| **Contact:** | **Investors:**Progenics                Pharmaceuticals, Inc.Richard                W. Krawiec, Ph.D.Vice                PresidentCorporate                Affairs(914)                789-2814rkrawiec@progenics.com  | **Media:**Aline                SchimmelWeissComm                Partners(212) 301-7218 |
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**PROGENICS      PHARMACEUTICALS REPORTS**

**THIRD      QUARTER 2007 RESULTS**

**Tarrytown,      NY, November 8, 2007**

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**Third      Quarter and Recent Highlights**

*Methylnaltrexone*

| n   | With                our collaborator, Wyeth, initiated five methylnaltrexone                trials: |
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| o   | A                global phase 3 trial of subcutaneous methylnaltrexone for the treatment                of                opioid-induced constipation (OIC) in patients receiving opioids for                chronic pain; |
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| o   | A                phase 2 trial of subcutaneous methylnaltrexone in OIC patients                rehabilitating from an orthopedic surgical                procedure; |
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| o   | A                global phase 3 trial of intravenous methylnaltrexone for managing                post-operative ileus (POI) following abdominal wall hernia repair;                and |
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| o   | Two                phase 2 trials of oral methylnaltrexone for the treatment of OIC                in                patients receiving opioids for chronic                pain. |
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| n   | Announced                positive preliminary results from a phase 1 clinical trial of a new                oral                formulation of methylnaltrexone. |
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| n   | Announced                that Progenics and Wyeth reached target enrollment for the first                of two                global phase 3 studies of intravenous methylnaltrexone for the management                of POI following segmental colectomy, and are on track to complete                patient                enrollment in the second phase 3 study in the fourth quarter, with                a New                Drug Application submission planned in                mid-2008. |
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| n   | Submitted                marketing applications for subcutaneous methylnaltrexone to the Australian                Therapeutic Goods Administration, as well as Health Canada for the                treatment of OIC in patients receiving palliative care.  The                Canadian application was granted priority review                status. |
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*PRO      140*

| n   | At                the International AIDS Society (IAS) meeting and the Interscience                Conference on Antimicrobial Agents and Chemotherapy (ICAAC), presented                positive phase 1b clinical results for a single dose of an intravenous                form of PRO 140 that demonstrated significant and prolonged viral                load                reduction in HIV-infected                individuals. |
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| n   | Also                at the IAS meeting, presented positive preclinical findings for a                subcutaneous form of PRO 140 that the Company plans to advance into                clinical trials. |
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**About      the Company**

** **

*(Financial      Tables Follow)*

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| **PROGENICS                PHARMACEUTICALS, INC.****CONDENSED                CONSOLIDATED STATEMENTS OF OPERATIONS**** (unaudited)**(in                thousands, except net loss per share) |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                              |   | Three                Months Ended |   |   | Nine                Months Ended |   |
|                                                                                                                                                                                              |   | 9/30/2007 |   |   | 9/30/2006 |   |   | 9/30/2007 |   |   | 9/30/2006 |   |
|                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   Contract                research and development from collaborator                                                                                                                    |   | $ | 14,540 |   |   | $ | 14,527 |   |   | $ | 52,987 |   |   | $ | 40,060 |   |
|   Research                grants and contracts                                                                                                                                          |   |   | 2,471 |   |   |   | 3,316 |   |   |   | 7,077 |   |   |   | 7,842 |   |
|   Product                sales                                                                                                                                                          |   |   | 7 |   |   |   | 5 |   |   |   | 48 |   |   |   | 70 |   |
|      Total                revenues                                                                                                                                       |   |   | 17,018 |   |   |   | 17,848 |   |   |   | 60,112 |   |   |   | 47,972 |   |
|                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Research                and development                                                                                                                                         |   |   | 24,247 |   |   |   | 15,751 |   |   |   | 69,999 |   |   |   | 56,288 |   |
|    General                and administrative                                                                                                                                       |   |   | 9,275 |   |   |   | 6,610 |   |   |   | 21,746 |   |   |   | 16,138 |   |
|    Loss                in joint venture                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 121 |   |
|    Depreciation                and amortization                                                                                                                                    |   |   | 845 |   |   |   | 381 |   |   |   | 2,144 |   |   |   | 1,106 |   |
|       Total                expenses                                                                                                                                 |   |   | 34,367 |   |   |   | 22,742 |   |   |   | 93,889 |   |   |   | 73,653 |   |
|                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                loss                                                                                                                                                                     |   |   | (17,349 | ) |   |   | (4,894 | ) |   |   | (33,777 | ) |   |   | (25,681 | ) |
|                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                income:                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest                income                                                                                                                                                  |   |   | 1,749 |   |   |   | 1,959 |   |   |   | 5,361 |   |   |   | 5,775 |   |
|                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss                                                                                                                                                                           |   | $ | (15,600 | ) |   | $ | (2,935 | ) |   | $ | (28,416 | ) |   | $ | (19,906 | ) |
|                                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net                loss per share - basic and diluted                                                                                                                           |   | $ | (0.58 | ) |   | $ | (0.11 | ) |   | $ | (1.07 | ) |   | $ | (0.78 | ) |
|    Weighted                average shares outstanding                                                                                                                              |   |   | 26,976 |   |   |   | 25,783 |   |   |   | 26,639 |   |   |   | 25,570 |   |

| **CONDENSED                CONSOLIDATED BALANCE SHEETS**** (unaudited)**(in                thousands) |   |
|------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                       |   | September                30, 2007 |   |   | December                31, 2006 |   |
|                                                                                                       |   |   |   |   |   |   |
| Cash,                cash equivalents and marketable securities                                            |   | $ | 183,579 |   |   | $ | 149,100 |   |
| Accounts                receivable                                                                         |   |   | 2,204 |   |   |   | 1,699 |   |
| Fixed                assets, net                                                                           |   |   | 13,602 |   |   |   | 11,387 |   |
| Other                assets                                                                                |   |   | 3,104 |   |   |   | 3,725 |   |
|    Total                assets                                                              |   | $ | 202,489 |   |   | $ | 165,911 |   |
|                                                                                                       |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                |   | $ | 44,863 |   |   | $ | 55,065 |   |
| Stockholders’                equity                                                                  |   |   | 157,626 |   |   |   | 110,846 |   |
| Total                liabilities and stockholders’ equity                                            |   | $ | 202,489 |   |   | $ | 165,911 |   |
|                                                                                                       |   |   |   |   |   |   |   |   |

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***PROGENICS      DISCLOSURE NOTICE:** The information contained in this document is      current as of November 8, 2007. This press release contains forward-looking      statements. Any statements contained herein that are not statements of      historical fact may be forward-looking statements. When the Company uses the      words “anticipates,” "plans," "expects" and similar expressions, it is      identifying forward-looking statements. Such forward-looking statements involve      risks and uncertainties which may cause the Company's actual results,      performance or achievements to be materially different from those expressed      or      implied by forward-looking statements. Such factors include, among others,      the      uncertainties associated with product development, the risk that clinical trials      will not commence or proceed as planned, the risks and uncertainties associated      with dependence upon the actions of our corporate, academic and other      collaborators and of government regulatory agencies, the risk that our licenses      to intellectual property may be terminated because of our failure to have      satisfied performance milestones, the risk that products that appear promising      in early clinical trials do not demonstrate efficacy in larger-scale clinical      trials, the risk that we may not be able to manufacture commercial quantities      of      our products, the uncertainty of future profitability and other factors set      forth more fully in the Company's Annual Report on Form 10-K for the fiscal year      ended December 31, 2006, and other reports filed with the Securities and      Exchange Commission, to which investors are referred for further information.      In      particular, the Company cannot assure you that any of its programs will result      in a commercial product.*

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