| Filed by the Registrant |   x |
|-------------------------|----------|

| Filed by a Party other than the Registrant |   o |
|--------------------------------------------|----------|

| Check the appropriate box: |
|----------------------------|

| o | Preliminary Proxy Statement                                                     |
|---|---------------------------------------------------------------------------------|
| o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| x | Definitive Proxy Statement                                                      |
| o | Definitive Additional Materials                                                 |
| o | Soliciting Material Pursuant to Rule 14a-12                                     |

| Payment of Filing Fee (Check the appropriate box): |
|----------------------------------------------------|
| x                                                  | No fee required. |
| o                                                  | Fee computed on table below per Exchange Act Rules 14a-6(i)(2) and 0-11. |
|                                               | (1) | Title of each class of securities to which transaction applies: |
|                                               | (2) | Aggregate number of securities to which transaction applies: |
|                                               | (3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
|                                               | (4) | Proposed maximum aggregate value of transaction: |
|                                               | (5) | Total fee paid: |
| o                                                  | Fee paid previously with preliminary materials. |
| o                                                  | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
|                                               | (1) | Amount Previously Paid: |
|                                               | (2) | Form, Schedule or Registration Statement No.: |
|                                               | (3) | Filing Party: |
|                                               | (4) | Date Filed: |

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| 1.  | Electing eight 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.  | Approving an increase in the number of shares of common stock reserved for issuance under the Company’s 2005 Stock Incentive Plan from 7,450,000 to 8,450,000. |
|     |                                                                                                                                                                 |
| 4.  | Ratifying the Board’s selection of Ernst & Young LLP to serve as the Company’s independent registered public accounting firm for 2012.               |

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PROXY 

| ·   | 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 printed or email copy; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Making available at www.proxyvote.com the Notice, Proxy Statement, Proxy Card, and a copy of our 2011 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:  AMENDMENT OF 2005 STOCK INCENTIVE PLAN                                     | 8      |
| PROPOSAL 4:  RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 13     |
| EXECUTIVE AND OTHER OFFICERS                                                                      | 15     |
| CORPORATE GOVERNANCE                                                                              | 17     |
| Audit Committee Report                                                                            | 21     |
| Compensation Committee Report                                                                     | 22     |
| Compensation Committee Interlocks and Insider Participation                                       | 22     |
| EXECUTIVE COMPENSATION                                                                            | 23     |
| Compensation Discussion and Analysis                                                              | 23     |
| Executive Compensation Tables                                                                     | 31     |
| Director Compensation                                                                             | 37     |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                                    | 38     |
| OTHER MATTERS                                                                                     | 40     |
| Certain Relationships and Related Transactions                                                    | 40     |
| Section 16(a) Beneficial Ownership Reporting Compliance                                           | 40     |
| Transactions in Stock by Insiders                                                                 | 40     |
| Stockholder Proposals                                                                             | 41     |
| Householding of Proxy Materials                                                                   | 41     |
| Other Business                                                                                    | 41     |
|                                                                                              |   |
| APPENDIX A: 2005 Stock Incentive Plan as proposed to be amended                                   | A-1    |

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PROPOSAL

|                          | Director Since |   | Position with the Company            |
|-------------------------------|----------------|--------|--------------------------------------|
| Peter J. Crowley (1)(3)(4)(5) | 2009           |   | Chairman                             |
| Paul J. Maddon                | 1986           |   | Vice Chairman                        |
| Charles A. Baker (1)(2)(3)    | 1994           |   | Director                             |
| Mark R. Baker (4)(5)          | 2009           |   | Chief Executive Officer and Director |
| Kurt W. Briner                | 1998           |   | Director                             |
| Stephen P. Goff (2)(4)        | 1993           |   | Director                             |
| David A. Scheinberg (4)(5)    | 1996           |   | Director                             |
| Nicole S. Williams (1)        | 2007           |   | Director                             |

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PROPOSAL

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PROPOSAL

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|                                                      | Number of sharesto be issued uponexercise ofoutstanding options, warrantsand rights(2) |   |   | Weightedaverage exerciseprice ofoutstandingoptions, warrantsand rights |   | Number ofsharesremainingavailable forfuture issuance(excludingsecuritiesreflected in firstcolumn) |   |
|-----------------------------------------------------------|---------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by stockholders        | 6,239,335                                                                                   |   |   | $12.26                                                                 |   | 651,331                                                                                           |   |
| Equity compensation plans not approved by stockholders(1) | 3,750                                                                                       |   |   | 5.33                                                                   |   | -                                                                                                 |   |
|     Total(3)                          | 6,243,085                                                                                   |   |   | $12.26                                                                 |   | 651,331                                                                                           |   |

| (1)   | Our 1989 Non-Qualified Stock Option Plan, established before the Company became publicly-traded, and expired in 1994. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (2)   | The weighted average remaining life of outstanding options is 6.44 years. |
|-----------------|---------------------------------------------------------------------------|

| (3)   | Does not include 79,191 unvested restricted stock awards outstanding under equity compensation plans. |
|-----------------|-------------------------------------------------------------------------------------------------------|

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PROPOSAL

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|                  |   | 2011   |    | 2010   |
|-----------------------|--------|--------|---------|--------|
| Audit Fees(1)         |   | $      | 587,204 |   | $ | 563,375 |
| Audit Related Fees(2) |   |   | 40,650  |   |   | - |
| Tax Fees(3)           |   |   | 108,000 |   |   | 47,224 |
| All Other Fees(4)     |   |   | 1,933   |   |   |   1,611 |

| ____ | ____________ |
|------|--------------|

|         (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 ($561,204 in 2011 and $552,000 in 2010), (ii) filing of registration statements with the SEC ($20,000 in 2011 and $5,000 in 2010), and (iii) statutory non-U.S. audit fees ($6,000 in 2011 and $6,375 in 2010). |
|------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | In connection with accounting consultations concerning financial accounting and reporting matters ($40,650 in 2011 and $0 in 2010). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|         (3) | In connection with tax return preparation ($38,000 in both 2011 and 2010) and tax advice and consultations, regarding Internal Revenue Code Section 382 analysis ($70,000 in 2011 and $9,224 in 2010). |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|         (4) | For a proprietary internet-based service. |
|------------------------------------------------|-------------------------------------------|

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EXECUTIVE

| Name                   |   |   | Position with the Company                                                              |
|------------------------|--------|--------|----------------------------------------------------------------------------------------|
| Mark R. Baker          |   |   | Chief Executive Officer and Director                                                   |
| Robert A. McKinney     |   |   | Chief Financial Officer, Senior Vice President, Finance & Operations and Secretary |
| Robert J. Israel       |   |   | Senior Vice President, Medical Affairs & Clinical Research                         |
| William C. Olson       |   |   | Senior Vice President, Research & Development                                      |
| Benedict Osorio        |   |   | Senior Vice President, Quality                                                         |
| Nitya G. Ray           |   |   | Senior Vice President, Manufacturing                                                   |
| Ann Marie Assumma      |   |   | Vice President, Regulatory                                                             |
| Vivien Wong            |   |   | Vice President, Product Development                                                    |
| Angelo W. Lovallo, Jr. |   |   | Treasurer                                                                              |
| David E. Martin        |   |   | General Counsel                                                                        |

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CORPORATE 

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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 Rule 405 under the Securities Act of 1933, as amended) 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. |
|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|    · | 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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Audit

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Compensation

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EXECUTIVE

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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 and management. |
|---------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

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| Acorda Therapeutics, Inc.    | Ligand Pharmaceuticals        |
|------------------------------|-------------------------------|
| Adolor Corp.                 | Myriad Genetics, Inc.         |
| ARIAD Pharmaceuticals        | Neurocrine Biosciences, Inc.  |
| GTx Inc.                     | Pharmasset, Inc.              |
| Idenix Pharmaceuticals, Inc. | POZEN, Inc.                   |
| Immunomedics Inc.            | Sucampo Pharmaceuticals, Inc. |
| Incyte Corp.                 | Synta Pharmaceuticals Corp.   |
|                         | Telik, Inc.                   |

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|      ·   | Submission and acceptance of an sNDA filing with the U.S. Food and Drug Administration for approval of subcutaneous RELISTOR for patients with chronic, non-cancer pain. |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|      ·   | Completion of enrollment in the 700-patient phase 3 trial of oral methylnaltrexone (the active ingredient of RELISTOR) in patients with non-malignant pain. |
|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|      ·   | Advancement of tested dose levels in the Company’s phase 1 trial of PSMA ADC. |
|---------------------------------------------|-------------------------------------------------------------------------------------|

|      ·   | Achievement of a cash burn amount not in excess of the amount provided in the Company's 2011 budget. |
|---------------------------------------------|------------------------------------------------------------------------------------------------------|

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|      ·   | Meeting the sNDA submission goal, ultimately resulting in a PDUFA date of April 27, 2012. |
|--------------------------------------------------|-------------------------------------------------------------------------------------------|

|      ·   | Exceeding the enrollment goal in the oral methylnaltrexone trial by enrolling over 800 patients ahead of schedule. |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------|

|      ·   | Exceeding the goal of advancing the PSMA ADC trial, by increasing patient accrual and moving toward establishing a maximum tolerated dose. |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

|      ·   | Meeting the cash burn amount specified by the 2011 budget by adopting a new strategic plan focused on oncology and controlling leased space and other costs. |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Compensation

|                                               | Year                                                  |                   Salary |                 Bonus (1) |      Stock        Awards(2) | Option   Awards(2) | Non-EquityIncentivePlanCompen-sation | All OtherCompen -sation(3) |    Total |
|----------------------------------------------------|-------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|------------------------------|--------------------------------------|---------------------------------|--------------------|
| Mr. Baker                                          |         2011       | $487,500                                                                                                      | $312,500                                                                                             | -                                                                                            | $1,685,158                   | -                                    | $37,906                         | $2,523,064         |
| (CEO; President                                    |         2010       | 425,000                                                                                                       | 350,000                                                                                              | -                                                                                            | 883,275                      | -                                    | 46,360                          | 1,704,635          |
| before March 3, 2011)                              |         2009       | 391,667                                                                                                       | 220,000                                                                                              | -                                                                                            | -                            | -                                    | 46,201                          | 657,868            |
|                                               |                                                  |                                                                                                          |                                                                                                 |                                                                                         |                         |                                 |                            |               |
| Dr. Maddon                                         | 2011                                                  | 465,209                                                                                                       | 150,000                                                                                              | -                                                                                            | 428,077                      | -                                    | 13,964                          | 1,057,250          |
| (Vice Chairman                                     | 2010                                                  | 618,000                                                                                                       | 250,000                                                                                              | -                                                                                            | 405,260                      | -                                    | 13,893                          | 1,287,153          |
| and CSO in 2011; CEO beforeMarch 3, 2011)(4)  | 2009                                                  | 618,000                                                                                                       | 250,000                                                                                              | -                                                                                            | 350,000                      | -                                    | 13,170                          | 1,231,170          |
| Mr. McKinney                                       |         2011       | 313,664                                                                                                       | 137,228                                                                                              | -                                                                                            | 349,125                      | -                                    | 25,493                          | 825,510            |
| (CFO)                                              |         2010       | 301,600                                                                                                       | 105,560                                                                                              | 53,500                                                                                       | 106,386                      | -                                    | 32,370                          | 599,416            |
|                                               |         2009       | 290,000                                                                                                       | 88,000                                                                                               | -                                                                                            | 186,945                      | -                                    | 45,251                          | 610,196            |
|                                               |                                                  |                                                                                                          |                                                                                                 |                                                                                         |                         |                                 |                            |               |
| Dr. Israel                                         |         2011       | 383,968                                                                                                       | 143,988                                                                                              | -                                                                                            | 349,125                      | -                                    | 27,028                          | 904,109            |
| (SVP)                                              |         2010       | 369,200                                                                                                       | 110,760                                                                                              | 53,500                                                                                       | 106,386                      | -                                    | 35,150                          | 674,996            |
|                                               |         2009       | 355,000                                                                                                       | 80,000                                                                                               | -                                                                                            | 186,945                      | -                                    | 49,539                          | 671,484            |
|                                               |                                                  |                                                                                                          |                                                                                                 |                                                                                         |                         |                                 |                            |               |
| Mr. Osorio                                         |         2011       | 306,634                                                                                                       | 114,988                                                                                              | -                                                                                            | 349,125                      | -                                    | 23,096                          | 793,843            |
| (SVP)                                              |          2010 | 294,840                                                                                                       | 88,452                                                                                               | 53,500                                                                                       | 106,386                      | -                                    | 31,245                          | 574,423            |

| ________________  |   |
|------------------------|--------|

| (1) | Discretionary cash bonus approved by the Committee. |
|-----|-----------------------------------------------------|

| (2) | Amount of compensation for each NEO reflects the aggregate grant date fair value for the year presented, in accordance with FASB ASC Topic 718, in respect of awards made for the year presented. The fair values were determined based on the assumptions for calculating the expense amounts as set forth in the notes to our consolidated financial statements included in our 2011 Annual Report on Form 10-K for the relevant years (Note 10 – Share-Based Payment Arrangements, in our 2011 Annual Report). The aggregate grant date fair value of the performance-based awards, assuming achievement of the highest level of performance conditions, are (i) $440,000 and $749,000 for Dr. Maddon’s 2010 and 2009 awards, respectively, and (ii) $345,719 and $880,000 for Mr. Baker’s 2011 and 2010 awards.Additional information on the 2011 awards is included in the Grants of Plan-Based Awards for 2011 and Outstanding Equity Awards at Fiscal Year-End tables, below. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | For 2011, includes the gross-up for payment of taxes and compensation cost of former Employee Stock Purchase Plans computed in accordance with FASB ASC Topic 718 in the following amounts: Mr. Baker - $22,331, Mr. McKinney - $10,109, Dr. Israel - $11,687 and Mr. Osorio - $9,334. Includes the Company’s matching contribution under our 401(k) Plan in the amount of $11,000 for each named executive officer. Also includes payments of premiums for enhanced life and disability insurance in the following amounts: Dr. Maddon - $2,964, Mr. Baker - $4,575, Mr. McKinney - $4,384, Dr. Israel - $4,341 and Mr. Osorio - $2,762. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (4) | Dr. Maddon received a $250,000 cash bonus for the year 2010. He elected to receive his bonus for 2009 in the form of 44,723 shares of immediately vesting restricted stock having a fair value of $250,000 based on a per share value of $5.59. He ceased being CSO on March 14, 2012. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|         | GrantDate | EstimatedFuture PayoutsUnder EquityIncentive PlanAwards (#)(1) | All OtherStock Awards:Number ofShares of Stockor Units (#) | All OtherOption Awards:Number ofSecuritiesUnderlyingOptions (#)(3) | Exercise orBase Priceof OptionAwards($/Share) | Grant DateFair Value ofStock andOptionAwards ($)(4) |
|--------------|-----------|----------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------------------------------|-----------------------------------------------|-----------------------------------------------------|
| Mr. Baker    | 6/8/2011  |                                                           |                                                       | 200,000                                                            | 7.66                                          | 1,027,720                                           |
|         | 7/1/2011  | 62,500(2)                                                      |                                                       |                                                               | 7.40                                          |    345,719                                |
|         | 7/1/2011  |                                                           |                                                       |   62,500                                                      | 7.40                                          |     311,719                          |
|         |      |                                                           |                                                       |                                                               |                                          |                                                |
| Dr. Maddon   | 7/1/2011  |                                                           |                                                       |    85,000                                                | 7.40                                          |     428,077                          |
|         |      |                                                           |                                                       |                                                               |                                          |                                                |
| Mr. McKinney | 7/1/2011  |                                                           |                                                       |    70,000                                                | 7.40                                          |     349,125                          |
|         |      |                                                           |                                                       |                                                               |                                          |                                                |
| Dr. Israel   | 7/1/2011  |                                                           |                                                       |    70,000                                                | 7.40                                          |     349,125                          |
|         |      |                                                           |                                                       |                                                               |                                          |                                                |
| Mr. Osorio   | 7/1/2011  |                                                           |                                                       |    70,000                                                | 7.40                                          |     349,125                          |

|   _____ | ____________ |
|--------------|--------------|

| (1) | Awards reported in this column are limited to performance-based equity awards; other equity awards are reported in following columns. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Stock options vest in defined percentages upon achievement of specified performance-based milestones; not subject to cliff vesting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Stock options vest one-third in each of the three years beginning July 1, 2012. |
|-----|---------------------------------------------------------------------------------|

| (4) | Amount of compensation for each NEO reflects the aggregate grant date fair value for the year presented, in accordance with FASB ASC Topic 718, in respect of awards made in the year presented. The fair values were determined using the assumptions for calculating the expense amounts as set forth in the notes to our consolidated financial statements included in our 2011 Annual Report on Form 10-K (Note 10 – Share-Based Payment Arrangements). The aggregate grant date fair value of Mr. Baker’s 2011 performance-based award, assuming achievement of the highest level of performance conditions, is $345,719. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|           |   | Option Awards                                                                                                      |                                                                                              | Stock Awards                                                                         |
|----------------|--------|--------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|
|           |   |  No. of   Securities Underlying  Unexercised Options (#)  Exercisable | No. ofSecuritiesUnderlying  Unexercised Options (#)   Unexercisable | EquityIncentive PlanAwards: No. ofSecuritiesUnderlyingUnexercisedUnearnedOptions (#) | Option Exercise  Price ($) | OptionExpirationDate |   | No. ofShares orUnits ofStock ThatHave Not Vested (#)(1) | MarketValue ofShares orUnits ofStock ThatHave NotVested ($) | EquityIncentive PlanAwards: No. ofUnearnedShares, Unitsor OtherRights ThatHave NotVested (#) | EquityIncentive PlanPayout Valueof UnearnedShares, Unitsor OtherRights ThatHave NotVested ($)(2) |
| Mr. Baker      |   |                                                                                                               | 62,500(3)                                                                                         | 62,500(6)                                                                            | $7.40 | 7/1/2021 |   |   |   |   |   |
|           |   |                                                                                                               | 200,000(4)                                                                                        |                                                                                 | $7.66 | 6/8/2021 |   |   |   |   |   |
|           |   |                                                                                                               |                                                                                              | 200,000(6)                                                                           | $5.35 | 7/1/2020 |   |   |   |   |   |
|           |   | 41,666                                                                                                             | 83,334(5)                                                                                         |                                                                                 | $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 |   |   |   |   |   |
|           |   |                                                                                                               |                                                                                              |                                                                                 |   |   |   |   |   |   |   |
| Dr. Maddon (7) |   |                                                                                                               | 85,000(3)                                                                                         |                                                                                 | $7.40 | 7/1/2021 |   |   |   |   |   |
|           |   | 16,666                                                                                                             | 33,334(5)                                                                                         |                                                                                 | $5.35 | 7/1/2020 |   |   |   |   |   |
|           |   | 50,000                                                                                                             |                                                                                              | 50,000(6)                                                                            | $5.35 | 7/1/2020 |   |   |   |   |   |
|           |   | 70,000                                                                                                             |                                                                                              | 105,000(6)                                                                           | $5.33 | 7/1/2019 |   |   |   |   |   |
|           |   | 18,750                                                                                                             |                                                                                              | 56,250(6)                                                                            | $16.05 | 7/1/2018 |   |   |   |   |   |
|           |   | 101,250                                                                                                            |                                                                                              | 11,250(8)                                                                            | $22.01 | 7/2/2017 |   |   |   |   |   |
|           |   | 79,750                                                                                                             |                                                                                              | 65,250(9)                                                                            | $24.26 | 7/3/2016 |   |   |   |   |   |
|           |   | 75,000                                                                                                             |                                                                                              |                                                                                 | $21.39 | 7/1/2015 |   |   |   |   |   |
|           |   | 35,625                                                                                                             |                                                                                              | 1,875(10)                                                                            | $16.85 | 7/1/2014 |   |   |   |   |   |
|           |   | 37,500                                                                                                             |                                                                                              |                                                                                 | $16.85 | 7/1/2014 |   |   |   |   |   |
|           |   | 112,500                                                                                                            |                                                                                              |                                                                                 | $15.06 | 7/1/2013 |   |   |   |   |   |
|           |   | 112,500                                                                                                            |                                                                                              |                                                                                 | $15.06 | 7/1/2013 |   |   |   |   |   |
|           |   | 75,000                                                                                                             |                                                                                              |                                                                                 | $12.29 | 7/1/2012 |   |   |   |   |   |
|           |   | 33,000                                                                                                             |                                                                                              |                                                                                 | $12.29 | 7/1/2012 |   |   |   |   |   |
|           |   |                                                                                                               |                                                                                              |                                                                                 |   |   |   |   |   | 18,750 | $160,125 |
| Mr. McKinney   |   |                                                                                                               | 70,000(3)                                                                                         |                                                                                 | $7.40 | 7/1/2021 |   |   |   |   |   |
|           |   | 10,000                                                                                                             | 20,000(5)                                                                                         |                                                                                 | $5.35 | 7/1/2020 |   |   |   |   |   |
|           |   | 33,333                                                                                                             | 16,667(11)                                                                                        |                                                                                 | $5.33 | 7/1/2019 |   |   |   |   |   |
|           |   | 25,000                                                                                                             |                                                                                              |                                                                                 | $16.05 | 7/1/2018 |   |   |   |   |   |
|           |   | 10,000                                                                                                             |                                                                                              |                                                                                 | $22.01 | 7/2/2017 |   |   |   |   |   |
|           |   | 25,000                                                                                                             |                                                                                              |                                                                                 | $24.26 | 7/3/2016 |   |   |   |   |   |
|           |   | 12,500                                                                                                             |                                                                                              |                                                                                 | $21.39 | 7/1/2015 |   |   |   |   |   |
|           |   | 25,000                                                                                                             |                                                                                              |                                                                                 | $22.68 | 3/1/2015 |   |   |   |   |   |
|           |   | 25,000                                                                                                             |                                                                                              |                                                                                 | $15.06 | 7/1/2013 |   |   |   |   |   |
|           |   | 25,000                                                                                                             |                                                                                              |                                                                                 | $12.29 | 7/1/2012 |   |   |   |   |   |
|           |   |                                                                                                               |                                                                                              |                                                                                 |   |   |   | 6,666 | $56,928 |   |   |
| Dr. Israel     |   |                                                                                                               | 70,000(3)                                                                                         |                                                                                 | $7.40 | 7/1/2021 |   |   |   |   |   |
|           |   | 10,000                                                                                                             | 20,000(5)                                                                                         |                                                                                 | $5.35 | 7/1/2020 |   |   |   |   |   |
|           |   | 15,333                                                                                                             | 16,667(11)                                                                                        |                                                                                 | $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 |   |   |   |   |   |
|           |   | 35,000                                                                                                             |                                                                                              |                                                                                 | $15.06 | 7/1/2013 |   |   |   |   |   |
|           |   | 25,000                                                                                                             |                                                                                              |                                                                                 | $12.29 | 7/1/2012 |   |   |   |   |   |
|           |   |                                                                                                               |                                                                                              |                                                                                 |   |   |   | 6,666 | $56,928 |   |   |
| Mr. Osorio     |   |                                                                                                               | 70,000(3)                                                                                         |                                                                                 | $7.40 | 7/1/2021 |   |   |   |   |   |
|           |   | 10,000                                                                                                             | 20,000(5)                                                                                         |                                                                                 | $5.35 | 7/1/2020 |   |   |   |   |   |
|           |   | 33,333                                                                                                             | 16,667(11)                                                                                        |                                                                                 | $5.33 | 7/1/2019 |   |   |   |   |   |
|           |   | 20,000                                                                                                             |                                                                                              |                                                                                 | $16.05 | 7/1/2018 |   |   |   |   |   |
|           |   | 5,000                                                                                                              |                                                                                              |                                                                                 | $22.01 | 7/2/2017 |   |   |   |   |   |
|           |   | 12,500                                                                                                             |                                                                                              |                                                                                 | $24.26 | 7/3/2016 |   |   |   |   |   |
|           |   | 30,000                                                                                                             |                                                                                              |                                                                                 | $23.19 | 7/11/2015 |   |   |   |   |   |
|           |   |                                                                                                               |                                                                                              |                                                                                 |   |   |   | 6,666 | $56,928 |   |   |

| (1) | Vest in equal annual installments commencing one year from date of grant with final vesting no later than June 20, 2013. |
|-----|--------------------------------------------------------------------------------------------------------------------------|

| (2) | Based on the closing price of our common stock on December 31, 2011 of $8.54. |
|-----|-------------------------------------------------------------------------------|

| (3) | Stock options vest one-third in each of the three years beginning July 1, 2012. |
|-----|---------------------------------------------------------------------------------|

| (4) | Stock options vest one-quarter in each of the four years beginning June 8, 2012. |
|-----|----------------------------------------------------------------------------------|

| (5) | Stock options vested one-third through December 31, 2011; remaining vest on July 1, 2012 and 2013. |
|-----|----------------------------------------------------------------------------------------------------|

| (6) | Performance stock options vest in percentages upon achievement of milestones or share price performance (see CD&A – Elements of Compensation – Long-term incentives, above, for a discussion of the performance criteria). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | 2008 and 2009 bonus awards have fully vested. |
|-----|-----------------------------------------------|

| (8) | Performance options vested 90% through 2011 due to the achievement of specified milestones; remaining 10% cliff vest on June 2, 2017. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Performance options vested 55% through 2011 due to the achievement of specified milestones; remaining 45% cliff vest on June 3, 2016. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Performance options vested 95% through 2011 due to the achievement of specified milestones; remaining 5% cliff vest on June 1, 2014 or earlier achievement of milestones. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Stock options vested two-thirds through December 31, 2011; remaining vest on July 2, 2012. |
|------|--------------------------------------------------------------------------------------------|

----

Table of Contents

|         |   | Option Awards                        |   | Stock Awards                 |
|--------------|--------|--------------------------------------|--------|------------------------------|
|         |   | No. of SharesAcquired onExercise (#) |   | ValueRealized onExercise ($) |   | No. of SharesAcquired onVesting (#) |   | ValueRealized onVesting ($) |
| Mr. Baker    |   | -                                    |   | -                            |   | 3,333 |   | 23,498 |
| Dr. Maddon   |   | -                                    |   | -                            |   | 9,375 |   | 66,094 |
| Mr. McKinney |   | -                                    |   | -                            |   | 9,445 |   | 66,587 |
| Dr. Israel   |   | 18,000                               |   | 22,088                       |   | 7,889 |   | 55,617 |
| Mr. Osorio   |   | -                                    |   | -                            |   | 7,222 |   | 50,915 |

----

Table of Contents

| Circumstancesof Terminationby theCompany | Cash Severance |    | Equity   | BenefitsContinuation($) | Gross up of I.R.C.Golden ParachuteExcise TaxResulting fromChange in Control($) | Total ($) |
|------------------------------------------|----------------|---------|----------|-------------------------|--------------------------------------------------------------------------------|-----------|
| Base Salary                              |           | Bonus   |     | Value ofVestedEquity($) | Value ofAcceleratedUnvestedEquity ($)                                          |
| Multiple                                 | ($)            |    | Multiple | ($)                     |                                                                           |
| For cause                                | N/A            | N/A     |     | N/A                     | N/A                                                                            |      | N/A | N/A | N/A | N/A | - |
| Without cause                            | N/A            | 287,976 |     | N/A                     | N/A                                                                            |      | 81,119 | N/A | 20,124 | N/A | 389,219 |

----

Table of Contents

|   Circumstances of Termination(1)                                         | Cash Severance |                 | Equity                     | BenefitsContinuation($)(5)               | Gross up OfI.R.C. GoldenParachuteExcise TaxResultingFrom Changein Control ($) | Total ($) |
|-------------------------------------------------------------------------------------|----------------|----------------------|----------------------------|------------------------------------------|-------------------------------------------------------------------------------|-----------|
| Base Salary                                                                         |           | Bonus(2)             | Value ofVestedEquity($)(3) | Value ofAcceleratedUnvestedEquity ($)(4) |
| Multiple                                                                            | ($)            |                 | Multiple                   | ($)                                      |
| For cause or voluntary termination                                                  | N/A            | N/A                  |                       | N/A                                      | N/A                                                                           |      | 437,365 | N/A | N/A | N/A |    437,365 |
|                                                                                |           |                 |                       |                                     |                                                                          |      |   |   |   |   |   |
| Death or disability(6)                                                              | 1              |    425,000 |                       | N/A                                      |    540,415                                                          |      | 437,365 | N/A | 36,073 | N/A | 1,438,853 |
|                                                                                |           |                 |                       |                                     |                                                                          |      |   |   |   |   |   |
| Without cause or by the executive with good reason(7)                               | 2              |    850,000 |                       | 2                                        |    830,830                                                          |      | 437,365 | 859,910 | 36,073 | N/A | 3,014,178 |
|                                                                                |           |                 |                       |                                     |                                                                          |      |   |   |   |   |   |
| Without cause or by the executive with good reason following a change in control(8) | 3              | 1,275,000            |                       | 3                                        | 1,121,246                                                                     |      | 437,365 | 859,910 | 54,109 | N/A | 3,747,630 |

|  ____________ |
|--------------------|

| (1) | Calculations in this table utilize the closing price per share of our common stock on December 31, 2011, of $8.54. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (2) | Includes, where any amount is shown, bonus multiple calculated using the multiple shown plus a pro-rated bonus of $250,000, representing an estimated pro-rata bonus for the year of termination. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | 680,875 of Dr. Maddon’s 817,541 outstanding vested stock options were underwater as of December 31, 2011. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (4) | Assumed (i) acceleration of vesting at December 31, 2011 of all 407,959 unexercisable and unearned stock options, as set forth in the Outstanding Equity Awards at Fiscal Year-End table above, 134,625 of which were underwater at December 31, 2011, and (ii) acceleration of vesting and sale of all 18,750 outstanding shares of restricted stock at December 31, 2011, yielding $859,910 before taxes, using the closing price of Progenics common stock on that date ($8.54). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Health and welfare benefits were to continue for 24 or 36 months, depending on the circumstances of termination, and included the employer cost of health, dental, disability and group life insurance. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | In this circumstance, Dr. Maddon or his estate would have received one times his base salary for the year of termination and average bonus (calculated using the average of the annual bonuses paid to him in the three years preceding the year of termination), and a pro-rated amount of bonus from the beginning of the year of termination to the date of termination based on an assumed bonus of $250,000. For purposes of this calculation, base salary at December 31, 2011 was $425,000, the fair market values of his bonuses for the three years preceding 2011 were $371,246, $250,000 and $250,000 and the fair market value of his bonus for 2011 was $150,000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | In this circumstance, Dr. Maddon would have received cash severance equal to twice the sum of his base salary for the year of termination and the average of the annual bonuses paid to him in the three years preceding the year of termination, together with a pro-rated bonus from the beginning of the year of termination to the date of termination based on an assumed bonus of $250,000, calculated as specified in note (6). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | In this circumstance, Dr. Maddon would have received cash severance equal to three times the sum of base salary and average bonus, together with the pro-rated bonus, as described in note (7). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

Director

|              |   | Fees Earned or Paid in Cash |   | Option Awards(1) |   | All Other Compensation |   | Total   |
|-------------------|--------|-----------------------------|--------|------------------|--------|------------------------|--------|---------|
| Mr. Briner        |   | $32,000                     |   | $49,875          |   | -                      |   | $81,875 |
| Mr. Charles Baker |   | 62,750                      |   | 49,875           |   | -                      |   | 112,625 |
| Mr. Crowley       |   | 88,500                      |   | 199,500          |   | -                      |   | 288,000 |
| Mr. Dalton(2)     |   | 41,750                      |   | 49,875           |   | -                      |   | 91,625  |
| Dr. Goff(3)       |   | 66,000                      |   | 49,875           |   | -                      |   | 115,875 |
| Dr. Scheinberg(3) |   | 64,500                      |   | 49,875           |   | -                      |   | 114,375 |
| Ms. Williams      |   | 58,000                      |   | 49,875           |   | -                      |   | 107,875 |

| ___________________  |   |
|---------------------------|--------|

| (1)   | At December 31, 2011, the aggregate number of stock options outstanding for each of our non-employee directors was as follows: Mr. Charles Baker, 95,000; Mr. Briner, 182,500; Mr. Crowley, 115,000; Mr. Dalton, 87,500; Dr. Goff, 95,000; Dr. Scheinberg, 116,607; Ms. Williams, 75,000. In general, the options granted to the non-employee directors vested immediately on the date of grant and the amounts shown represent the grant date fair value of stock awards made during the fiscal year under FASB ASC Topic 718. The grant date fair value of the 2011 option awards was determined using the assumptions disclosed in our 2011 Annual Report on Form 10-K (Note 10 – Share-Based Payment Arrangements). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Mr. Dalton is not standing for re-election as a director at the Meeting. |
|-----------------|--------------------------------------------------------------------------|

| (3)   | During 2011, Drs. Goff and Scheinberg were each paid a retainer of $30,000, reduced in each case by paid attendance fees, for service as a member of the Science and Technology Committee. As of 2012, their compensation for such service is as described below. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | an annual retainer fee for Board service of $25,000 ($50,000 for service as Chair), together with an option for 10,000 common shares (40,000 in the case of the Chair); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | an annual retainer fee for committee service as (i) Audit Committee Chair ($12,000; currently Ms. Williams); (ii) Compensation Committee Chair ($8,000; currently Mr. Crowley); (iii) Nominating and Corporate Governance Committee Chair ($5,000; currently Mr. Charles Baker); and (iv) Science and Technology Committee and Strategy and External Technology Subcommittee Chair ($2,500 each; currently Dr. Scheinberg); |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | per-Board meeting attendance fees of $2,000; and |
|--------|--------------------------------------------------|

| · | per-committee meeting attendance fees (reflecting differing meeting formats and frequencies) of $1,000 for Audit, Nominating and Corporate Governance, Compensation, Strategic Review and ad hoc committee meetings and $7,500 for Science & Technology Committee meetings; and $10,000 per year for attendance at all meetings during the year of its Strategy and External Technology Subcommittee. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

SECURITY

|                                                                                                                            |   | Shares BeneficiallyOwned(2) |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|
| Name and Address of Beneficial Owner(1)                                                                                         |   | Number                      |   | Percent |
| Federated Investors, Inc.(3)   Federated Investors Tower   Pittsburgh, PA 15222-3779              |   | 8,093,593                   |   | 23.9% |
| Paul Tudor Jones, II(4)   1275 King Street   Greenwich, CT 06831                                  |   | 2,888,513                   |   | 8.5% |
| Entities affiliated with Tudor Investment Corporation(5)   1275 King Street   Greenwich, CT 06831 |   | 2,342,388                   |   | 6.9% |
| BlackRock, Inc.(6)   40 East 52nd Street   New York, NY 10022                                     |   | 2,013,509                   |   | 5.9% |
| FMR LLC(7)   82 Devonshire Street   Boston, MA 02109                                              |   | 1,770,157                   |   | 5.2% |
| Charles A. Baker(8)                                                                                                             |   | 111,481                     |   | * |
| Mark R. Baker(9)                                                                                                                |   | 286,977                     |   | * |
| Kurt W. Briner(10)                                                                                                              |   | 210,500                     |   | * |
| Peter J. Crowley(11)                                                                                                            |   | 105,000                     |   | * |
| Mark F. Dalton(12)                                                                                                              |   | 2,524,888                   |   | 7.4% |
| Stephen P. Goff(13)                                                                                                             |   | 156,000                     |   | * |
| Paul J. Maddon(14)                                                                                                              |   | 1,994,557                   |   | 5.7% |
| David A. Scheinberg(15)                                                                                                         |   | 155,289                     |   | * |
| Nicole S. Williams(16)                                                                                                          |   | 80,000                      |   | * |
| Robert A. McKinney(17)                                                                                                          |   | 235,247                     |   | * |
| Robert J. Israel(18)                                                                                                            |   | 175,216                     |   | * |
| Benedict Osorio(19)                                                                                                             |   | 141,571                     |   | * |
| All directors and executive officers as a group(20)                                                                             |   | 6,171,726                   |   | 16.9% |

|  _______________ |   |
|-----------------------|--------|

|   | *                Less than one percent. |
|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | (1) | The address of each beneficial owner who is a director or officer of the Company is c/o Progenics Pharmaceuticals, Inc., 777 Old Saw Mill River Road, Tarrytown, NY 10591. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 the shares issuable pursuant to stock options held by the stockholder that are currently exercisable, i.e., within 60 days of March 31, 2012. Shares issuable upon exercise of these options are deemed outstanding for computing the percentage of beneficial ownership of the person holding the options but are not deemed outstanding for computing the percentage of beneficial ownership of anyother person. None of the shares held by our directors and executive officers are pledged as collateral. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Based on a Schedule 13G filed February 9, 2012, (i) Federated Investors, Inc. (FII) is the parent holding company of Federated Equity Management Company of Pennsylvania and Federated Global Investment Management Corp., which are wholly owned subsidiaries of FII Holdings, Inc., a wholly owned subsidiary of FII, and act as investment advisors to registered investment companies and separate accounts that own the shares reported, and (ii) all of FII’s 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 and who have collective voting control over FII. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | (4) | Includes 2,342,388 shares beneficially owned by entities affiliated with Tudor Investment Corporation (TIC). Mr. Jones is the Co-Chairman and principal equity owner of TIC and Tudor Group Holdings LLC (TGH). Mr. Jones disclaims beneficial ownership of shares owned, or deemed beneficially owned, by such entities. See Note (5). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | The number of shares owned by entities affiliated with TIC consists of 1,508,836 shares held of record by The Tudor BVI Global Portfolio L.P., a limited partnership organized under the laws of the Cayman Islands (Tudor BVI), 311,232 shares held of record by Tudor Global Fund L.P. (TGF), 219,107 shares held of record by Tudor Proprietary Trading, L.L.C., and 15,400 shares held of record by Tudor Global Trading LLC (TGT). In addition, because TIC provides investment advisory services to Tudor BVI and TGF and acts as general partner of TGF, it may be deemed to beneficially own the shares held by such entities. TIC disclaims beneficial ownership of such shares. TGH holds a majority of equity interests in TGT and indirectly holds a majority of the membership interests of TPT. TGH disclaimsbeneficial ownership of the shares beneficially owned by each of such entities. The number set forth does not include shares owned of record by Mr. Jones and Mr. Dalton. See Notes (4) and (12). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Based on a Schedule 13G filed on February 13, 2012, BlackRock Japan Co. Ltd., BlackRock Institutional Trust Company, N.A., BlackRock Fund Advisors, BlackRock Asset Management Canada Ltd., BlackRock Advisors, LLC and BlackRock Investment Management, LLC acquired the securities reported. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Based on a Schedule 13G filed on February 14, 2012, Fidelity Management & Research Company (Fidelity), 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 1,770,157 shares as a result of acting as investment adviser to various investment companies registered under Section 8 of the Investment Company Act of 1940.  Edward C. Johnson 3d and FMR, through its control of Fidelity, and the funds each has sole power to dispose of the 1,770,157 shares owned by the Funds. 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. TheJohnson 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. 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. Neither FMR nor Edward C. Johnson 3d, Chairman of FMR, has the sole power to vote or direct the voting of the shares owned directly by the Fidelity Funds, which power resides with the Funds’ Boards of Trustees. Fidelity carries out the voting of the shares under written guidelines established by the Funds’ Boards of Trustees. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | Includes 21,481 shares owned by the Baker Family Limited Partnership and 90,000 shares issuable upon exercise of currently exercisable options. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (9) | Includes 40,311 shares outstanding and 246,666 shares issuable upon exercise of currently exercisable options. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|  (10) | Includes 33,000 shares outstanding and 177,500 shares issuable upon exercise of currently exercisable options. |
|------------|----------------------------------------------------------------------------------------------------------------|

|  (11) | Consists of 105,000 shares issuable upon exercise of currently exercisable options. |
|------------|-------------------------------------------------------------------------------------|

|  (12) | Includes 78,500 shares held of record directly by Mr. Dalton and 87,500 shares issuable upon exercise of currently exercisable options held by Mr. Dalton. The number set forth also includes 2,342,388 shares beneficially owned by entities affiliated with TIC. Mr. Dalton is Co-Chairman, Chief Executive Officer, President and an equity owner of TIC and Co-Chairman, Chief Executive Officer and an equity owner of TGH. Mr. Dalton disclaims beneficial ownership of shares beneficially owned, or deemed beneficially owned, by entities affiliated with TIC and DF Partners (16,500 shares). See Note (5). Mr. Dalton is not standing for re-election as a director at the Meeting. |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (13) | Includes 66,000 shares outstanding and 90,000 shares issuable upon exercise of currently exercisable options. |
|------------|---------------------------------------------------------------------------------------------------------------|

|  (14) | Includes 854,057 shares outstanding and 1,140,500 shares issuable upon exercise of currently exercisable options. |
|------------|-------------------------------------------------------------------------------------------------------------------|

|  (15) | Includes 46,182 shares outstanding and 109,107 shares issuable upon exercise of currently exercisable options. |
|------------|----------------------------------------------------------------------------------------------------------------|

|  (16) | Includes 5,000 shares outstanding and 75,000 shares issuable upon exercise of currently exercisable options. |
|------------|--------------------------------------------------------------------------------------------------------------|

|  (17) | Includes 44,414 shares outstanding, of which 6,666 are restricted shares subject to forfeiture, and 190,833 shares issuable upon exercise of currently exercisable options. |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (18) | Includes 38,383 shares outstanding, of which 6,666 are restricted shares subject to forfeiture, and 136,833 shares issuable upon exercise of currently exercisable options. |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (19) | Includes 30,738 shares outstanding, of which 6,666 are restricted shares subject to forfeiture, and 110,833 shares issuable upon exercise of currently exercisable options. |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (20) | Includes 3,616,954 shares outstanding, of which 19,998 are restricted shares subject to forfeiture, and 2,554,772 shares issuable upon exercise of currently exercisable options held by directors, NEOs and all other executive officers of the Company. |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

OTHER

----

Table of Contents

Stockholder

----

Table of Contents

PROGENICS

| 1.   | PURPOSE |
|----------------|---------|

| 2.   | DEFINITIONS |
|----------------|-------------|

| (a) | Award means an award of a Stock Option, Stock Appreciation Right, Restricted Stock Award, Stock Unit Award, Stock Award or Performance Award granted under the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Award Agreement means a written or electronic agreement entered into between the Company and a Participant setting forth the terms and conditions of an Award.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (c) | Board means the Board of Directors of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (d) | Change in Control shall have the meaning set forth in Section 13.2 hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (e) | Code means the Internal Revenue Code of 1986, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (f) | Committee means the Compensation Committee of the Board or a successor thereof, or any other committee of the Board appointed by the Board to administer the Plan from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (g) | Common Stock means the Company’s Common Stock, par value $.0013 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (h) | Company means Progenics Pharmaceuticals, Inc., a Delaware corporation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (i) | Date of Grant means the date on which an Award under the Plan is granted by the Committee, or such later date as the Committee may specify to be the effective date of an Award.                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (j) | Disability means a Participant being considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code, unless otherwise provided in an Award Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (k) | Eligible Person means any person who is an employee, officer, director, consultant, advisor or other individual service provider of the Company or any Subsidiary, as determined by the Committee, or any person who is determined by the Committee to be a prospective employee, officer, director, consultant, advisor or other individual service provider of the Company or any Subsidiary.                                                                                                                                                                                                                                    |
| (l) | Exchange Act means the Securities Exchange Act of 1934, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (m) | Fair Market Value with respect to the value of a share of Common Stock as of a particular day, shall mean the last reported sale price (as reported on the NASDAQ) of the Common Stock on such day (unless such day is not a trading day, in which case, on the last trading day immediately preceding such day on which the Common Stock is traded on the NASDAQ). If the Common Stock is not listed on the NASDAQ, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate, taking into account to the extent necessary the requirements of Section 409A of the Code. |
| (n) | Incentive Stock Option means a Stock Option granted under Section 6 hereof that is intended to meet the requirements of section 422 of the Code and the regulations promulgated thereunder.                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (o) | NASDAQ means The Nasdaq Stock Market’s National Market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (p) | Nonqualified Stock Option means a Stock Option granted under Section 6 hereof that is not an Incentive Stock Option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (q) | Participant means any Eligible Person who holds an outstanding Award under the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

----

Table of Contents

| (r)  | Performance Awards means an Award under Section 11 hereof entitling a Participant to a payment in cash at the end of a performance period, if the performance and other conditions established by the Committee are satisfied.                                                                                                                                                                                                                                                                             |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (s)  | Plan means this Progenics Pharmaceuticals, Inc. 2005 Stock Incentive Plan as amended herein, and as may be amended from time to time, effective as provided in Section 15.1 hereof.                                                                                                                                                                                                                                                                                                                        |
| (t)  | Restricted Stock Award means a grant of shares of Common Stock to an Eligible Person under Section 8 hereof that are issued subject to such vesting and transfer restrictions and such other conditions as are set forth in the Plan and the applicable Award Agreement.                                                                                                                                                                                                                                   |
| (u)  | Section 162(m) Award means any Award that is intended to qualify for the “performance-based” compensation exception under section 162(m) of the Code and the regulations promulgated thereunder.                                                                                                                                                                                                                                                                                               |
| (v)  | Service means a Participant’s employment or other service relationship with the Company or any Subsidiary.                                                                                                                                                                                                                                                                                                                                                                                           |
| (w)  | Stock Appreciation Right means a contractual right granted to an Eligible Person under Section 7 hereof entitling such Eligible Person to receive a payment, representing the difference between the base price per share of the right and the Fair Market Value of a share of Common Stock at such time, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.                                                                                                 |
| (x)  | Stock Award means a grant of shares of Common Stock to an Eligible Person under Section 10 hereof entitling a Participant to shares of Common Stock that are issued free of transfer restrictions and forfeiture conditions.                                                                                                                                                                                                                                                                               |
| (y)  | Stock Option means a contractual right granted to an Eligible Person under Section 6 hereof to purchase shares of Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.                                                                                                                                                                                                                                                    |
| (z)  | Stock Unit Award means a contractual right granted to an Eligible Person under Section 9 hereof representing notional unit interests equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.                                                                                                                                                                                  |
| (aa) | Subsidiary means an entity (whether or not a corporation) that is wholly or majority owned or controlled, directly or indirectly, by the Company, or any other affiliate of the Company that is so designated, from time to time, by the Committee; provided, however, that with respect to Incentive Stock Options, the term “Subsidiary” shall include only an entity that qualifies under section 424(f) of the Code as a “subsidiary corporation” with respect to the Company. |

| 3.   | ADMINISTRATION |
|----------------|----------------|

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| 4.   | SHARES SUBJECT TO THE PLAN |
|----------------|----------------------------|

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| 5.   | PARTICIPATION AND AWARDS |
|----------------|--------------------------|

| 6.   | STOCK OPTIONS |
|----------------|---------------|

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| (i)   | Eligibility. An Incentive Stock Option may only be granted to an Eligible Person who is considered an employee under Treasury Regulation §1.421-7(h) of the Company or any Subsidiary.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)  | Annual Limits. No Incentive Stock Option shall be granted to an Eligible Person as a result of which the aggregate Fair Market Value (determined as of the Date of Grant) of the stock with respect to which Incentive Stock Options are exercisable for the first time in any calendar year under the Plan and any other stock option plans of the Company or any Subsidiary would exceed $100,000, determined in accordance with section 422(d) of the Code. This limitation shall be applied by taking Incentive Stock Options into account in the order in which granted.                                                                                                                                                                                                                                                                                                                                                                                        |
| (iii) | Ten Percent Stockholders. If a Stock Option granted under the Plan is intended to be an Incentive Stock Option, and if the Participant, at the time of grant, owns stock possessing ten percent or more of the total combined voting power of all classes of Common Stock of the Company or any Subsidiary, then (A) the Stock Option exercise price per share shall in no event be less than 110 percent of the Fair Market Value of the Common Stock on the date of such grant and (B) such Stock Option shall not be exercisable after the expiration of five years following the date such Stock Option is granted.                                                                                                                                                                                                                                                                                                                                                   |
| (iv)  | Termination of Employment. An Award of an Incentive Stock Option may provide that such Stock Option may be exercised not later than 3 months following termination of employment of the Participant with the Company and all Subsidiaries, or not later than one year following death or a permanent and total disability within the meaning of section 22(e)(3) of the Code, as and to the extent determined by the Committee to comply with the requirements of section 422 of the Code.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (v)   | Other Terms and Conditions; Nontransferability. Any Incentive Stock Option granted hereunder shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as are deemed necessary or desirable by the Committee, which terms, together with the terms of the Plan, shall be intended and interpreted to cause such Incentive Stock Option to qualify as an “incentive stock option” under section 422 of the Code. An Award Agreement for an Incentive Stock Option may provide that such Stock Option shall be treated as a Nonqualified Stock Option to the extent that certain requirements applicable to “incentive stock options” under the Code shall not besatisfied. An Incentive Stock Option shall by its terms be nontransferable other than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of a Participant only by such Participant. |
| (vi)  | Disqualifying Dispositions. If shares of Common Stock acquired by exercise of an Incentive Stock Option are disposed of within two years following the Date of Grant or one year following the transfer of such shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Company in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Company may reasonably require.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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| 7.   | STOCK APPRECIATION RIGHTS |
|----------------|---------------------------|

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| (i)   | a change in the composition of the Board such that during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (ii) or (iii) of this Section 13.2) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority ofthe members thereof;                                                                                                                                                                                                                                                                                                                                      |
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| (ii)  | the consummation of a merger, consolidation, reorganization or similar corporate transaction, whether or not the Company is the surviving corporation in such transaction, in which outstanding shares of Common Stock are converted into (A) shares of stock of another company, other than a conversion into shares of voting common stock of the successor corporation (or a holding company thereof) representing more than 50% of the voting power of all capital stock thereof outstanding immediately after the merger or consolidation, or (B) other securities (of either the Company or another company) or cash or other property;                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (iii) | any “Person” (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), except that such term shall not include (A) the Company, (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, who is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities BeneficiallyOwned by such Person any securities acquired directly from the Company) representing 30% or more of the voting power of all capital stock thereof outstanding, excluding any Person who is an officer or director of the Company or who becomes such a Beneficial Owner in connection with a transaction described in clause (ii) of this Section 13.2; or |
| (iv)  | the consummation of (A) the sale or other disposition of all or substantially all of the assets of the Company, or (B) a complete liquidation or dissolution 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 13, 2012.The Landmark at EastviewRockland Room777 Old Saw Mill River RoadTarrytown, NY 10591 |
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| TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS                               |                               |
|----------------------------------------------------------------------------------|------------------------------------|
| FOLLOWS:                                                                         | KEEP THIS PORTION FOR YOUR RECORDS |
| DETACH AND RETURN THIS PORTION ONLY                                              |
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| 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) Charles A. Baker    |   | ¨  | ¨  | ¨ |
|      | 04) Mark R. Baker       |   | ¨  | ¨  | ¨ |
|      | 05) Kurt W. Briner      |   | ¨  | ¨  | ¨ |
|      | 06) Stephen P. Goff     |   | ¨  | ¨  | ¨ |
|      | 07) David A. Scheinberg |   | ¨  | ¨  | ¨ |
|      | 08) Nicole S. Williams  |   | ¨  | ¨  | ¨ |

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| The Board of Directors recommends you vote FOR each of the following proposals:                                                                                                                        |   |    |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------|
|                                                                                                                                                                                                   | For    | Against | Abstain |
| 2.  Approval, on an advisory basis, of the compensation of the Company’s named executive officers as disclosed in this year’s Proxy Statement.                              | ¨ | ¨  | ¨  |
|                                                                                                                                                                                                   |   |    |    |
| 3.  Approval of an amendment to the Company’s 2005 Stock Incentive Plan to increase the number of shares of common stock reserved for issuance thereunder from 7,450,000 to 8,450,000. | ¨ | ¨  | ¨  |
|                                                                                                                                                                                                   |   |    |    |
| 4.  Ratification of the selection of Ernst & Young LLP to serve as the Company’s independent registered public accounting firm for 2012.                                           | ¨ | ¨  | ¨  |

| 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 13, 2012 – 10:00AMTHIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| The undersigned(s) hereby appoint(s) Mark R. Baker and Robert A. McKinney, 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 13, 2012, 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.                                                                                                                                                                                                                                                                                                                                                                                                             |
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| (Continued and to be signed on the reverse side)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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