Progenics Pharmaceuticals Announces Pricing of Public Offering of Common Stock

Progenics Pharmaceuticals Announces Pricing of Public Offering of Common Stock

TARRYTOWN, N.Y., Feb. 21, 2014 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals,
Inc. (Nasdaq:PGNX) announced today the pricing of an underwritten public
offering of 7,608,696 primary shares of its common stock at a public offering
price of $4.60 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 $35 million. The offering is expected to close on
or about February 26, 2014, subject to customary closing conditions. Progenics
also granted the underwriters a 30-day option to purchase 1,141,304 additional
shares of common stock. 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.

Jefferies LLC is acting as sole book-running manager for the offering. Needham
& Company, LLC 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 February 20, 2014, and a final 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 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
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 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) 789-2816
         kfredriksen@progenics.com

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