Progenics 1404 Imaging Agent Shows High Accuracy in Detecting Cancer Within the Prostate Gland in Interim Analysis of Phase 2

Progenics 1404 Imaging Agent Shows High Accuracy in Detecting Cancer Within
the Prostate Gland in Interim Analysis of Phase 2 Study

1404 More Accurate Than MRI in Detecting Primary Prostate Cancer in This Study

TARRYTOWN, N.Y. and SAN FRANCISCO, Jan. 30, 2014 (GLOBE NEWSWIRE) -- Progenics
Pharmaceuticals, Inc. (Nasdaq:PGNX), an oncology company focused on the
development of innovative approaches to targeting and treating prostate
cancer, announced that findings from a Phase 2 study of its PSMA targeted
imaging agent, 1404, entitled A Phase 2 Study of 99mTc-Trofolostat (MIP-1404)
SPECT/CT to Identify and Localize Prostate Cancer in High-risk Patients
Undergoing Radical Prostatectomy (RP) and Extended Pelvic Lymph Node
Dissection (ePLND) Compared to Histopathology: An Interim Analysis, were
presented today at the meeting of the American Society of Clinical Oncology's
Genitourinary Cancers Symposium

"In this study, our imaging agent, 1404, showed 94% sensitivity and 100%
specificity in detecting and imaging cancer in the prostate gland," said Hagop
Youssoufian, Executive Vice President, Research and Development. "From this
data we can foresee how 1404 might significantly alter the clinical course of
a patient's treatment.For example, four men in our phase 2 trial might have
avoided a prostatectomy and its inevitable life-changing side effects if our
drug had been available to them as a diagnostic prior to that surgery.While
this study tested 1404 in men undergoing prostatectomy, we believe it may have
utility at other points in the treatment plan as well."

"Today's results demonstrate the potential of our PSMA targeted imaging agent,
1404, to change the course of clinical care in prostate cancer," said Mark R.
Baker, CEO of Progenics."Our imaging agent, which showed a high degree of
accuracy, was tested against the gold standard of the histopathology of the
patient's prostate gland and lymph nodes following surgery. In its first
large scale use, 1404 showed an increased sensitivity and specificity in the
detection and imaging of prostate cancer over MRI."

A discussion with CEO Mark Baker and Senior Management of these findings will
be webcast at 7:00 PM PST/10 PM EST on Thursday, January 30. The live webcast
will be available in the Events section of the Progenics website,
www.progenics.com. To ensure a timely connection, users should register at
least 15 minutes prior to the scheduled start. An archive of the event will be
available for 90 days.

About 1404, an imaging compound targeting Prostate Specific Membrane Antigen

1404 is a developmental stage radiopharmaceutical imaging agent that is
designed to highlight the expression of distinct proteins by diseased
cells.The image created provides the opportunity to "visualize cancer",
potentially allowing for improved detection and staging, more precise
biopsies, and a targeted treatment plan including active surveillance as a
disease management tool.

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 about 30,000 men
will die of the disease this year, and that approximately 2 million men in the
U.S. currently count themselves among prostate cancer survivors.

About Progenics

Progenics Pharmaceuticals, Inc. is developing innovative medicines for
oncology, with a pipeline that includes several product candidates in
late-stage clinical development. Progenics' first-in-class PSMA targeted
technology platform includes an antibody drug conjugate therapeutic and a
small molecule targeted imaging agent, both completing phase 2 clinical
trials. Among other assets in its pipeline of targeted radiotherapy and
molecular imaging compounds is Azedra^™, an ultra-orphan radiotherapy
candidate in a registrational phase 2 study under an SPA with the FDA.
Progenics' first commercial product, Relistor^® (methylnaltrexone bromide) for
opioid-induced constipation, is partnered with and marketed by Salix
Pharmaceuticals, Inc. Ono Pharmaceutical Co. has licensed subcutaneous
Relistor in Japan. 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
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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.

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in press releases or other public announcements and public filings made after
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(PGNX-C)

Editors Note:

For more information, please visit www.progenics.com.

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

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