Progenics Pharmaceuticals Presents Positive Data From a Phase 2 Trial of PSMA ADC in Patients With Chemotherapy Experienced

Progenics Pharmaceuticals Presents Positive Data From a Phase 2 Trial of PSMA
ADC in Patients With Chemotherapy Experienced Metastatic Castrate Resistant
Prostate Cancer

Discussion With Senior Management to Be Webcast From ASCO GU on January 30th,
7 PM PST/10 PM EST

TARRYTOWN, N.Y. and SAN FRANCISCO, Jan. 30, 2014 (GLOBE NEWSWIRE) -- Progenics
Pharmaceuticals, Inc., (Nasdaq:PGNX), an oncology company focused on
developing innovative approaches to targeting and treating prostate cancer,
today presented a poster entitled A Phase 2 trial of Prostate Specific
Membrane Antigen Antibody Drug Conjugate (PSMA ADC) in Taxane-Refractory
Metastatic Castration Resistant Prostate Cancer (mCRPC) at the American
Society of Clinical Oncology's 2014 Genitourinary Cancers Symposium in San
Francisco, CA. The Phase 2 trial assessed the anti-tumor activity and
tolerability of its antibody drug conjugate, PSMA ADC, in patients with
metastatic castrate resistant prostate cancer. A total of 83 patients who had
progressive disease despite treatment with at least one taxane containing
chemotherapy received PSMA ADC. Enrollment of a chemotherapy naïve cohort is
ongoing.

"We are encouraged by the tolerability and clear activity of PSMA ADC in this
heavily pre-treated population," said Hagop Youssoufian, M.D., Executive Vice
President, Research and Development. "For example, reductions in CTC's of more
than 50% were seen in over 70% of patients treated."

Dr Youssoufian also said, "we look forward to the upcoming data in the less
clinically advanced chemo naïve setting, where our ADC technology may provide
an even greater clinical benefit to men with prostate cancer."

"I've been encouraged by the response seen to date in our patients," said
Daniel Petrylak, M.D., Professor of Medical Oncology at Yale Cancer Center,
Clinical Research Program Leader for the Prostate and Urologic Cancers Program
at Smilow Cancer Hospital at Yale-New Haven, and lead investigator on the
trial."I believe that the 2.3 mg/kg dose has been well tolerated," added Dr.
Petrylak.

"We have long held the belief that PSMA expression would correlate with
response, and were pleased to see that correlation in this trial.I was also
pleased that another biomarker that measures low neuroendocrine disease also
correlates and offers the ability to identify responders in this trial through
the use of a simple blood test," said Mark R. Baker, CEO of Progenics.

An additional PSMA ADC related poster is being presented by EPIC Sciences
entitled "Expression of Prostate-specific Membrane Antigen (PSMA) on
Circulating Tumor Cells (CTC's) in Castration-resistant Prostate Cancer."The
poster presentation is scheduled for Friday, January 31, at 11:30 AM PST.

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 PSMA ADC

Prostate Specific Membrane Antigen, 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.

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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(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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