | 2009           |   | Chief Executive Officer and Director |
| Karen J. Ferrante (1)(4)       | 2014           |   | Director                             |
| Michael D. Kishbauch (1)(2)(3) | 2013           |   | Director                             |
| David A. Scheinberg (4)        | 1996           |   | Director                             |
| Nicole S. Williams (1)(2)      | 2007           |   | Director                             |
|          Member of: |                                                |  |
|-------------------------------------------------------------|------------------------------------------------|--|
|           (1)  | Audit Committee.                               |  |
|           (2)  | Nominating and Corporate Governance Committee. |  |
|           (3)  | Compensation Committee.                        |  |
|           (4)  | Science and Strategy Committee.                |  |

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**Ms. Williams, 70, joined our Board in 2007 after retiring in May 2006 as Chief Financial Officer of Abraxis BioScience Inc., a biopharmaceutical company, and President of its Abraxis Pharmaceutical Products division, positions she assumed upon the April 2006 merger of American Pharmaceutical Partners, Inc. and American Bioscience Inc. From 2002 to 2006, Ms. Williams was the Executive Vice President and Chief Financial Officer of American Pharmaceutical Partners, Inc., as well as President from 2005 to 2006. Previously, she was Executive Vice President and Chief Financial Officer of R.P. Scherer Corp., a global drug delivery company. Ms. Williams is President of the Nicklin Capital Group, Inc., a firm she founded in 1999 to invest in and provide consulting to early-stage technology companies in the Midwest. She is a director, Audit Committee chair and, until August 2014, was a Compensation Committee member at Intercept Pharmaceuticals, Inc., a biotechnology company, and previously held the same positions, in addition to Nominating and Governance Committee chair, at Orchid Cellmark, Inc., a leading DNA identity testing service company, until its 2011 purchase by Laboratory Corporation of America Holdings. Ms. Williams received her Demi-License en Science Politique from the University of Geneva, Switzerland, her License en Science Politique from the Graduate Institute of International Affairs, University of Geneva, Switzerland and her M.B.A. from the Graduate School of Business, University of Chicago. She is a National Association of Corporate Directors Board Leadership Fellow.**

**Other Information**

**VOTING**

**Your Board deems the election of the seven nominees listed above as directors to be in the Company's and stockholders' best interests and recommends a vote FOR their election.**

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| "RESOLVED, that the compensation of the Company's Named Executive Officers, as disclosed in the Company's Proxy Statement for the 2015 Annual Meeting of Stockholders, particularly in the Compensation Discussion and Analysis and compensation tables, is hereby approved." |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|              |   | 2014   |    |   | 2013   |
|-------------------|--------|--------|---------|--------|--------|
| Audit Fees(1)     |   | $      | 498,490 |   |   | $ | 485,000 |
| Tax Fees(2)       |   |   | 81,770  |   |   |   | 10,000 |
| All Other Fees(3) |   |   | 2,126   |   |   |   | 2,062 |
|  (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 ($384,490 for E&Y in 2014; $367,000 for E&Y and $7,500 for PwC in 2013), (ii) filing of replacement shelf registration statement with the SEC ($50,000 for E&Y in 2014), and (iii) the Company's 2014 and 2013 follow-on public offerings ($64,000 for E&Y in 2014; $83,000 for E&Y and $27,500 for PwC in 2013). |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (2)    | In connection with tax return preparation ($25,000 for 2014 and $10,000 for 2013) and Section 382 Analysis and consultations ($56,770 for 2014).                                                                                                                                                                                                                                                                                                                                                                                                             |
|  (3)    | For proprietary internet-based services ($2,126 and $2,062 for E&Y in 2014 and 2013, respectively).                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

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| Name                   |   | Position with the Company             |
|------------------------|--------|---------------------------------------|
| Robert J. Israel       |   | Executive Vice President, Innovation  |
| Vivien Wong            |   | Executive Vice President, Development |
| Nitya G. Ray           |   | Senior Vice President, Manufacturing  |
| Ann Marie Assumma      |   | Vice President, Regulatory Affairs    |
| Angelo W. Lovallo, Jr. |   | Vice President, Finance and Treasurer |

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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 SEC rules) 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. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | 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. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Contribute positively to the collaborative culture among Board members. |
|--------|-------------------------------------------------------------------------|
| · | 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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| · | 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. |
|--------|--------------------------------------------------------------------------------|
| · | Motivate our NEOs to achieve critical long- and short-term development, product and financial milestones set by the Board in consultation with management. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Agenus Inc.                              | Idenix Pharmaceuticals, Inc.  |
|------------------------------------------|-------------------------------|
| Array Biopharma Inc.                     | Immunomedics Inc.             |
| BioCryst Pharmaceuticals, Inc.           | Nektar Therapeutics           |
| BioDelivery Sciences International, Inc. | Neurocrine Biosciences, Inc.  |
| Curis, Inc.                              | Sucampo Pharmaceuticals, Inc. |
| Dyax Corp.                               | Synta Pharmaceuticals, Corp.  |
| Enzon Pharmaceuticals, Inc.              | Vanda Pharmaceuticals, Inc.   |
| GTx Inc.                                 | XOMA Corporation              |

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| · | Complete the Azedra manufacturing process and finish preparations for resuming the Azedra clinical trial by year-end (20%). |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| · | Identify the commercial and clinical strategy for PSMA ADC following completion of the trial for the second cohort of chemotherapy-naïve patients (20%). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Advance our 1404 targeted imaging agent by identifying our clinical and commercial strategy following completion of phase 2 trial (20%). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|

| · | Add an additional oncology compound to the Company's pipeline through in-licensing or acquisition (20%). |
|--------|----------------------------------------------------------------------------------------------------------|

| · | Advance the value of the Relistor franchise in the US, Europe and Japan (10%). |
|--------|--------------------------------------------------------------------------------|

| · | Successfully manage operating expenses within the 2014 approved budget (10%). |
|--------|-------------------------------------------------------------------------------|

| · | Meeting the Azedra goal. |
|--------|--------------------------|

| · | Meeting the PSMA ADC goal. |
|--------|----------------------------|

| · | Meeting the 1404 Targeting Imaging Agent goal. |
|--------|------------------------------------------------|

| · | Partial achievement of Pipeline Enhancement goal. |
|--------|---------------------------------------------------|

| · | Exceeding the Relistor goal. |
|--------|------------------------------|

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| · | Exceeding the operating expenses goal through the achievement of a lower actual cash burn compared to budget and bolstering our capital position as a result of a secondary offering and Relistor milestone. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Summary Compensation Table – 2012-2014**

**The table and footnotes below describe the total compensation paid to our NEOs for 2014 as identified in the table below. As reflected in the table and discussed above in the CD&A, we compensate these executive officers with a combination of cash and stock option equity compensation, the latter of which is presented in this table in dollar values (see note 1 and the tables following). We did not issue any awards consisting of full-value shares (such as restricted stock awards) in 2014.**

|  Year                |   | Salary |   |    | Bonus  |   |   | OptionAwards(1) |   |   | Non-EquityIncentivePlanCompen-sation (2) |    |   | All Other Compen-sation(3) |   |    | Total  |
|---------------------------|--------|--------|--------|---------|--------|--------|--------|-----------------|--------|--------|------------------------------------------|---------|--------|----------------------------|--------|---------|--------|
| Mark R. Baker             | 2014   |   | $      | 555,699 |   |   | $      | -               |   |   | $                                        | 470,012 |   |                       | $      | 277,850 |   |   | $ | 16,588 |   |   | $ | 1,320,149 |
| Chief Executive           | 2013   |   |   | 535,613 |   |   |   | -               |   |   |                                     | 440,892 |   |                       |   | 310,656 |   |   |   | 15,892 |   |   |   | 1,303,053 |
| Officer                   | 2012   |   |   | 517,500 |   |   |   | -               |   |   |                                     | 689,244 |   |                       |   | 155,250 |   |   |   | 15,612 |   |   |   | 1,377,606 |
|                      |   |   |   |    |   |   |   |            |   |   |                                     |    |   |                       |   |    |   |   |   |   |   |   |   |   |
| Angelo W. Lovallo, Jr.    | 2014   |   | $      | 288,963 |   |   | $      | -               |   |   | $                                        | 188,005 |   |                       | $      | 93,927  |   |   | $ | 10,952 |   |   | $ | 581,847 |
| Vice President,           | 2013   |   |   | 278,519 |   |   |   | -               |   |   |                                     | 176,357 |   |                       |   | 99,436  |   |   |   | 11,978 |   |   |   | 566,290 |
| Finance                   | 2012   |   |   | 236,025 |   |   |   | -               |   |   |                                     | 63,584  |   |                       |   | 56,120  |   |   |   | 8,261 |   |   |   | 363,990 |
|                      |   |   |   |    |   |   |   |            |   |   |                                     |    |   |                       |   |    |   |   |   |   |   |   |   |   |
| Robert J. Israel          | 2014   |   | $      | 440,938 |   |   | $      | -               |   |   | $                                        | 235,006 |   |                       | $      | 163,974 |   |   | $ | 14,623 |   |   | $ | 854,541 |
| Executive Vice President, | 2013   |   |   | 418,158 |   |   |   | -               |   |   |                                     | 220,446 |   |                       |   | 175,897 |   |   |   | 24,095 |   |   |   | 838,596 |
| Innovation                | 2012   |   |   | 397,407 |   |   |   | -               |   |   |                                     | 331,020 |   |                       |   | 83,455  |   |   |   | 15,448 |   |   |   | 827,330 |
|                      |   |   |   |    |   |   |   |            |   |   |                                     |    |   |                       |   |    |   |   |   |   |   |   |   |   |
| Hagop Youssoufian(4)      | 2014   |   | $      | 319,115 |   |   | $      | -               |   |   | $                                        | 235,006 |   |                       | $      | -       |   |   | $ | 217,434 |   |   | $ | 771,555 |
| Former Executive Vice     | 2013   |   |   | 212,500 |   |   |   | -               |   |   |                                     | 655,500 |   |                       |   | 88,671  |   |   |   | 17,196 |   |   |   | 973,867 |
| President, Research and   |   |   |   |    |   |   |   |            |   |   |                                     |    |   |                       |   |    |   |   |   |   |   |   |   |   |
| Development               |   |   |   |    |   |   |   |            |   |   |                                     |    |   |                       |   |    |   |   |   |   |   |   |   |   |

**  ____________**

| (1) | The amounts reported in this column for each NEO reflects the aggregate grant date fair value of stock options granted to the NEO during the applicable fiscal year. The fair values were determined based on the assumptions for calculating expense amounts as set forth in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the relevant years (Note 10 – Share-Based Payment Arrangements, in our 2014 Annual Report, filed with the SEC on March 16, 2015). Additional information on the 2014 awards is included in the Grants of Plan-Based Awards for 2014 and Outstanding Equity Awards at 2014 Fiscal Year-End tables, below. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

****

| (2) | Represents cash bonuses approved by the Compensation Committee under our annual incentive plan as described in the Compensation Discussion and Analysis above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

****

| (3) | The amounts reported in this column for 2014 for each NEO other than Dr. Youssoufian include the Company's matching contribution under our 401(k) Plan in the amount of $10,400 for Mr. Baker and Dr. Israel and $8,750 for Mr. Lovallo. This column also includes payments of premiums for enhanced life and disability insurance for Mr. Baker ($6,188), Mr. Lovallo ($2,202), and Dr. Israel ($4,223). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

****

| (4) | Dr. Youssoufian joined the Company in July 2013. His employment with the Company terminated in September 2014. The amount in the "All Other Compensation" column for 2014 for Dr. Youssoufian includes the following payments in connection with the termination of his employment: $110,234 for cash severance; the Company's matching contribution under our 401(k) Plan in the amount of $10,400; $2,983 for payments of premiums for enhanced life and disability insurance by the Company; $28,831 for accrued and unused vacation; relocation reimbursements of $19,986 and $45,000 for consulting services provided by Dr. Youssoufian in 2014 after his termination. Please see "Youssoufian Separation Agreement" below for more information regarding his separation agreement with the Company. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|            |   |            |   |   | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) |   |   | All Other Option Awards: Number of Securities Underlying Options (#)(2) |   |   | Exercise or Base Price of Option Awards ($/Share) |   |   | Grant Date Fair Value of Stock and Option Awards(3) |
|-----------------|--------|------------|--------|--------|--------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|-----------------------------------------------------|
|            |   | Grant Date |   |   | Threshold($)                                                       |   |   | Target($)                                                               |   |   | Maximum($)                                        |   |   |                                                |   |   |   |
| Mr. Baker       |   | 3/3/2014   |   |   |                                                                    |   |   |                                                                         |   |   |                                                   |   |   |                                                | 132,000 |   |   | $ | 4.70 |   |   | $ | 470,012 |
|            |   |       | N/A    |   |                                                               |   | --     |                                                                    |   | $      | 277,850                                           |   |   | $                                                   | 416,774 |   |   |   |   |   |   |   |   |   |   |   |   |
|            |   |       |   |   |                                                               |   |   |                                                                    |   |   |                                              |   |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mr. Lovallo     |   | 3/3/2014   |   |   |                                                               |   |   |                                                                    |   |   |                                              |   |   |                                                |   |   |   | 52,800 |   |   | $ | 4.70 |   |   | $ | 188,005 |
|            |   |       | N/A    |   |                                                               |   | --     |                                                                    |   | $      | 86,689                                            |   |   | $                                                   | 130,033 |   |   |   |   |   |   |   |   |   |   |   |   |
|            |   |       |   |   |                                                               |   |   |                                                                    |   |   |                                              |   |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dr. Israel      |   | 3/3/2014   |   |   |                                                               |   |   |                                                                    |   |   |                                              |   |   |                                                |   |   |   | 66,000 |   |   | $ | 4.70 |   |   | $ | 235,006 |
|            |   |       | N/A    |   |                                                               |   | --     |                                                                    |   | $      | 154,328                                           |   |   | $                                                   | 231,492 |   |   |   |   |   |   |   |   |   |   |   |   |
|            |   |       |   |   |                                                               |   |   |                                                                    |   |   |                                              |   |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dr. Youssoufian |   | 3/3/2014   |   |   |                                                               |   |   |                                                                    |   |   |                                              |   |   |                                                |   |   |   | 66,000 |   |   | $ | 4.70 |   |   | $ | 235,006 |
|            |   |       | N/A    |   |                                                               |   | --     |                                                                    |   | $      | 154,328                                           |   |   | $                                                   | 231,492 |   |   |   |   |   |   |   |   |   |   |   |   |

|    (1) | The target and maximum cash bonus amounts for each executive are described in the Annual Bonus discussion under Compensation Discussion and Analysis, above. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    (2) | These option grants vest one-third in each of the three years beginning March 3, 2014. |
|------------------|----------------------------------------------------------------------------------------|

|    (3) | Reported in Summary Compensation Table – Option Awards, above; reflects the aggregate grant date fair value determined by the method described in note 1 to that Table. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                  |   | Option Awards                                                    |
|-----------------------|--------|------------------------------------------------------------------|
|                  |   | No. of Securities Underlying Unexercised Options (#) Exercisable |   |   | No. of Securities Underlying Unexercised Options (#) Unexercisable |   | Equity Incentive Plan Awards: No. of Securities Underlying Unexercised Unearned Options (#) |   | Option Exercise Price |   | Option Expiration Date |
| Mr. Baker             |   |                                                             | - |   |   |   | 132,000 | (1)  |   |   | $ | 4.70 |   | 3/3/2024 |
|                  |   |                                                             | 40,000 |   |   |   | 80,000 | (2)  |   |   |   | 5.03 |   | 4/4/2023 |
|                  |   |                                                             | 44,444 |   |   |   | 22,222 | (3)  |   |   |   | 9.81 |   | 3/1/2022 |
|                  |   |                                                             | 62,500 |   |   |   |   |   |   |   |   | 7.40 |   | 7/1/2021 |
|                  |   |                                                             | 46,875 |   |   |   |   |   |   |   |   | 7.40 |   | 7/1/2021 |
|                  |   |                                                             | 150,000 |   |   |   | 50,000 | (4)  |   |   |   | 7.66 |   | 6/8/2021 |
|                  |   |                                                             | 150,000 |   |   |   |   |   |   |   |   | 5.35 |   | 7/1/2020 |
|                  |   |                                                             | 125,000 |   |   |   |   |   |   |   |   | 5.35 |   | 7/1/2020 |
|                  |   |                                                             | 60,000 |   |   |   |   |   |   |   |   | 16.05 |   | 7/1/2018 |
|                  |   |                                                             | 10,000 |   |   |   |   |   |   |   |   | 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 |
|                  |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |        |
| Mr. Lovallo           |   |                                                             | - |   |   |   | 52,800 | (1)  |   |   | $ | 4.70 |   | 3/3/2024 |
|                  |   |                                                             | 16,000 |   |   |   | 32,000 | (2)  |   |   |   | 5.03 |   | 4/4/2023 |
|                  |   |                                                             | 6,666 |   |   |   | 3,334 | (3)  |   |   |   | 9.81 |   | 3/1/2022 |
|                  |   |                                                             | 9,000 |   |   |   |   |   |   |   |   | 7.40 |   | 7/1/2021 |
|                  |   |                                                             | 4,000 |   |   |   |   |   |   |   |   | 5.35 |   | 7/1/2020 |
|                  |   |                                                             | 3,375 |   |   |   |   |   |   |   |   | 5.33 |   | 7/1/2019 |
|                  |   |                                                             | 6,000 |   |   |   |   |   |   |   |   | 14.27 |   | 9/2/2018 |
|                  |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |        |
| Dr. Israel            |   |                                                             | - |   |   |   | 66,000 | (1)  |   |   | $ | 4.70 |   | 3/3/2024 |
|                  |   |                                                             | 15,000 |   |   |   | 40,000 | (2)  |   |   |   | 5.03 |   | 4/4/2023 |
|                  |   |                                                             | 33,333 |   |   |   | 16,667 | (3)  |   |   |   | 9.81 |   | 3/1/2022 |
|                  |   |                                                             | 70,000 |   |   |   |   |   |   |   |   | 7.40 |   | 7/1/2021 |
|                  |   |                                                             | 18,000 |   |   |   |   |   |   |   |   | 5.35 |   | 7/1/2020 |
|                  |   |                                                             | 10,000 |   |   |   |   |   |   |   |   | 5.33 |   | 7/1/2019 |
|                  |   |                                                             | 20,000 |   |   |   |   |   |   |   |   | 16.05 |   | 7/1/2018 |
|                  |   |                                                             | 7,000 |   |   |   |   |   |   |   |   | 22.01 |   | 7/2/2017 |
|                  |   |                                                             | 17,500 |   |   |   |   |   |   |   |   | 24.26 |   | 7/3/2016 |
|                  |   |                                                             | 10,000 |   |   |   |   |   |   |   |   | 21.39 |   | 7/1/2015 |
|  Dr. Youssoufian |        |                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |

| (1)      | These options vest in three annual installments measured from March 3, 2014. |
|------------------------------|------------------------------------------------------------------------------|

| (2)      | These options vest in three annual installments measured from April 4, 2013. |
|------------------------------|------------------------------------------------------------------------------|

| (3)      | These options vest in three annual installments measured from March 1, 2012. |
|------------------------------|------------------------------------------------------------------------------|

| (4)      | These options vest in four annual installments measured from June 8, 2011. |
|------------------------------|----------------------------------------------------------------------------|

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**Option Exercises and Stock Vested in 2014**

**The following table sets forth information regarding the exercise of stock options by our NEOs during 2014. Our NEOs did not hold any outstanding restricted stock awards during 2014.**

|            |   | Option Awards                          |        |
|-----------------|--------|----------------------------------------|--------|
|            |   | No. of Shares Acquired on Exercise (#) |   |   | Value Realized on Exercise ($)(1) |  |
| Mr. Baker       |   | -                                      |   |   |   | - |  |
| Mr. Lovallo     |   | -                                      |   |   |   | - |  |
| Dr. Israel      |   | 27,000                                 |   |   | $ | 42,501 |  |
| Dr. Youssoufian |   | 37,500                                 |   |   | $ | 44,040 |  |
|  (1) | The dollar amounts shown in this column for option awards are determined by multiplying (i) the number of shares of our common stock to which the exercise of the option related, by (ii) the difference between the per-share closing price of our common stock on the date of exercise and the exercise price of the options. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Potential Payments upon Termination or Change in Control**

**Progenics has no employment or other severance agreements with any of its NEOs, other than Dr. Israel, who is entitled to severance benefits as described below under an employment agreement that dates from 1994. As a result, the only benefits which the other NEOs would be legally entitled to receive upon termination of employment or a change in control of the Company would be accelerated vesting of their equity awards if the executive is terminated by the Company without cause during the one-year period following a change in control, as provided in the applicable award agreements. As of December 31, 2014, the total value of each executive's then-outstanding and unvested stock options (determined by multiplying the number of shares subject to the unvested options by the amount, if any, by which the closing price of our common stock on the last trading day of fiscal 2014 ($7.56) exceeded the option exercise price) would have been:**

| Name        |   | Value of Unvested Options ($) |
|-------------|--------|-------------------------------|
| Mr. Baker   |   | $                             | 579,920 |
| Mr. Lovallo |   | $                             | 231,968 |
| Dr. Israel  |   | $                             | 289,960 |

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| Name       |   | Cash Severance ($) |    |   | HealthBenefits($) |   |   | Total($) |
|------------|--------|--------------------|---------|--------|-------------------|--------|--------|----------|
| Dr. Israel |   |               | 330,704 |   |              |   | 24,643 |     |   |   | 355,347 |
|           |   | Fees Earned or Paid in Cash |    |   | Option Awards(1) |   |    | All Other Compensation |   |   | Total |
|----------------|--------|-----------------------------|---------|--------|------------------|--------|---------|------------------------|--------|--------|-------|
| Mr. Crowley    |   | $                           | 105,000 |   |             | $      | 187,776 |                   |   |   | -     |   |   | $ | 292,776 |
| Dr. Ferrante   |   |                        | 59,944  |   |             |   | 204,938 |                   |   |   | -     |   |   |   | 264,882 |
| Mr. Kishbauch  |   |                        | 65,923  |   |             |   | 68,282  |                   |   |   | -     |   |   |   | 134,205 |
| Dr. Maddon     |   |                        | 49,896  |   |             |   | 68,282  |                   |   |   | -     |   |   |   | 118,178 |
| Dr. Scheinberg |   |                        | 80,806  |   |             |   | 68,282  |                   |   |   | -     |   |   |   | 149,088 |
| Ms. Williams   |   |                        | 83,000  |   |             |   | 68,282  |                   |   |   | -     |   |   |   | 151,282 |

| (1)        | At December 31, 2014, the aggregate number of stock options outstanding for each of our non-employee directors was as follows: Mr. Crowley, 265,000; Dr. Ferrante, 60,000; Mr. Kishbauch, 60,000; Dr. Maddon, 867,500 (which includes 817,500 options previously granted to Dr. Maddon for services as a Company employee); Dr. Scheinberg, 135,357; Ms. Williams, 125,000. Each non-employee director was granted an option with respect to 20,000 shares of our common stock on the date of our 2014 annual meeting, except that the Chair option grant for Mr. Crowley covered 55,000 shares. The grant date fair value of each of these options was $68,282 (or $187,776 in the case of Mr. Crowley's grant). In addition, Dr. Ferrante received an option with respect to 40,000 shares of our common stock in connection with her joining the Board in January 2014. This option had a grant date fair value of $136,656. In each case, the grant date fair values of the options granted to our non-employee directors are determined as described in Note 1 to the Summary Compensation Table for NEOs. |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a $45,000 annual retainer for Board service ($75,000 for service as Chair), a fully-vested option for 20,000 common shares (55,000 in the case of the Chair) and, for newly-appointed directors joining the Board, a one-time option for 40,000 common shares vesting over five years; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | an annual retainer fee for committee service as (i) Audit Committee member ($10,000) or Chair ($35,000; currently Ms. Williams); (ii) Compensation Committee member ($5,000) or Chair ($20,000; currently Mr. Crowley); (iii) Nominating and Corporate Governance Committee member ($3,000) or Chair ($11,000; currently Mr. Kishbauch); and (iv) Science and Strategy Committee member ($10,000) or Chair ($35,000; currently Dr. Scheinberg). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                   |   | Number of shares to be issued upon exercise of outstanding options (1)(2) |      |   | Weighted average exercise price of outstanding options |   |   | Number of shares remaining available for future issuance (excluding securities reflected in first column) (3) |
|--------------------------------------------------------|--------|---------------------------------------------------------------------------|-----------|--------|--------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------|
| Equity compensation plans approved by stockholders     |   |                                                                      | 5,417,532 |   |                                                   | $      | 9.96   |                                                                                                          |   |   | 4,302,571 |
| Equity compensation plans not approved by stockholders |   |                                                                      | -         |   |                                                   |   | -      |                                                                                                          |   |   | - |
|     Total                          |   |                                                                      | 5,417,532 |   |                                                   | $      | 9.96   |                                                                                                          |   |   | 4,302,571 |

|  | (1)     | Of these shares, 5,164,057 were subject to options granted under the 2005 Plan and 253,475 were subject to options granted under our Amended and Restated 1996 Stock Incentive Plan. No awards other than stock options were outstanding under any of our plans. |
|--|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2)     | The weighted average remaining term of our outstanding options is 5.79 years. |
|--|-----------------------------|-------------------------------------------------------------------------------|

|  | (3)     | All of these shares were available for award grant purposes under our 2005 Plan. Subject to certain express limits of the 2005 Plan, shares available under the 2005 Plan generally may be used for any type of award authorized under that plan including options, stock appreciation rights, stock awards, restricted stock and restricted stock units. Each share that is issued in respect of any full-value award under the Stock Plan (i.e., awards other than options and stock appreciation rights) counts against the 2005 Plan's share limit as 1.2 shares for each share actually issued under the award. |
|--|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                               |   | Shares Beneficially Owned(2)  |
|--------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|
| Name and Address of Beneficial Owner(1)                                                                            |   | Number                             |   | Percent  |
| Federated Investors, Inc.(3)   Federated Investors Tower   Pittsburgh, PA 15222-3779 |   |                               | 13,508,290 |   |   | 19.40 | % |
| Broadfin Capital, LLC (4)   237 Park Avenue, Suite 900   New York, NY 10017          |   |                               | 8,951,169 |   |   | 12.85 | % |
| FMR LLC (5)   245 Summer Street   Boston, MA 02210                                   |   |                               | 5,242,279 |   |   | 7.53 | % |
| BlackRock, Inc. (6)   55 East 52nd Street   New York, NY 10022                       |   |                               | 5,081,535 |   |   | 7.30 | % |
| Baker Bros. Advisors LP (7)   667 Madison Avenue, 21st Floor   New York, NY 10065    |   |                               | 4,449,797 |   |   | 6.39 | % |
| Mark R. Baker (8)                                                                                                  |   |                               | 1,091,181 |   |   | 1.55 | % |
| Peter J. Crowley (9)                                                                                               |   |                               | 265,000 |   |   | * |   |
| Karen J. Ferrante (10)                                                                                             |   |                               | 28,000 |   |   | * |   |
| Michael D. Kishbauch (11)                                                                                          |   |                               | 43,342 |   |   | * |   |
| Paul J. Maddon (12)                                                                                                |   |                               | 1,721,557 |   |   | 2.44 | % |
| David A. Scheinberg (13)                                                                                           |   |                               | 181,539 |   |   | * |   |
| Nicole S. Williams (14)                                                                                            |   |                               | 130,000 |   |   | * |   |
| Angelo W. Lovallo, Jr. (15)                                                                                        |   |                               | 85,364 |   |   | * |   |
| Robert J. Israel (16)                                                                                              |   |                               | 282,550 |   |   | * |   |
| Vivien Wong (17)                                                                                                   |   |                               | 215,435 |   |   | * |   |
| Hagop Youssoufian                                                                                                  |   |                               | - |   |   | * |   |
|                                                                                                               |   |                               |   |   |   |   |   |
| All directors and executive officers as a group (18)                                                               |   |                               | 4,371,967 |   |   | 6.00 | % |

| (1)    | The address of each beneficial owner who is a director or officer of the Company is c/o the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (2)    | With respect to our directors and executive officers, and except as indicated and/or 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 shares issuable pursuant to stock options held by the stockholder that are currently exercisable, i.e., within 60 days of March 31, 2015. Shares issuable upon exercise of these options are deemed outstanding for computing the percentage of beneficial ownership of the person holding the options but not of any other person. None of the shares held by our directors and executive officers are pledged as collateral. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | With respect to other stockholders identified above, the percent reported is calculated by dividing (i) the number of shares reported by the stockholder in the Schedule 13G filing described in the related note by (ii) the aggregate number of our common shares outstanding on March 31, 2015, 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, 2015.                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (3)    | Based on a Schedule 13G (Amendment No. 11) filed February 11, 2015, which reports that Federated Investors, Inc. is the parent holding company of Federated Equity Management Company of Pennsylvania and Federated Global Investment Management Corp., which act as investment advisers to registered investment companies and separate accounts that own the shares reported. Such document also reports that the investment advisers are wholly owned subsidiaries of FII Holdings, Inc., which is wholly owned subsidiary of Federated Investors, Inc., all of whose 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.          |

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| (4)     | Based on a Schedule 13G (Amendment No. 2) filed on July 21, 2014, which reports that Broadfin Capital, LLC, Broadfin Healthcare Master Fund, Ltd., and Kevin Kotler have shared power to vote or to direct the vote and to dispose or to direct the disposition of the securities reported.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (5)     | Based on a Schedule 13G (Amendment No. 4) filed on February 13, 2015, which reports that Fidelity SelectCo, LLC (SelectCo), a wholly-owned subsidiary of FMR LLC (FMR) and an investment adviser registered under section 203 of the Investment Advisers Act of 1940, is the beneficial owner of the shares reported as a result of acting as investment adviser to various investment companies registered under section 8 of the Investment Company Act of 1940.  The ownership of one investment company, Fidelity Select Biotechnology Portfolio, amounted to 4,448,736 shares according to such document. Such document also reports that (i) Edward C. Johnson 3d, Abigail P. Johnson, and FMR, through its control of SelectCo, and the funds each has sole power to dispose of the shares reported owned by the funds; (ii) members of the family of Edward C. Johnson 3d, Chairman of FMR, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR, representing 49% of the voting power of FMR; and (iii) the Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares, and accordingly, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR. |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (6)     | Based on a Schedule 13G (Amendment No. 1) filed on January 26, 2015, BlackRock Advisors, LLC, BlackRock Asset Management Canada Limited, BlackRock Fund Advisors, BlackRock Institutional Trust Company, N.A. and BlackRock Investment Management, LLC acquired the securities reported.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (7)     | Based on a Schedule 13G (Amendment No. 1) filed on February 17, 2015 jointly by the Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Felix J. Baker and Julian C. Baker, Baker Brothers Life Sciences, L.P., 14159, L.P. and 667, L.P. hold 4,008,003, 98,989 and 342,805, respectively, of the shares reported.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (8)     | Includes 161,140 shares outstanding and 930,041 issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (9)     | Consists of 265,000 shares issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (10)    | Consists of 28,000 shares issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (11)    | Consists of 43,342 shares issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (12)    | Includes 854,057 shares outstanding and 867,500 issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (13)    | Includes 46,182 shares outstanding and 135,357 issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (14)    | Includes 5,000 shares outstanding and 125,000 issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (15)    | Includes 3,389 shares outstanding and 81,975 issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (16)    | Includes 35,050 shares outstanding and 247,500 issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (17)    | Includes 4,121 shares outstanding and 211,314 issuable upon exercise of currently exercisable options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (18)    | Includes 1,142,438 shares outstanding and 3,229,529 issuable upon exercise of currently exercisable options held by directors, NEOs and other executive officers 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 11:59 PM EDT on the day before the cut-off date or meeting 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 voting instruction 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 cards and 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 11:59 PM EDT on the day before the cut-off date or meeting date. Have your proxy 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 11717VOTE IN PERSONAttend the Annual Shareholders Meeting at 10:00 AM EDT on Wednesday, June 10, 2015.The Landmark at EastviewRockland Room777 Old Saw Mill River RoadTarrytown, NY 10591 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 each of the Nominees named below: |
|                                                                             |
| 1.  Election of  Directors                                             |

| NOMINEES:                |   | For    | Against | Abstain |
|--------------------------|--------|--------|---------|---------|
|                     |   |   |    |    |
| 01) Peter J. Crowley     |   | ¨ | ¨  | ¨  |
| 02) Paul J. Maddon       |   | ¨ | ¨  | ¨  |
| 03) Mark R. Baker        |   | ¨ | ¨  | ¨  |
| 04) Karen J. Ferrante    |   | ¨ | ¨  | ¨  |
| 05) Michael D. Kishbauch |   | ¨ | ¨  | ¨  |
| 06) David A. Scheinberg  |   | ¨ | ¨  | ¨  |
| 07) Nicole S. Williams   |   | ¨ | ¨  | ¨  |

| The Board of Directors recommends you vote FOR each of the following proposals:                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                 | For | Against | Abstain |
| 2.  Approving, on an advisory basis, of the compensation of the Company's named executive officers as disclosed in this year's Proxy Statement. | ¨ | ¨ | ¨ |
|                                                                                                                                                 |   |   |   |
| 3.  Ratifying the Board's selection of Ernst & Young LLP to serve as the Company's independent registered public accounting firm for 2015.  | ¨ | ¨ | ¨ |

| 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 10, 2015 – 10:00AMTHIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| The undersigned(s) hereby appoint(s) Mark R. Baker and Angelo W. Lovallo, Jr., 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 10, 2015, 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.                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (Continued and to be signed on the reverse side)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |