Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock

Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock

TARRYTOWN, N.Y., Feb. 20, 2014 (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 in an underwritten
public offering. Jefferies LLC is acting as sole book-running manager for the
proposed offering. Progenics also intends to grant the underwriter a 30-day
option to purchase additional shares of common stock on the same terms and
conditions. All of the shares to be sold in the offering are to be sold by
Progenics. Progenics intends to use the net proceeds from the offering for
research and development and general corporate purposes.

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 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 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; the unpredictability of the
duration and results of regulatory review of New Drug Applications and
Investigational New Drug applications; 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 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. Information on or accessed through our website is not included
in the company's SEC filings.

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

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