| 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. | The      election of eight directors to serve until the next Annual Meeting of      Stockholders and until their successors are elected and      qualified. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The      approval of amendments to our 1998 Employee Stock Purchase Plan and 1998      Non-Qualified Employee Stock Purchase Plan to increase the number of      shares of common stock reserved for issuance thereunder to 3,400,000 and      1,100,000, respectively, and to make certain other changes to the terms of      the Plans. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The      approval of an amendment to our 2005 Stock Incentive Plan to increase the      number of shares of common stock reserved for issuance thereunder to      5,450,000, and to make certain other changes to the terms of the      Plan. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | The      ratification of the selection of PricewaterhouseCoopers LLP to serve as      our independent registered public accounting firm for  2009. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | The      transaction of such other business as may properly come before the Meeting      and any adjournment thereof. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------|

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Proxy

| GENERAL INFORMATION ABOUT THE MEETING AND      VOTING                                                                                                                                                                                                                                                | 1                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
| PROPOSAL 1:  ELECTION OF      DIRECTORS                                                                                                                                                                                                                                                    | 2                         |
| PROPOSAL 2:  AMENDMENT OF OUR 1998 EMPLOYEE      STOCK PURCHASE PLAN AND                                1998 NON-QUALIFIED EMPLOYEE STOCK PURCHASE PLAN  |  5                   |
| PROPOSAL 3:  AMENDMENT OF OUR 2005 STOCK      INCENTIVE PLAN                                                                                                                                                                                                                               |          8 |
| PROPOSAL 4:  RATIFICATION OF SELECTION OF      INDEPENDENT ACCOUNTING FIRM                                                                                                                                                                                                                 | 15                        |
| EXECUTIVE AND OTHER OFFICERS OF THE      COMPANY                                                                                                                                                                                                                                                     | 17                        |
| EXECUTIVE COMPENSATION                                                                                                                                                                                                                                                                               | 20                        |
| COMPENSATION DISCUSSION AND ANALYSIS                                                                                                                                                                                                                                                                 | 20                        |
|           Summary Compensation Table                                                                                                                                                                                                                                                  | 26                        |
|           Grants of Plan-Based Awards For      2008                                                                                                                                                                                                                                   | 27                        |
|           Outstanding Equity Awards at Fiscal      Year-End                                                                                                                                                                                                                           | 28                        |
|           Option Exercises and Stock Vested      in  2008                                                                                                                                                                                                                   | 29                        |
|           Potential Payments Upon Termination or      Change-in-Control                                                                                                                                                                                                               | 29                        |
|           Narrative for Potential Payments Upon Termination      or Change-in-Control Table for Dr. Maddon                                                                                                                                                                            | 31                        |
|           Narrative for Potential Payments Upon      Termination or Change-in-Control Table for Dr. Israel                                                                                                                                                                            | 33                        |
|           Director Compensation in 2008                                                                                                                                                                                                                                               | 34                        |
|           Narrative for Director Compensation      Table                                                                                                                                                                                                                         | 34                        |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND      MANAGEMENT                                                                                                                                                                                                                                  | 36                        |
| CORPORATE GOVERNANCE                                                                                                                                                                                                                                                                                 | 39                        |
| COMPENSATION COMMITTEE REPORT                                                                                                                                                                                                                                                                        | 42                        |
| COMPENSATION COMMITTEE INTERLOCKS AND INSIDER      PARTICIPATION                                                                                                                                                                                                                                     | 42                        |
| AUDIT COMMITTEE REPORT                                                                                                                                                                                                                                                                               | 42                        |
| CERTAIN RELATIONSHIPS AND RELATED      TRANSACTIONS                                                                                                                                                                                                                                                  | 44                        |
| SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING      COMPLIANCE                                                                                                                                                                                                                                         | 44                        |
| SALES OF STOCK BY INSIDERS                                                                                                                                                                                                                                                                           | 44                        |
| STOCKHOLDER PROPOSALS                                                                                                                                                                                                                                                                                | 45                        |
| HOUSEHOLDING                                                                                                                                                                                                                                                                                         | 45                        |
| OTHER BUSINESS                                                                                                                                                                                                                                                                                       | 45                        |
| APPENDIX A:  Progenics Pharmaceuticals, Inc. -      Employee Stock Purchase Plan                                                                                                                                                                                                           | A-1                       |
| APPENDIX B:  Progenics Pharmaceuticals, Inc. -      Non-Qualified Employee Stock Purchase Plan                                                                                                                                                                                             | B-1                       |
| APPENDIX C:  Progenics Pharmaceuticals, Inc. -      2005 Stock Incentive Plan                                                                                                                                                                                                              | C-1                       |

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GENERAL

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PROP

| Name                                                                                                                                                                                                                                                                                                                                                                                  |   | Age  | YearFirst      Elected Director                                                   | Position      with Company  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|----------------------------------------------------------------------------------------|----------------------------------|--------|
| Kurt      W.      Briner                                                                           | 64     | 1998      | Chairman      and Director                                                             |
| Charles      A. Baker, J.D.      (1)(2)(3)                                                         | 76     | 1994      | Director                                                                               |
| Peter      J. Crowley, M.B.A.      (1)                                                             | 50     | 2009      | Director                                                                               |
| Mark      F. Dalton, J.D.      (2)(3)                                                              | 58     | 1990      | Director                                                                               |
| Stephen      P. Goff, Ph.D.      (2)                                                               | 57     | 1993      | Director                                                                               |
| Paul      J. Maddon, M.D.,      Ph.D.                                                              | 49     | 1986      | Chief      Executive Officer, Chief   Science      Officer and Director |
| David      A. Scheinberg, M.D., Ph.D.                                                                                                                                                                                                                                                                                                                                                      | 53     | 1996      | Director                                                                               |
| Nicole      S. Williams, M.B.A.      (1)                                                           | 64     | 2007      | Director                                                                               |

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| Name      and Position                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Gain from exercise under      Plans1 |      |   | Number      of shares issued upon ESPP exercise |   |          | Number      of shares issued upon Non-Qualified ESPP exercise |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|-----------|--------|------------------------------------------------------|--------|---------------|--------------------------------------------------------------------|--------|
| Paul      J.      Maddon                                                                        |   |                                 | —   |   |                                                 |   | —       |                                                               |   |   | — |   |
| Chief      Executive Officer2                                                                                  |   |                                 |      |   |                                                 |   |          |                                                               |   |   |   |   |
| Robert      A.      McKinney                                                                    |   | $                                    | 35,151    |   |                                                 |   | 809           |                                                               |   |   | 1,076 |   |
| Chief      Financial Officer3                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                 |      |   |                                                 |   |          |                                                               |   |   |   |   |
| Mark      R. Baker3                                                                             |   | $                                    | 45,400    |   |                                                 |   | 809           |                                                               |   |   | 1,510 |   |
| Thomas      A. Boyd3                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $                                    | 54,132    |   |                                                 |   | 809           |                                                               |   |   | 1,894 |   |
| Robert      J. Israel3                                                                          |   | $                                    | 41,709    |   |                                                 |   | 809           |                                                               |   |   | 1,381 |   |
| All      current executive officers as a group3                                                                                                                                                                                                                                                                                                                                                                                           |   | $                                    | 206,838   |   |                                                 |   | 4,045         |                                                               |   |   | 6,734 |   |
| All      current directors who are not executive officers as a group4                                                                                                                                                                                                                                                                                                                                                                          |   |                                 | —   |   |                                                 |   | —       |                                                               |   |   | — |   |
| All      employees, including all current officers who are not executive officers      as a group5                                                                                                                                                                                                                                                                                                                                             |   | $                                    | 2,513,130 |   |                                                 |   |  533,779 |                                                               |   |   |  119,911 |   |

| (1) | The      exercise price range for the ESPP was $4.27 to $15.32 and for the      Non-Qualified ESPP was $6.07 to$15.32. |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (2) | As      the holder of a beneficial interest in more than five percent of common      stock in 2008, Dr. Maddon was not eligible to participate in either      Plan. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Gain      from exercise is the difference between (i) the fair market value on the      date of exercise of the shares issued upon exercise of the purchase rights      and (ii) the exercise price thereof.  Share numbers are net of      shares surrendered in payment of exercise prices for, and applicable      withholding taxes in respect of, rights  exercised. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Non-employee      directors are not eligible to participate in the  Plans. |
|-----|----------------------------------------------------------------------------|

| (5) | Gain      from exercise is the difference between (i) the fair market value on the      date of exercise of the shares issued upon exercise of the purchase rights      and (ii) the exercise price thereof.  Share numbers are net of      shares surrendered in payment of exercise prices for, and, in the case of      employees who so elect, applicable withholding taxes in respect of, rights      exercised.  Executive officers are not included in this      group. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                  |   | (a)Number      of sharesto      be issued upon exercise of outstanding options, warrants and      rights |      |   | (b)Weighted      average exercise price of outstanding options, warrants and      rights |   |   | (c)Number      of shares remaining available for future issuance (excluding securities      reflected in first column) |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|-----------|--------|------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                  |   |                                                                                                     |      |   |                                                                                     |   |   |                                                                                                                   |   |
| Equity      compensation plans approved by stockholders                                                                                                                                                                                                                                               |   |                                                                                                     | 4,366,031 | (1)    |                                                                                     | $      | 19.11  |                                                                                                                   |   |   | 2,145,423 | (2) |
| Equity      compensation plans not approved by stockholders (3)                                                                                                                                                                                                                                       |   |                                                                                                     | 85,143    |   |                                                                                     | $      | 1.51   |                                                                                                                   |   |   | — |   |
|                                                                                                                                                                                                                                                                                                  |   |                                                                                                     |      |   |                                                                                     |   |   |                                                                                                                   |   |   |   |   |
| Total                                                 |   |                                                                                                     | 4,451,174 |   |                                                                                     | $      | 18.78  |                                                                                                                   |   |   | 2,145,423 |   |

| (1) | Does      not include purchase rights issued under the ESPP or the Non-Qualified      ESPP. |
|-----|---------------------------------------------------------------------------------------------|

| (2) | Includes      735,741 and 294,595 shares available for issuance under the ESPP and      Non-Qualified ESPP, respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (3) | Consists      only of our 1989 Non-Qualified Stock Option  Plan. |
|-----|------------------------------------------------------------------|

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PROP

| Type of Fee                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |  2008 |    |   |  2007 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------|--------|------------|--------|
| Audit      Fees      (1)                                                                        |   | $          | 559,992 |   |       | $      | 601,161 |   |
| Tax      Fees      (2)                                                                          |   |       | 39,900  |   |       |   | 59,500 |   |
| All      Other Fees      (3)                                                                    |   |       | 1,611   |   |       |   | 1,611 |   |

| (1) | Consists      of fees billed or expected to be billed by PWC 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 our quarterly interim financial statements, totaling $547,700 in 2008      and $535,026 in 2007, (ii) filing of registration statements with the SEC,      totaling $5,000 in 2008 and $57,500 in 2007, and (iii) statutory non-U.S.      audit fees of $7,292 for 2008 and $8,635 for  2007. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Consists      of fees billed or expected to be billed by PWC for (i) tax return      preparation totaling $35,000 in 2008 and $32,500 in 2007, and (ii) tax      advice of $4,900 for 2008 and tax consultation regarding Internal Revenue      Code section 382 analysis of $27,000 in2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Consists      of fees paid to PWC for a proprietary internet-based subscription      service. |
|-----|-----------------------------------------------------------------------------------------------|

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EXECU

|  Name                                                                                                                                                                                                                                                                                                                                              |   |  Age                                                                                                         |  Position |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------|----------------|
| Paul      J. Maddon, M.D.,      Ph.D.                                                    | 49     | Chief      Executive Officer, Chief Science Officer and Director                                                  |
| Mark      R. Baker,      J.D.                                                            | 54     | Executive      Vice President-Corporate, General   Counsel      and Secretary                      |
| Robert      A. McKinney,      CPA                                                        | 52     | Chief      Financial Officer, Senior Vice President,   Finance      & Operations and Treasurer |
| Thomas      A. Boyd,      Ph.D.                                                          | 57     | Senior      Vice President, Product Development                                                                   |
| Robert      J. Israel,      M.D.                                                         | 52     | Senior      Vice President, Medical Affairs                                                                       |
| William      C. Olson,      Ph.D.                                                        | 46     | Senior      Vice President, Research & Development                                                            |
| Benedict      Osorio, M.S., M.B.A.                                                                                                                                                                                                                                                                                                                      | 52     | Senior      Vice President, Quality                                                                               |
| Nitya      G. Ray,      Ph.D.                                                            | 56     | Senior      Vice President, Manufacturing                                                                         |
| Ann      Marie Assumma,      M.S.                                                        | 55     | Vice      President, Regulatory                                                                                   |
| Walter      M. Capone,      M.B.A.                                                       | 44     | Vice      President, Commercial Development and   Operations                                       |
| Richard      W. Krawiec,      Ph.D.                                                      | 61     | Vice      President, Corporate Affairs                                                                            |
| Tage      Ramakrishna,      M.D.                                                         | 34     | Vice      President, Clinical Research                                                                            |

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EXECU

Compen

| ·   | Attract      and retain those executives critical to our overall    success; |
|--------------------|------------------------------------------------------------------------------|

| ·   | Reward      executives for contributions to achievement of strategic goals which      enhance stockholder value; |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| ·   | Foster      and maintain a company culture of ownership, creativity and innovation;      and |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | Motivate      our NEOs to achieve critical financial, product and development milestones      (long- and short-term) set by the Board and  management. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Acorda      Therapeutics, Inc.     | Myriad      Genetics, Inc.           |
|------------------------------------|--------------------------------------|
| Alexion      Pharmaceuticals, Inc. | Neurocrine      Biosciences, Inc.    |
| Exelixis,      Inc.                | Nuvelo,      Inc.                    |
| Human      Genome Sciences, Inc.   | Regeneron      Pharmaceuticals, Inc. |
| Idenix      Pharmaceuticals, Inc.  | Telik,      Inc.                     |
| Intermune,      Inc.               | Theravance,      Inc.                |
| Medarex,      Inc.                 | Zymogenetics      Inc.               |

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Summ

| Name      and Principal Position | Year                                                 | Salary      ($)                                               | Bonus      ($)                                                               | Stock      Awards1      ($)                                                                                                                                                                       | Option      Awards1      ($) | All      Other Compen-sation2      ($) | Total      ($) |
|----------------------------------|------------------------------------------------------|---------------------------------------------------------------|------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|----------------------------------------|----------------|
|                             |                                                 |                                                          |                                                                         |                                                                                                                                                                                              |                         |                                   |           |
| Paul      J. Maddon              | 2008                                                 | 618,000                                                       | 330,0003                                                                     | 779,610                                                                                                                                                                                           | 1,374,410                    | 17,228                                 | 3,119,248      |
| Chief      Executive Officer     | 2007                                                 | 600,000                                                       | -                                                                            | 738,848                                                                                                                                                                                           | 1,779,997                    | 16,806                                 | 3,135,6517     |
|                             | 2006                                                 | 565,000                                                       | 350,0003                                                                     | 384,306                                                                                                                                                                                           | 2,850,421                    | 16,306                                 | 4,166,0337     |
|                             |                                                 |                                                          |                                                                         |                                                                                                                                                                                              |                         |                                   |           |
| Robert      A. McKinney          |              2008 |              290,000       |               88,0004                | 184,702                                                                                                                                                                                           | 415,874                      | 28,752                                 | 1,007,328      |
| Chief      Financial Officer     |              2007 |              270,000       |             110,0004                           | 143,762                                                                                                                                                                                           | 352,506                      | 25,923                                 | 902,191        |
|                             |              2006 |              250,000       |             100,0004                           | 80,607                                                                                                                                                                                            | 334,053                      | 25,423                                 | 790,083        |
|                             |                                                 |                                                          |                                                                         |                                                                                                                                                                                              |                         |                                   |           |
| Mark      R. Baker               |              2008 |              385,000       |              160,0004                     | 122,067                                                                                                                                                                                           | 825,197                      | 20,500                                 | 1,512,764      |
| Executive      Vice President-   |              2007 |              325,000       |              200,0004                     | 88,185                                                                                                                                                                                            | 650,729                      | 20,500                                 | 1,284,414      |
| Corporate                        |              2006 |              300,000       |              200,0004                     | 24,949                                                                                                                                                                                            | 519,975                      | 20,000                                 | 1,064,924      |
|                             |                                                 |                                                          |                                                                         |                                                                                                                                                                                              |                         |                                   |           |
| Thomas      A. Boyd              |              2008 |              290,000       |                155,0004,5       | 59,3166                                                                                                                                                                                           | 445,765                      | 25,979                                 | 976,060        |
| Senior      Vice President       |              2007 |              270,000       |            220,0004,5 | 170,2526                                                                                                                                                                                          | 391,650                      | 26,161                                 | 1,078,063      |
|                             |              2006 |              250,000       |              125,0004                     |                                     166,166 | 492,274                      | 25,516                                 | 1,058,956      |
|                             |                                                 |                                                          |                                                                         |                                                                                                                                                                                              |                         |                                   |           |
| Robert      J. Israel       |              2008 |               355,000 |                80,0004          | 143,468                                                                                                                                                                                           | 238,693                      | 29,167                                 | 846,328        |
| Senior      Vice President       |                                                 |                                                          |                                                                         |                                                                                                                                                                                              |                         |                                   |           |
|                             |                                                 |                                                          |                                                                         |                                                                                                                                                                                              |                         |                                   |           |

| (1) | Amount      of compensation for each NEO reflects the expense recognized by the      Company for financial statement reporting purposes for the year presented,      in accordance with FAS 123R, in respect of awards made in the year      presented and prior years.  The assumptions used in calculating      the expense amounts are set forth in our Annual Reports on Form 10-K for      the relevant years.  “Option Awards” column includes      compensation derived from our ESPP and Non-Qualified ESPP      Plans. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes      the amount of the Company’s matching contribution under our 401(k) Plan      and reimbursement of premiums for enhanced life and disability insurance      made to or on behalf of our NEOs. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Dr.      Maddon elected to receive the 2008 bonus award in the form of 66,294      shares of restricted stock rather than $330,000 cash, of which 29,464      shares vested on March 17, 2009, the date of grant, with the balance of      36,830 vesting six months later.  The total value of the award      was $371,246, based on 66,294 shares at a per-share value of $5.60, the      fair market value of our common stock on the date of grant.  The $41,246      incremental cost will be reported in the Summary Compensation Table of our      2010 Proxy Statement as compensation expense for 2009, when the restricted      shares are scheduled to vest.  Dr. Maddon elected to receive the      2006 bonus award in the form of 15,957 shares of restricted stock rather      than $350,000 cash. The total value of the award was $481,263, based on      15,957 shares at a per-share value of $30.16, the fair market value of our      common stock on February 20, 2007, the date of grant.  All shares      awarded for the 2006 bonus have vested and compensation expense has been      recorded in accordance with FAS 123R.  Dr. Maddon did not      receive a bonus in 2007. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes      a performance-based discretionary cash bonus approved by the      Committee. |
|-----|--------------------------------------------------------------------------------------------|

| (5) | 2008      amount includes a discretionary cash bonus of $88,000 and a      milestone-based cash bonus of $67,000 paid upon approval by the FDA of the      Company’s NDA for RELISTOR in 2008 (see our CD&A above under the      heading “Elements of Compensation-Long-term      incentives”).  2007 amount includes a discretionary cash      bonus of $110,000 and an additional bonus of the same amount paid upon      filing of the RELISTOR NDA. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Includes      a reduction of $127,800 in each of 2007 and 2008 in respect of two 2006      grants of 5,000 restricted shares each which were subject to subsequent      milestone-based vesting which did not occur and were      forfeited. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (7) | Amounts      differ from those previously reported.  In our 2008 Proxy      Statement, Dr. Maddon’s compensation was reported to be $381,911 higher      for 2007 and $438,006 higher for 2006 than in the presentation      above.  For all years, however, the actual compensation received      by Dr. Maddon as reported in the 2008 Proxy Statement and in this document      remains the same.  In the presentation  above: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | vesting      of portions of Dr. Maddon’s bonus compensation is reported beginning in      the year preceding the award (in respect of which the bonus was awarded),      rather than beginning in the year the bonus was  awarded; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|             (ii) | recognition      of the fair market value of incremental costs of his bonus awards is      reported in the “Stock Awards” column rather than under      “Bonus;” |
|------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       (iii) | the      amount of his 2006 bonus (awarded in 2007) is reported as compensation for      2006 rather than 2007, and the initial vested portion of his 2005 bonus      (awarded in 2006) is not included in 2006 bonus compensation (the 2008      Proxy Statement reported the 2005 bonus portion in both the “Bonus” and      “Stock Awards” columns, without a compensating reduction of the “Total”      column); and |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       (iv) | compensation      derived from our Non-Qualified ESPP is reported in the “Option Awards”      column. |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------|

Grants

| Name                    | Grant      Date |  Estimated      Future Payouts Under Equity Incentive Plan Awards (#)1 | All      Other Stock Awards: Number of Shares of Stock or Units      (#) | All      Other Option Awards: Number of Securities Underlying Options      (#) | Exercise      or Base Price of Option Awards ($/Share) | Grant      Date Fair Value of Stock and Option Awards ($) |
|-------------------------|-----------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------|-----------------------------------------------------------|
| Paul      J. Maddon     | 7/1/2008        | 25,0002                                                                     |                                                                     |                                                                           |                                                   | 197,250                                                   |
|                    | 7/1/2008        | 75,0002                                                                     |                                                                     |                                                                           | 16.05                                                  | 513,000                                                   |
|                    |            |                                                                        |                                                                     |                                                                           |                                                   |                                                      |
| Robert      A. McKinney | 7/1/2008        |                                                                        | 8,3333                                                                   |                                                                           |                                                   | 133,745                                                   |
|                    | 7/1/2008        |                                                                        |                                                                     | 25,0004                                                                        | 16.05                                                  | 277,223                                                   |
|                    |            |                                                                        |                                                                     |                                                                           |                                                   |                                                      |
| Mark      R. Baker      | 7/1/2008        |                                                                        |                                                                     | 60,0004                                                                        | 16.05                                                  | 665,334                                                   |
|                    |            |                                                                        |                                                                     |                                                                           |                                                   |                                                      |
| Thomas      A. Boyd     | 7/1/2008        |                                                                        | 6,6673                                                                   |                                                                           |                                                   | 107,005                                                   |
|                    | 7/1/2008        |                                                                        |                                                                     | 20,0004                                                                        | 16.05                                                  | 221,778                                                   |
|                    |            |                                                                        |                                                                     |                                                                           |                                                   |                                                      |
| Robert      J. Israel   | 7/1/2008        |                                                                        | 6,6673                                                                   |                                                                           |                                                   | 107,005                                                   |
|                    | 7/1/2008        |                                                                        |                                                                     | 20,0004                                                                        | 16.05                                                  | 221,778                                                   |

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

| (2) | Restricted      stock awards and stock options vest in defined percentages upon      achievement of specified performance or market-based milestones; not      subject to cliff vesting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Restricted      stock awards vest 33.3% per year, with vesting dates of June 20, 2009,      2010 and 2011. |
|-----|------------------------------------------------------------------------------------------------------------|

| (4) | Stock      options vest 33.3% per year with vesting dates of July 1, 2009, 2010 and      2011. |
|-----|------------------------------------------------------------------------------------------------|

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Outstan

|                                                                                                                                                                                           | Option      Awards                                                   | Stock      Awards                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------------------------------------------------------------------------|
| Name                                                                                                                                                                                           | NumberofSecurities      Underlying Unexercised Options(#)Exercisable | Number      of Securities Underlying Unexercised Options(#)Unexercisable                       | Equity      Incentive Plan Awards: Number of Securities Underlying Unexercised      Unearned Options(#) | Option      Exercise Price($) | Option      Expiration Date | Number      of Shares or Units of Stock That Have Not Vested(#)1 | Market      Value of Shares or Units of Stock That Have Not Vested($) | Equity      Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights      That Have Not Vested(#) | Equity      Incentive Plan Payout Value of Unearned Shares, Units or Other Rights That      Have Not Vested($)2 |
| Paul      J.      Maddon                                | 0101,25079,75075,000                                                 |                                                                                           | 75,000(3)11,250(4)65,250(5) | 16.0522.0124.2621.39 | 7/1/20187/2/20177/3/20167/1/2015 |   |   |   |   |
|                                                                                                                                                                                           | 35,62537,500112,500112,50075,000                                     |                                                                                           | 1,875(6) | 16.8516.8515.0615.0612.29 | 7/1/20147/1/20147/1/20137/1/20137/1/2012 |   |   |   |   |
|                                                                                                                                                                                           | 33,000                                                               |                                                                                           |   | 12.29 | 7/1/2012 |   |   |   |   |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   | 58,543 | 603,578 | 25,000 | 257,750 |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   |   |   |   |   |
| Robert      A.      McKinney                            | 02,50012,5009,37518,75025,00025,000                                  | 25,000(7)7,500(8)12,500(9)3,125(10)6,250(11)                                                   |   | 16.0522.0124.2621.3922.6815.0612.29 | 7/1/20187/2/20177/3/20167/1/20153/1/20157/1/20137/1/2012 |   |   |   |   |
|                                                                                                                                                                                           | 25,000                                                               |                                                                                           |   | 17.19 | 12/27/2011 |   |   |   |   |
|                                                                                                                                                                                           | 25,000                                                               |                                                                                           |   | 13.63 | 6/28/2010 |   |   |   |   |
|                                                                                                                                                                                           | 25,000                                                               |                                                                                           |   | 13.75 | 4/16/2009 |   |   |   |   |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   | 23,457 | 241,842 | – | – |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   |   |   |   |   |
| Mark      R. Baker                                                                                                                                                                             | 02,50012,50030,00030,000                                             | 60,000(7)7,500(8)12,500(9)    30,000(12)    20,000(13) |   | 16.0522.0124.2627.7120.02 | 7/1/20187/2/20177/3/20162/21/20166/20/2015 |   |   |   |   |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   | 13,999 | 144,330 | – | – |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   |   |   |   |   |
| Thomas      A. Boyd                                                                                                                                                                            | 01,7508,75012,50018,750                                              | 20,000(7)5,250(8)8,750(9) 12,500(12)6,250(10)                                             |   | 16.0522.0124.2627.7121.39 | 7/1/20187/2/20177/3/20162/21/20167/1/2015 |   |   |   |   |
|                                                                                                                                                                                           | 25,00020,00050,000                                                   | 000                                                                                            |   | 15.0612.2918.47 | 7/1/20137/1/20121/1/2012 |   |   |   |   |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   | 18,791 | 193,735 | – | – |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   |   |   |   |   |
| Robert      J.  Israel                                                                                                                                                               | 01,7508,750                                                          | 20,000(7)5,250(8)8,750(9)                                                                      |   | 16.0522.0124.26 | 7/1/20187/2/20177/3/2016 |   |   |   |   |
|                                                                                                                                                                                           | 7,50035,00025,00025,00025,00024,000                                  | 2,500(10)00000                                                                                 |   | 21.3915.0612.2917.1913.6213.75 | 7/1/20157/1/20137/1/201212/27/20116/28/20104/16/2009 |   |   |   |   |
|                                                                                                                                                                                           |                                                                 |                                                                                           |   |   |   | 17,791 | 183,425 |   |   |

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| _____________________ |
|-----------------------|

| (1) | Vest      in equal annual installments commencing one year from date of grant with      final vesting no later than June 20,2011. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (2) | Based      on the closing price of our common stock on December 31, 2008 of      $10.31. |
|-----|------------------------------------------------------------------------------------------|

| (3) | Performance      stock options vest in percentages upon achievement of milestones or share      price performance (see our CD&A above under the heading “Elements of      Compensation-Long-term      incentives” for a discussion of the performance      criteria). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Performance      options vested 90% through 2008 due to the achievement of specified      milestones; remaining 10% cliff vest on June 2,  2017. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Performance      options vested 55% through 2008 due to the achievement of specified      milestones; remaining 45% cliff vest on June 3,  2016. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Performance      options vested 95% through 2008 due to the achievement of specified      milestones; remaining 5% cliff vest on June 1, 2014 or earlier achievement      of milestones. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Stock      options vest equally at 33% in each of the three years beginning July 1,      2009. |
|-----|------------------------------------------------------------------------------------------------|

| (8) | Stock      options vested 25% through December 31, 2008; remaining vest on July 2,      2009, 2010 and 2011. |
|-----|--------------------------------------------------------------------------------------------------------------|

| (9) | Stock      options vested 50% through December 31, 2008; remaining vest on July 3,      2009 and 2010. |
|-----|--------------------------------------------------------------------------------------------------------|

| (10) | Stock      options vested 75% through December 31, 2008; remaining vest on July 1,      2009. |
|------|-----------------------------------------------------------------------------------------------|

| (11) | Stock      options vested 75% through December 31, 2008; remaining vested on March 1,      2009. |
|------|--------------------------------------------------------------------------------------------------|

| (12) |   | Stock      options vested 50% through December 31, 2008; remaining vest on February      21, 2009 and 2010. |
|------|--------|-------------------------------------------------------------------------------------------------------------|

| (13) |   | Stock      options vested 60% through December 31, 2008; remaining vest on June 20,      2009 and 2010. |
|------|--------|---------------------------------------------------------------------------------------------------------|

Option Exercises 

|                                                                                                                                                                                                                                                                                                 | Option      Awards                            | Stock      Awards                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|------------------------------------|
| Name                                                                                                                                                                                                                                                                                                 | Number      of Shares Acquired on Exercise(#) | Value      Realized on Exercise($) | Number      of Shares Acquired on Vesting(#) | Value      Realized on Vesting($) |
| Paul      J.      Maddon                                                 | -                                             | -                                  | 37,9481 | 657,639 |
| Robert      A.      McKinney                                             | -                                             | -                                  | 8,334 | 144,428 |
| Mark      R.      Baker                                                  | -                                             | -                                  | 5,334 | 92,438 |
| Thomas      A.      Boyd                                                 | -                                             | -                                  | 7,709 | 133,597 |
| Robert      J.      Israel                                               | 9,000                                         | 32,704                             | 6,709 | 116,267 |

Potential 

|                                                                                                                              | Cash      Severance | Equity    | Benefits      Continuation8($) | Gross      up of I.R.C. Golden Parachute Excise Tax Resulting from      Change-in-Control($) | Total($)                        |
|-----------------------------------------------------------------------------------------------------------------------------------|---------------------|-----------|--------------------------------|----------------------------------------------------------------------------------------------|---------------------------------|
|                                                                                                                              | Base      Salary    | Bonus5    |                           |                                                                                         |
| Circumstances      of Termination1                                                                                                | Multiple            | ($)       | Multiple                       | ($)                                                                                          | Value      of Vested Equity6($) | Value      of Accelerated Unvested Equity7($) |
| Termination      by us for cause or voluntary termination                                                                         | N/A                 | N/A       | N/A                            | N/A                                                                                          | 0                               | N/A | N/A |         N/A | 0 |
| Death      or disability of named executive officer2                                                                              | 1.0                 | 618,000   | N/A                            | 685,375                                                                                      | 0                               | N/A | 25,182 |         N/A | 1,328,557 |
| Termination      by us without cause or by the named executive officer with good      reason3                                     | 2.0                 | 1,236,000 | 2.0                            | 1,020,752                                                                                    | 0                               | 861,328 | 25,182 |         N/A | 3,143,262 |
| Termination      by us without cause or by the named executive officer with good reason      following a change in control4  | 3.0                 | 1,854,000 | 3.0                            | 1,356,128                                                                                    | 0                               | 861,328 | 37,773 |         N/A | 4,109,229 |

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| (1) | Assumes      that the triggering event occurred on December 31, 2008, when the closing      price per share of our common stock was$10.31. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In      this circumstance, Dr. Maddon or his estate receives a pro-rated amount of      bonus from the beginning of the year of termination to the date of      termination.  In addition, he receives 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).  For purposes of this calculation, bonus      used to calculate pro-rated bonus is assumed to be    $350,000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In      this circumstance, Dr. Maddon receives 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 prorated bonus from the beginning of the year      of termination to the date of termination.  For purposes of this      calculation, base salary is $618,000, the fair market values of his      bonuses for the three years preceding 2008 are $525,000, $481,250 and $0      and the fair market value of his bonus for 2008 is      $371,246.  Bonus used to calculate pro-rated bonus is assumed to      be $350,000. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | In      this circumstance, Dr. Maddon receives cash severance equal to three times      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 prorated bonus from the beginning of the year      of termination to the date of termination.  Assumptions      specified in note (3) are used for purposes of this      calculation. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (5) | Includes      bonus multiple calculated using the multiple shown plus a pro-rated bonus      of $350,000 where any amount is shown, representing an estimated pro-rata      bonus for the year of termination as contemplated by employment      agreement. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | All      of Dr. Maddon’s outstanding stock options were underwater as of December      31, 2008. |
|-----|--------------------------------------------------------------------------------------------------------|

| (7) | Assumes      (i) acceleration of vesting at December 31, 2008 of all 153,375      unexercisable and unearned stock options, as set forth in the Outstanding      Equity Awards at Fiscal Year-End table above, all      of which were underwater at December 31, 2008 and (ii) acceleration of      vesting of all 83,543 outstanding shares of restricted stock at December      31, 2008 and the sale of the stock on that date, yielding, before taxes,      $861,328, using the closing price of our common stock on December 31, 2008      of $10.31. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Health      and welfare benefits continue for 24 or 36 months, depending on the      circumstances of termination; includes the employer cost of health,      dental, disability and group lifeinsurance. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Narrative for Potential 

| ·   | If      terminated by us for Cause or if he resigns without Good Reason (each as      defined), a pro-rated salary through his termination date (his unvested      equity compensation will beforfeited). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | If      his employment is terminated due to death or disability, (i) his salary      and a pro-rated bonus until his termination date, (ii) continued welfare      benefits for a period of two years, (iii) a lump sum payment equal to the      sum of his base salary and Average Bonus (defined as the average of the      bonuses paid to him in the three years preceding the year of termination),      (iv) vesting of all time-based equity and (v) vesting of all      milestone-based equity if the milestones are achieved under the original      vesting provisions. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | If      terminated without Cause by us or if Dr. Maddon resigns for Good Reason,      (i) a pro-rated salary through his termination date, (ii) a lump sum equal      to twice his base salary and Average Bonus, (iii) continued welfare      benefits for two years and (iv) immediate vesting of all time-based and      performance-based equity. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | If      terminated by us for Cause or if he resigns without Good Reason, a      pro-rated salary through his termination date (his unvested equity      compensation will be forfeited). |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | If      his employment is terminated due to death or disability, (i) his salary      and a pro-rated bonus until his termination date, (ii) continued welfare      benefits for a period of two years, (iii) a lump sum payment equal to the      sum of his base salary and Average Bonus, (iv) vesting of all time-based      equity and (v) vesting of all milestone-based equity if the milestones are      achieved under the original vestingprovisions. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | If      terminated without Cause or if Dr. Maddon resigns for Good Reason during      the designated period before or after a Change-in-Control, (i) three times      his base salary and Average Bonus, (ii) continued welfare benefits for      three years, (iii) a pro-rata bonus for the year of termination, (iv)      immediate vesting of all time-based and performance-based equity and (v)      payment from the Company of a gross-up for any excise tax incurred under      sections 280G or 4999 of the Internal Revenue Code (unless reducing his      cash severance by ten percent will result in no tax being      incurred). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                  | Cash      Severance | Equity  | Benefits      Continuation1($) | Gross      up of I.R.C. Golden Parachute Excise Tax Resulting from      Change-in-Control($) | Total($)                       |
|---------------------------------------|---------------------|---------|--------------------------------|----------------------------------------------------------------------------------------------|--------------------------------|
|                                  | Base Salary1        | Bonus   |                           |                                                                                         |
| Circumstances      of Termination     | Multiple            | ($)     | Multiple                       | ($)                                                                                          | Value      of Vested Equity($) | Value      of Accelerated Unvested Equity($) |
|                                  |                |    |                           |                                                                                         |                           |   |   |   |   |
| Termination      by us for cause      | N/A                 | N/A     | N/A                            | N/A                                                                                          | 0                              | 0 | 0 | N/A | 0 |
| Termination      by us without cause2 | N/A                 | 266,225 | N/A                            | 0                                                                                            | N/A                            | N/A | 13,988 | N/A | 280,213 |

| (1) | Assumes      salary and benefits as of December 31,2008. |
|-----|----------------------------------------------------------|

| (2) | In      this circumstance, Dr. Israel receives nine months salary at his current      salary and benefits.  If at any time during such severance      period Dr. Israel secures new employment, however, the severance and      benefits will cease. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Narrative for Potential 

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Director 

| Name1                                                                                                                                                                                                                                                                                                 |   | Fees      Earned or Paid in Cash($) |   |   | Option      Awards2($) |   |    | All      Other Compensation3($) |   |   | Total($) |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|------------------------|--------|---------|---------------------------------|--------|--------|----------|--------|
| Kurt      W.      Briner                                                  |   |                                | 40,000 |   |                   |   | 277,223 |                            |   |   | -        |   |   |   | 317,223 |   |
| Paul      F.      Jacobson                                                |   |                                | 40,000 |   |                   |   | 277,223 |                            |   |   | -        |   |   |   | 317,223 |   |
| Charles      A.      Baker                                                |   |                                | 17,500 |   |                   |   | 110,889 |                            |   |   | -        |   |   |   | 128,389 |   |
| Mark      F.      Dalton                                                  |   |                                | 17,500 |   |                   |   | 110,889 |                            |   |   | -        |   |   |   | 128,389 |   |
| Stephen      P.      Goff                                                 |   |                                | 15,000 |   |                   |   | 110,889 |                            |   |   | 30,000   |   |   |   | 155,889 |   |
| David      A.      Scheinberg                                             |   |                                | 15,000 |   |                   |   | 110,889 |                            |   |   | 30,000   |   |   |   | 155,889 |   |
| Nicole      S.      Williams                                              |   |                                | 25,000 |   |                   |   | 219,335 |                            |   |   | -        |   |   |   | 244,335 |   |

| (1) | Dr.      Maddon serves as a director but does not receive any additional      compensation for services provided in that  capacity. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (2) | At      December 31, 2008, the aggregate number of stock options outstanding for      each of our non-employee directors was as follows:  Mr. Baker      92,500; Mr. Briner 167,500; Mr. Dalton 87,500; Dr. Goff 127,500; Mr.      Jacobson 157,500; Dr. Scheinberg 121,607; Ms. Williams      45,000.  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 which is equal to the compensation      recognized for each director during the fiscal year under FAS      123R.   The grant date fair value of the 2008 option awards      was determined using option pricing models with assumptions disclosed      in our Annual Reports on Form 10-K for the relevant      years. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Drs.      Goff and Scheinberg each received payment of $30,000 for services as      scientific advisors for the year2008. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

Narrative for

| ·   | $2,000      for attendance at each Board (including same-day committee) meeting      ($1,000 for attendance by telephone), and $500 for participation in each      telephonic Board meeting; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | $1,000      for attendance at each committee meeting not in conjunction with a Board      meeting ($500 for telephonicparticipation); |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| ·   | $500      for each committee meeting held on the day after a Board      meeting; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | an      annual retainer fee of $15,000 for Board service, except for Mr. Briner      who is entitled to an annual retainer fee of $40,000 as described      above; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | an      option to purchase 10,000 fully-vested shares of common      stock  (except for Mr. Briner who is granted 25,000 shares)      granted annually on the first business day of July with an exercise price      equal to the fair market value as of the date of grant;  and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | an      annual retainer fee of $10,000 for service as Audit Committee Chair      (currently Ms. Williams);  $2,500 for service as Compensation      Committee Chair (currently Mr. Dalton) and $2,500 for service as      Nominating and Corporate Governance Committee Chair (currently Mr. Charles      Baker). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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SECURITY

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Shares      Beneficially Owned2 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
| Name      and Address of Beneficial Owner1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Number                          | Percent |
| Federated      Investors, Inc.3                                                                                                   Federated      Investors TowerPittsburgh,      PA 15222                    | 4,500,391                       | 14.6% |
| Wellington      Management Company, LLP4                                                                                                   75      State StreetBoston,      MA 02109                         | 4,017,754                       | 13% |
| Sectoral      Asset Management Inc.5                                                                                                   2120-1000      Sherbrooke StreetWest      Montreal, PQ H3A 3G4 Canada | 3,923,325                       | 12.7% |
| Paul Tudor Jones II6 1275      King StreetGreenwich,      CT 06831                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2,888,513                       | 9.4% |
| Entities      affiliated with Tudor Investment Corporation7                                                                                                   1275      King StreetGreenwich,      CT 06831  | 2,342,388                       | 7.6% |
| Morgan      Stanley8                                                                                                   1585      BroadwayNew      York , NY  10036                                 | 1,981,798                       | 6.4% |
| Barclays      Global Investors, NA.9                                                                                                   45      Fremont StreetSan      Francisco, CA 94105                    | 1,626,901                       | 5.3% |
| Charles      A. Baker10                                                                                                                                                                                      | 113,981                         | * |
| Kurt      W. Briner11                                                                                                                                                                                        | 220,500                         | * |
| Peter      J. Crowley12                                                                                                                                                                                      | -                               | * |
| Mark      F. Dalton13                                                                                                                                                                                        | 2,524,888                       | 8.2% |
| Stephen      P. Goff14                                                                                                                                                                                       | 161,000                         | * |
| Paul      J. Maddon15                                                                                                                                                                                        | 1,491,814                       | 4.7% |
| David      A. Scheinberg16                                                                                                                                                                                   | 167,789                         | * |
| Nicole      S. Williams17                                                                                                                                                                                    | 30,000                          | * |
| Robert      A. McKinney18                                                                                                                                                                                    | 213,605                         | * |
| Mark      R. Baker19                                                                                                                                                                                         | 117,486                         | * |
| Thomas      A. Boyd20                                                                                                                                                                                        | 181,340                         | * |
| Robert J. Israel21                                                                                                                                                                                           | 193,360                         | * |
| William      C. Olson22                                                                                                                                                                                      | 237,702                         | * |
| All      directors and executive officers as a group23                                                                                                                                                       | 5,936,565                       | 17.9% |

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| (1) | If      not otherwise specified, the address of each beneficial owner is c/o      Progenics Pharmaceuticals, Inc., 777 Old Saw Mill River Road, Tarrytown,      New York 10591. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | With respect to our directors and      executive officers, and except as indicated and 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 to the extent      indicated in the notes to this table.  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 any other person.  None of the shares held      by our directors and      executive officers are pledged as  collateral. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Based      on a Schedule 13G, filed February 10, 2009, (i) all shares are owned by      Federated Investors, Inc. (“Parent”), the parent holding company of      Federated Equity Management Company of Pennsylvania and Federated Global      Investment Management Corp., (ii) all of Parent’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 (iii)      they have the collective voting control over the  Parent. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Based      on a Schedule 13G, filed on February 17, 2009, Wellington Management      Company, LLP has shared voting power over 3,445,873 shares and shared      dispositive power over 3,990,954shares. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Based      on a Schedule 13G filed on February 10, 2009, (i) Sectoral Asset      Management Inc. in its capacity as an investment adviser has the sole      right to vote 3,356,425 shares and to dispose of the 3,923,325 shares      reported, (ii) Jerome G. Pfund and Michael L. Sjostrom are shareholders of      Sectoral Asset Management Inc. and (iii) Pictet Funds-BIOTECH, a Luxemburg      investment company beneficially owns 9.4% of the shares      reported.  Based on a Schedule 13G filed on January 12, 2009,      Pictet Funds Biotech is the beneficial owner of 2,870,811 shares      (9.43%). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Includes      2,888,513 shares beneficially owned by entities affiliated with Tudor      Investment Corporation (TIC).  Mr. Jones is the Chairman      and principal equity owner of TIC, and the indirect principal equity owner      of Tudor Arbitrage Partners L.P. (TAP), Tudor Proprietary Trading, L.L.C.      (TPT) and Tudor Global Trading LLC (TGT).  Mr. Jones may be      deemed to be the beneficial owner of shares beneficially owned, or deemed      beneficially owned, by entities affiliated with      TIC.  Mr. Jones disclaims beneficial ownership of such      shares.  SeeNote (7). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The      number of shares owned by entities affiliated with TIC consists of      1,820,068 shares held of record by The Tudor BVI Portfolio L.P., a limited      partnership organized under the law of the Cayman Islands (Tudor BVI),      287,813 shares held of record by TIC, 193,126 shares held of record by      TAP, 25,981 shares held of record by TPT, and 15,400 shares held of record      by TGT.  In addition, because TIC provides investment advisory      services to Tudor BVI, it may be deemed to beneficially own the shares      held by such entity.  TIC disclaims beneficial ownership of such      shares.  TGT is the general partner of TAP.  Tudor      Group Holdings LLC (TGH) is the sole member of TGT and indirectly holds      all of the membership interests of TPT.  TGH is also the sole      limited partner of TAP.  TGH expressly disclaims beneficial      ownership of the shares beneficially owned by each of such      entities.  TGT disclaims beneficial ownership of shares held by      TAP.  The number set forth does not include shares owned of      record by Mr. Jones and Mr. Dalton.  See Notes (6) and      (13). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Based      on a Schedule 13G filed on February 16, 2009, 1,981,798 shares are held by      Morgan Stanley and Frontpoint Partners, LLC, which share voting and      dispositive powers. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Based      on a Schedule 13G, filed on February 6, 2009, Barclays Global Investors,      NA. has sole voting power over 554,224 shares, and Barclays Global Fund      Advisors owns 972,006 shares over which it has sole voting and dispositive      powers. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Includes      21,481 shares owned by the Baker Family Limited Partnership and 92,500      shares issuable upon exercise of options held by Mr. Baker and exercisable      within 60 days of March 31, 2009. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Includes      53,000 shares outstanding and 167,500 shares issuable upon exercise of      options exercisable within 60 days of March 31,  2009. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Upon      his appointment to the Board of Directors, Mr. Crowley was granted 25,000      stock options, none of which are exercisable within 60 days of March 31,      2009. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (13) | Includes      78,500 shares held of record directly by Mr. Dalton, 87,500 shares      issuable upon exercise of options held by Mr. Dalton exercisable      within 60 days of March 31, 2009 and 16,500 shares held of record by DF      Partners, a family partnership of which Mr. Dalton is the sole      general partner.  The number set forth also includes 2,342,388      shares beneficially owned by entities affiliated with TIC.  Mr.      Dalton is Vice Chairman and President and an equity owner of TIC and      TGH.  Mr. Dalton is also the Vice Chairman and President and an      indirect equity owner of TGT and TPT.  Mr. Dalton disclaims      beneficial ownership of shares beneficially owned, or deemed beneficially      owned, by entities affiliated with TIC and DF Partners, except to the      extent of his pecuniary interest therein.  See Note      (7). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (14) | Includes      33,500 shares outstanding and 127,500 shares issuable upon exercise of      options exercisable within 60 days of March 31,  2009. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Includes      (i) 665,069 shares outstanding; (ii) 662,125 shares issuable upon exercise      of options exercisable within 60 days of March 31, 2009, (iii) 120,373      shares of restricted stock and (iv) 44,247 shares held by Dr. Maddon’s      spouse, the beneficial ownership of which Dr. Maddon      disclaims. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (16) | Includes      41,681 shares outstanding and 121,607 shares issuable upon exercise of      options exercisable within 60 days of March 31, 2009 and 4,501 shares of      restricted stock. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (17) | Includes      30,000 shares issuable upon exercise of options exercisable within 60 days      of March 31, 2009. |
|------|------------------------------------------------------------------------------------------------------------------|

| (18) | Includes      15,773 shares outstanding, 174,375 shares issuable upon exercise of      options exercisable within 60 days of March 31, 2009 and 23,457 shares of      restricted stock. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Includes      13,487 shares outstanding, 90,000 shares issuable upon exercise of options      exercisable within 60 days of March 31, 2009 and 13,999 shares of      restricted stock. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (20) | Includes      19,549 shares outstanding, 143,000 shares issuable upon exercise of      options exercisable within 60 days of March 31, 2009 and 18,791 shares of      restricted stock. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (21) | Includes      23,569 shares outstanding, 152,000 shares issuable upon exercise of      options exercisable within 60 days of March 31, 2009 and 17,791 shares of      restricted stock. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (22) | Includes      19,786 shares outstanding, 199,875 shares issuable upon exercise of      options exercisable within 60 days of March 31, 2009 and 18,041 shares of      restricted stock. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (23) | Includes      3,514,130 shares outstanding, 216,953 shares of restricted stock and      2,205,482 shares issuable upon the exercise of stock options exercisable      within 60 days of March 31, 2008 held by directors, NEOs and all other      executive officers of the Company. |
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CORPORATE 

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| ·   | Each      candidate shall be prepared to represent the best interests of all of our      stockholders and not just one particular  constituency. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Each      candidate shall be an individual who has demonstrated integrity and ethics      in his or her personal and professional life and has established a record      of professional accomplishment in his or her chosen  field. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | No      candidate, or 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) of a candidate, shall have any      material personal, financial or professional interest in any of our      present or potential competitors. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Each      candidate 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Each      candidate should 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. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Each      candidate should contribute positively to the collaborative culture among      Board members. |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | Each      candidate should 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 oncology, virology, immunology or molecular biology within a      public company or large university setting, and relevant senior-level      expertise in one or more of the following areas: finance, accounting,      sales and marketing, organizational development and public      relations. |
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COMPENSATI

AUDIT 

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CERTAIN RELATIONSHIPS 

SECTION 16(A) BENEFICIAL 

SALES OF 

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STOCKHOLDER

HOUSEH

OTHER BUSINESS

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PROGENICS

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

| 2.   | STOCK      SUBJECT TO THE      PLAN |
|----------------|-------------------------------------|

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

| 4.   | ELIGIBILITY |
|----------------|-------------|

| 5.   | OPTION      GRANTS |
|----------------|--------------------|

| (a)   | Option      Term.  The term of each option shall be from the Date of      Grant to the date six months after the Date of Grant (the “Date of      Expiration”). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (b)   | Option      Price.  The purchase price per share for each option (the      “Option Price”) shall be the lesser of (i) the fair market value of      the Common Stock on the Date of Grant or (ii) 85% of the fair market value      of the Common Stock on the Date of Exercise (as such term is defined      below).  As used herein, the fair market value of the Common      Stock on the Date of Grant shall be the closing price of the Common Stock      on the Nasdaq National Market on the date prior to the Date of Grant and      the fair market value of the Common Stock on the Date of Exercise shall be      the closing price of the Common Stock on the Nasdaq National Market on the      Date of Exercise provided, however, that, if the employee exercising the      option resells the shares on the Date of Exercise, the average selling      price for such shares, before the payment of brokerage commissions and      expenses, shall be the fair market value on the Date of      Exercise.  In the event the Common Stock ceases at any time to      be traded on the Nasdaq National Market, the fair market value of the      Common Stock shall be determined in such manner as may be set by the      Committee. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Number of Option Shares.      Unless and until the Committee in its sole discretion determines      otherwise, the number of shares subject to each option shall be the whole      number equal to (i) up to 25% of each employee’s total      compensation during the fiscal quarter starting with the Date of Grant, as      such percentage shall be determined by the Committee prior to the Date of      Grant, divided by (ii) the lesser of the fair market value of the      Common Stock on the Date of Grant or 85% of the closing price of the      Common Stock on the Nasdaq National Market on the date prior to the Date      of Exercise (or such other manner for determining the fair market value of      the Common Stock on such date if not then traded on the Nasdaq National      Market).  In no event, however, shall the number of shares      subject to any option exceed $6,250 divided by the fair market value of      the Common Stock on the Date ofGrant. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Exercise.  The      date of exercise of each option (the “Date of Exercise”) shall be the      date or dates specified by the Committee in writing prior to the Date of      Grant of an option that occurs during the three-month period starting with      the date three months after the Date of Grant of the option and ending on      the Date of Expiration of the option.  Exercise shall not be      made with respect to less than the total number of shares subject to each      option and shall be effected by delivering to the Company written notice      of exercise at least one day prior to the Date of  Exercise. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Payment.  Payment      for the shares purchased upon exercise of each option (including the      amount, if any, necessary to satisfy federal, state or local income tax      withholding requirements) shall be in cash within five business days      following the Date of Exercise and, in the event payment is not received,      the Company may withhold the shares and cancel the      option.  Notwithstanding the foregoing, the Committee may in its      sole discretion permit employees (i) to pay for shares acquired upon      exercise of options by delivering shares of the Common Stock owned by such      employee or (ii) to forgo payment for the shares and receive instead      the net number of shares that would be received if such employee borrowed      shares of the Common Stock for payment of the purchase price and returned      the borrowed shares from the shares acquired upon exercise of the      option. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Termination of      Employment.  In the event an employee’s employment with      the Company terminates for any reason other than the employee’s death, any      option held by such employee shall forthwith terminate without any further      rights on the part of the employee.  In the event of an      employee’s death, the employee’s estate, legal representative or      beneficiary may exercise any option held by such employee at any time      prior to the Date of Expiration with respect to such      option.  Nothing herein shall be deemed to confer any right of      continued employment with the Company or to limit the right of the Company      to terminate employment with anyemployee. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6.   | RIGHTS      AS A STOCKHOLDER |
|----------------|------------------------------|

| 7.   | NONTRANSFERABILITY      OF THE OPTION |
|----------------|---------------------------------------|

| 8.   | COMPLIANCE      WITH SECURITIES LAWS |
|----------------|--------------------------------------|

| 9.   | CHANGE      OF CONTROL |
|----------------|------------------------|

| 10.   | STOCK      ADJUSTMENTS |
|-----------------|------------------------|

| (a)   | In      the event of a stock dividend, stock split, recapitalization, merger in      which the Company is the surviving corporation or other capital adjustment      affecting the outstanding shares of the Common Stock, an appropriate      adjustment shall be made, as determined by the Board of Directors of the      Company, to the number of shares subject to the Plan and the exercise      price per share with respect to any option granted under the      Plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | In      the event of the complete liquidation of the Company or of a      reorganization, consolidation or merger in which the Company is not the      surviving corporation, any option granted under the Plan shall continue in      full force and effect unless either (i) the Board of Directors of the      Company modifies such option so that it is fully exercisable with respect      to the number of shares measured by the then current compensation prior to      the effective date of such transaction or (ii) the surviving      corporation issues or assumes a stock option contemplated by      Section 424(a) of the Code. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | EFFECTIVENESS      OF THE PLAN |
|-----------------|--------------------------------|

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| 12.   | AMENDMENT      OF THE PLAN |
|-----------------|----------------------------|

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PROGENICS

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

| 2.   | STOCK      SUBJECT TO THE PLAN |
|----------------|--------------------------------|

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

| 4.   | ELIGIBILITY |
|----------------|-------------|

| 5.   | OPTION      GRANTS |
|----------------|--------------------|

| (a)   | Option      Term.  The term of each option shall be from the Date of      Grant to the date six months after the Date of Grant (the “Date of      Expiration”). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (b)   | Option      Price.  The purchase price per share for each (the      “Option Price”) shall be the lesser of (i) the fair market value of      the Common Stock on the Date of Grant or (ii) 85% of the fair market value      of the Common Stock on the Date of Exercise (as such term is defined      below).  As used herein, the fair market value of the Common      Stock on the Date of Grant shall be the closing price of the Common Stock      on the Nasdaq National Market on the date prior to the Date of Grant and      the fair market value of the Common Stock on the Date of Exercise shall be      the closing price of the Common Stock on the Nasdaq National Market on the      Date of Exercise provided, however, that, if the employee exercising the      option resells the shares on the Date of Exercise, the average selling      price for such shares, before the payment of brokerage commissions and      expenses, shall be the fair market value on the Date of      Exercise.  In the event the Common Stock ceases at any time to      be traded on the Nasdaq National Market, the fair market value of the      Common Stock shall be determined in such manner as may be set by the      Committee. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Number of Option      Shares.  Unless and until the Committee in its sole      discretion determines otherwise, the number of shares subject to each      option shall be the whole number equal to (i) up to 25% of each      employee’s total compensation during the fiscal quarter starting with the      Date of Grant, as percentage shall be determined by the Committee prior to      the Date of Grant, divided by (ii) the lesser of the fair market      value of the Common Stock on the Date of Grant or 85% of the closing      price of the Common Stock on the Nasdaq National Market on the date prior      to the Date of Exercise (or such other manner for determining the fair      market value of the Common Stock on such date if not then traded on the      Nasdaq National Market) minus (iii) the number of shares subject to      an option granted under the Qualified Plan with the same Date of      Grant. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Exercise.  The      date of exercise of each option (the “Date of Exercise”) shall be the      date or dates specified by the Committee in writing prior to the Date of      Grant of an option that occurs during the three-month period starting with      the date three months after the Date of Grant of the option and ending on      the Date of Expiration of the option.  Exercise shall not be      made with respect to less than the total number of shares subject to each      option and shall effected by delivering to the Company written notice of      exercise at least one day prior to the Date of  Exercise. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Payment.  Payment      for the shares purchased upon exercise of each option (including the      amount, if any, necessary to satisfy federal, state or local income tax      withholding requirements) shall be in cash within five business days      following the Date of Exercise and, in the event payment is not received,      the Company may withhold the shares and cancel the      option.  Notwithstanding the foregoing, the Committee may in its      sole discretion permit employees (i) to pay for shares acquired upon      exercise of options by delivering shares of the Common Stock owned by such      employee or (ii) to forgo payment for the shares and receive instead      the net number of shares that would be received if such employee borrowed      shares of the Common Stock for payment of the purchase price and returned      the borrowed shares from the shares acquired upon exercise of the      option. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Termination of Employment.      In the event an employee’s employment with the Company terminates      for any reason other than the employee’s death, any option held by such      employee shall forthwith terminate without any further rights on the part      of the employee.  In the event of an employee’s death, the      employee’s estate, legal representative or beneficiary may exercise any      option held by such employee at any time prior to the Date of Expiration      with respect to such option.  Nothing herein shall be deemed to      confer any right of continued employment with the Company or to limit the      right of the Company to terminate employment with any      employee. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | RIGHTS      AS A STOCKHOLDER |
|----------------|------------------------------|

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| 7.   | NONTRANSFERABILITY      OF THE OPTION |
|----------------|---------------------------------------|

| 8.   | COMPLIANCE      WITH SECURITIES LAWS |
|----------------|--------------------------------------|

| 9.   | CHANGE      OF CONTROL |
|----------------|------------------------|

| 10.   | STOCK      ADJUSTMENTS |
|-----------------|------------------------|

| (a)   | In      the event of a stock dividend, stock split, recapitalization, merger in      which the Company is the surviving corporation or other capital adjustment      affecting the outstanding shares of the Common Stock, an appropriate      adjustment shall be made, as determined by the Board of Directors of the      Company, to the number of shares subject to the Plan and the exercise      price per share with respect to any option granted under the      Plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | In      the event of the complete liquidation of the Company or of a      reorganization, consolidation or merger in which the Company is not the      surviving corporation, any option granted under the Plan shall continue in      full force and effect unless either (i) the Board of Directors of the      Company modifies such option so that it is fully exercisable with respect      to the number of shares measured by the then current compensation prior to      the effective date of such transaction or (ii) the surviving      corporation issues or assumes a stock option contemplated by      Section 424(a) of the Code. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | EFFECTIVENESS      OF THE PLAN |
|-----------------|--------------------------------|

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| 12.   | AMENDMENT      OF THE PLAN |
|-----------------|----------------------------|

| 13.   | 409A      COMPLIANCE |
|-----------------|----------------------|

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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, asamended.                                                                                                                                                                                                                                                                                                                                                       |

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| (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (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 forfeitureconditions.                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (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.                                                                                                                                                                                                                                                                                                                                    |

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| (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 |
|----------------|---------------------------------|

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

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| 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 be satisfied.  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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| 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 of the 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 Beneficially Owned 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 forelectronic      delivery of information up until 11:59 PM Eastern Timeon      the day before the meeting date.  Have your proxy card in      handwhen      you access the web site and follow the instructions to obtainyour      records and to create an electronic voting instruction form.VOTE      BY PHONE-1-800-690-6903Use      any touch-tone telephone to transmit your voting instructions      upuntil      11:59 PM Eastern Time on the day before the      meeting.  Haveyour      proxy card in hand when you call and then follow theinstructions.VOTE      BY MAILMark,      sign and date your proxy card and return it in the      postage-paidenvelope      we’ve provided or return to Vote Processing, c/oBroadridge,      51 Mercedes Way, Edgewood, NY 11717.VOTE IN      PERSONAttend      the Annual Shareholders Meeting at 10:00 A.M. EasternTime      on Monday,  June 08, 2009.Landmark      at EastviewRockland      Room777      Old Saw Mill River RoadTarrytown,      NY 10591ELECTRONIC DELIVERY OF FUTURE      SHAREHOLDERCOMMUNICATIONSIf      you would like to reduce the costs incurred by Progenics inmailing      proxy materials, you can consent to receiving all futureproxy      statements, proxy cards and annual reports electronically viae-mail      or the Internet. To sign up for electronic delivery, pleasefollow      the instructions above to vote using the Internet and, whenprompted,      indicate that you agree to receive or access shareholdercommunications      electronically in futureyears. |
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| TO      VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS      FOLLOWS:    PROGN1                                                                                 KEEP      THIS PORTION FOR YOUR RECORDS |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | DETACH      AND RETURN THIS PORTION ONLY |
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|    THIS      PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|        PROGENICS      PHARMACEUTICALS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| Vote      On Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| 1.      ELECTION      OF DIRECTORS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| NOMINEES:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | For      All | Withhold      All | ForAll      Except | To      withhold authority to vote for any individual nominee(s), mark “For All      Except” and write the nominee's number on the linebelow |
|  01)  Kurt      W. Briner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ¨ | ¨ | ¨ |   |
| 02)  Charles      A. Baker                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |        _____________________________________________________ |
| 03)  Peter      J. Crowley                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| 04)  Mark      F. Dalton                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |
| 05)  Stephen      P. Goff                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |
| 06)  Paul      J. Maddon                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |
| 07)  David      A. Scheinberg                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| 08)  Nicole      S. Williams                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
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| Vote      On Proposals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | For | Against | Abstain |
| 2.              The approval of amendments to the Company’s1998 Employee Stock Purchase      Plan and the 1998 Non-Qualified Employee Stock Purchase Plan to increase      the number of shares of common stock reserved for issuance thereunder to      3,400,000 and 1,100,000, respectively, and to make certain other changes      to the terms of the Plans.                                                                                                                                                                                                                                  | ¨ | ¨ | ¨ |
| 3.              The approval of an amendment to the 2005 Stock Incentive Plan to increase      the number of shares of common stock reserved for issuance thereunder to      5,450,000 and to make certain other changes to the terms of the      Plan.                                                                                                                                                                                                                                                                                                                                                  | ¨ | ¨ | ¨ |
| 4.         The      ratification of the selection of PricewaterhouseCoopers LLP to serve as      the Company’s independent registered public accounting firm for      2009.                                                                                                                                                                                                                                                                                                                                                                                                                   | ¨ | ¨ | ¨ |
| 5.              The authority to vote in their discretion on such other business as may      properly come before the meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | ¨ | ¨ | ¨ |
| NOTE:                     Please sign exactly as your name(s) appear(s) on this proxy. When      shares are held jointly, each holder should sign. When signing as      attorney, executor, administrator or other fiduciary, please give full      title as such. If the signer is a corporation or partnership, please sign      in full corporate or partnership name, by duly authorized      officer.                                                                                                                                                            |   |   |
| For      comments, please check this box and write them on the back where      indicated                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ¨ |   |
| Please      indicate if you plan to attend this meeting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ¨Yes | ¨No |   |
| Signature      [PLEASE SIGN WITHIN BOX]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Date | Signature      (Joint Owners) | Date |
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| PROGENICS      PHARMACEUTICALS, INC.777      OLD SAW MILL RIVER ROADTARRYTOWN,      NEW YORK 10591ANNUAL      MEETING OF STOCKHOLDERS-JUNE 08, 2009THIS      PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS |
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|                                                                                                                                                                                                                | The      undersigned hereby appoints Paul J. Maddon, Robert A. McKinney and Mark R.      Baker 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. held of record by the undersigned      on April 13, 2009, at the Annual Meeting of Stockholders to be held on      June 08, 2009 and any adjournments or postponements thereof. THIS      PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN      BY THE UNDERSIGNED STOCKHOLDER(S).  IF NO DIRECTION IS MADE,      THIS PROXY WILL BE VOTED FOR EACH OF      THE PROPOSALS LISTED ON THE REVERSE SIDE. |
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|                                                                                                                                                                                                                |   | (Continued      and to be signed on the reverse side) |   |