Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock

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| Source: Progenics Pharmaceuticals Inc.

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.

Kathleen Fredriksen
Director of Corporate Development
(914) 789-2871