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Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock



Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock

TARRYTOWN, N.Y., June 19, 2013 (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 shelf 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 LLC 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 LLC, 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. 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, market and other conditions; the satisfaction of customary closing
conditions related to the proposed offering; the cost, timing, design, conduct
and results of clinical trials and other development activities; 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: Kathleen Fredriksen
         Director of Corporate Development
         (914) 789-2871
         kfredriksen@progenics.com

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