Progenics Pharmaceuticals Announces Pricing of Public Offering of Common Stock

Progenics Pharmaceuticals Announces Pricing of Public Offering of Common Stock

TARRYTOWN, N.Y., Nov. 29, 2012 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals,
Inc. (Nasdaq:PGNX) announced today the pricing of an underwritten public
offering of 11,000,000 primary shares of its common stock at a public offering
price of $2.00 per share. The gross proceeds from the sale of the shares,
before underwriting discounts and commissions and other offering expenses, are
expected to be approximately $22,000,000. The offering is expected to close on
or about December 4, 2012, subject to customary closing conditions. Progenics
also granted the underwriter a 30-day option to purchase 1,650,000 additional
shares of common stock. All of the shares sold in the offering are being 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 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 final prospectus
supplement, forming part of the effective shelf registration statement.

A preliminary prospectus supplement relating to the offering has been filed
with the SEC on November 28, 2012, and a final 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 final prospectus supplement and
accompanying prospectus, when available, 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, RelistorĀ®, 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 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.

(PGNX-F)

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

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