Progenics Pharmaceuticals' Data From a Phase 1 Study of PSMA ADC Presented at ASCO 2013

Progenics Pharmaceuticals' Data From a Phase 1 Study of PSMA ADC Presented at
ASCO 2013

TARRYTOWN, N.Y., June 1, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals,
Inc. (Nasdaq:PGNX) today reported findings from the phase 1 clinical trial in
prostate cancer patients of its PSMA ADC compound at the 49^th Annual Meeting
of the American Society of Clinical Oncology (ASCO) in Chicago. Two additional
abstracts related to PSMA ADC also were selected for publication in the ASCO
Annual Meeting Proceedings.

Daniel Petrylak, M.D., Director of the Prostate Cancer Program/Genitourinary
Cancer Program and Co-Director of the Signal Transduction Program at Yale
University Medical Center, and an investigator in clinical trials of PSMA ADC,
presented "Prostate Specific Membrane Antigen Antibody Drug Conjugate (PSMA
ADC): A Phase I Trial in Metastatic Castration-Resistant Prostate Cancer
Previously Treated with a Taxane" in the Genitourinary Cancer Poster
Discussion Session.

"Phase 1 results for PSMA ADC, together with the additional data published in
the Proceedings by my colleagues, reinforce our ongoing interest in PSMA as a
compelling target in treating prostate cancer," said Robert J. Israel, M.D.,
Progenics' senior vice president of medical affairs and clinical research.
"The phase 2 trial of PSMA ADC is on track to meet our goal of completing
enrollment by the end of this year, with more than half the number of planned
patients currently in the trial."

Additional abstracts published in the ASCO 2013 Annual Meeting Proceedings
are:

  #e16047: Correlation of PSMA ADC Exposure with Reduction in Tumor Growth
  Rate Determined Using Serial PSA Measurements from a Phase I Clinical Trial

  #e16007: Antiandrogen Modulation of Prostate-Specific Membrane Antigen
  (PSMA): Dynamics and Synergy with PSMA-Targeted Therapy

Progenics' exhibit booth, #22054, presents details of the company's expanded
oncology pipeline including the PSMA-targeted imaging compound 1404, a
development stage radio-labeled small molecule designed to visualize cancer.

About the PSMA ADC Phase 1 Study Design

The phase 1, open-label, dose-escalation clinical trial was conducted in men
with hormone-refractory prostate cancer that had progressed despite prior
treatment with taxane-based chemotherapy regimens. In addition to assessing
PSMA ADC's safety and tolerability, the study included evaluations of
pharmacodynamics, changes in tumor burden, and changes in PSA and CTC values
compared to baseline. PSA is a secreted protein that is distinct from PSMA.

The initial 12-week clinical trial period evaluated up to four intravenous
doses of PSMA ADC administered at three-week intervals. Following completion
of the four doses, patients were offered, at their physicians' discretion, the
option to continue treatment with PSMA ADC for up to an additional 39 weeks.

About PSMA ADC

PSMA, a protein that is a validated biomarker of prostate cancer, is expressed
on the surface of prostate cancer cells as well as on blood vessels supplying
other solid tumors. PSMA ADC comprises a fully human monoclonal antibody
selectively targeting PSMA linked to a chemotherapeutic drug. Using technology
licensed from Seattle Genetics, Inc., the PSMA antibody is linked to
monomethyl auristatin E, a compound that inhibits cell proliferation by
disrupting the cellular "backbone" (i.e., microtubules) required for
replication. The resultant antibody-drug conjugate attaches to the PSMA
protein on the surface of prostate cancer cells and is designed to internalize
into the cancer cell, release active anti-cancer drug, and destroy the
malignant cell.

Unlike traditional chemotherapy, PSMA ADC is designed to deliver the drug
selectively to prostate cancer cells by targeting PSMA. In pre-clinical
studies, PSMA ADC exhibited a high level of tumor-specific activity.

About Prostate Cancer

Prostate cancer is the second most common form of cancer affecting men in the
United States: an estimated one in six will be diagnosed with prostate cancer
in his lifetime. The American Cancer Society estimates that approximately
240,000 new cases of prostate cancer will be diagnosed and 30,000 men will die
of the disease this year. Approximately 2 million men in the U.S. currently
count themselves as prostate cancer survivors.

About Progenics

Progenics Pharmaceuticals, Inc. is discovering and developing innovative
medicines for oncology, with a pipeline that includes product candidates in
preclinical through late-stage development. Its first commercial product,
Relistor^® (methylnaltrexone bromide) for opioid-induced constipation, is
marketed and in further development by Salix Pharmaceuticals, Ltd. for markets
worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. is developing
the subcutaneous formulation. For additional information, please visit
www.progenics.com.

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, 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 reports it files 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-C)

CONTACT: Kathleen Fredriksen
         Corporate Development
         (914) 789-2871
         kfredriksen@progenics.com

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