Progenics Pharmaceuticals Announces Pricing of Public Offering of Common Stock

Progenics Pharmaceuticals Announces Pricing of Public Offering of Common Stock

TARRYTOWN, N.Y., June 20, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals,
Inc. (Nasdaq:PGNX) announced today the pricing of an underwritten public
offering of 8,500,000 primary shares of its common stock at a public offering
price of $4.40 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 $37,400,000. The offering is expected to close on
or about June 25, 2013, subject to customary closing conditions. Progenics
also granted the underwriters a 30-day option to purchase 1,275,000 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 LLC is acting as sole book-running manager for the offering. Needham
& Company, LLC, Stifel and Brean Capital, LLC are acting as co-managers 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 June 19, 2013, and a final prospectus supplement relating to
the offering will be filed with the SEC and will be available on its web site
at Copies of the final prospectus supplement and accompanying
prospectus, when available, 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

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

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, 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

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