Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock

Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock

TARRYTOWN, N.Y., Nov. 28, 2012 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals,
Inc. (Nasdaq:PGNX) announced today that it is offering to sell, subject to
market and other conditions, shares of its common stock pursuant to an
effective registration statement in an underwritten public offering. Progenics
also intends to grant the underwriter a 30-day option to purchase additional
shares of common stock. All of the shares to be sold in the offering are to be
sold by Progenics, with the proceeds to be used for research and development
and general corporate purposes. Jefferies & Company, Inc. is acting as sole
book-running manager for the proposed offering.

A shelf registration statement relating to the shares of common stock
described above has been filed with and declared effective by the U.S.
Securities and Exchange Commission. This press release does not constitute an
offer to sell, or the solicitation of an offer to buy, these securities, nor
will there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted. Any offer, if at
all, will be made only by means of a prospectus, including a preliminary
prospectus supplement, forming part of the effective shelf registration
statement.

A preliminary prospectus supplement relating to the offering will be filed
with the SEC and will be available on its web site at www.sec.gov. Copies of
the preliminary prospectus supplement and accompanying prospectus may be
obtained from Jefferies & Company, Inc., Equity Syndicate Prospectus
Department, at 520 Madison Avenue, New York, New York, 10022, or by calling
(877) 547-6340, or by emailing Prospectus_Department@Jefferies.com.

About Progenics

Progenics Pharmaceuticals, Inc., of Tarrytown, N.Y., is a biopharmaceutical
company dedicated to developing innovative medicines to treat disease, with a
focus on cancer and related conditions. Progenics' pipeline candidates include
PSMA ADC, a fully human monoclonal antibody-drug conjugate in Phase 2 testing
for treatment of prostate cancer, and preclinical stage novel phosphoinositide
3-kinase (PI3K) inhibitors for the treatment of cancer. Progenics has
exclusively licensed development and commercialization rights for its first
commercial product, Relistor^®, to Salix Pharmaceuticals, Inc. for markets
worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an
exclusive license for the subcutaneous formulation. Relistor (methylnaltrexone
bromide) subcutaneous injection is a first-in-class treatment for
opioid-induced constipation approved in more than 50 countries for patients
with advanced illness. For more information, please visit www.progenics.com
and www.relistor.com.

The Progenics Pharmaceuticals Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9678

This press release may contain projections and other forward-looking
statements regarding future events. Such statements are predictions only, and
are subject to risks and uncertainties that could cause actual events or
results to differ materially. These risks and uncertainties include, among
others, market and other conditions; the satisfaction of customary closing
conditions related to the proposed offering; the cost, timing and results of
clinical trials and other development activities; the unpredictability of the
duration and results of regulatory review of New Drug Applications and
Investigational NDAs; market acceptance for approved products; generic and
other competition; the possible impairment of, inability to obtain and costs
of obtaining intellectual property rights; and possible safety or efficacy
concerns, general business, financial and accounting matters, litigation and
other risks. More information concerning Progenics and such risks and
uncertainties is available on its website, and in its press releases and
periodic reports and filings with the U.S. Securities and Exchange Commission.
Progenics is providing the information in this press release as of its date
and does not undertake any obligation to update or revise it, whether as a
result of new information, future events or circumstances or otherwise.

Additional information concerning Progenics and its business may be available
in press releases or other public announcements and public filings made after
this release.

CONTACT: Amy Martini
         Corporate Affairs
         (914) 789-2816
         amartini@progenics.com

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