PRNewswire - November 15, 2001

The first grant supports an ongoing collaboration between Progenics and Pharmacopeia, Inc. (Nasdaq: PCOP) to develop orally available small-molecule inhibitors of the HIV envelope glycoprotein gp41, which mediates fusion and entry of HIV into cells of the human immune system. The project combines Pharmacopeia's proprietary, high-throughput assays with screening technologies developed at Progenics for identifying fusion inhibitors. Pharmacopeia is utilizing these technologies to screen its libraries of several million novel, drug-like compounds. Progenics retains rights to all active compounds identified by Pharmacopeia.

The second grant award supports lead optimization of a novel class of anti-HIV compounds known as sulfated CCR5 peptides, discovered by Progenics scientists and their collaborators at the Albert Einstein College of Medicine, Bronx, NY. These peptides mimic the CCR5 coreceptor, a cellular structure used by HIV to gain entry into certain immune system cells. The binding of HIV to CCR5 is a critical event during viral infection. Progenics scientists have previously reported that this critical binding step can be blocked using sulfated CCR5 peptides as small as nine amino acids in length. The sulfated CCR5 peptides act as receptor decoys that target a small region of the virus that must remain constant (free from mutation) for it to retain the ability to infect certain human immune cells. The project seeks to evaluate and optimize antiviral and other therapeutically relevant properties of the lead CCR5 sulfated peptides in anticipation of clinical trials. .

"We are honored to receive these NIH awards," said William C. Olson, Ph.D., Progenics' Vice President of Research and Development. "NIH's support acknowledges the scientific merit and the therapeutic potential of these programs as well as of the caliber of our industrial and academic collaborators."

Progenics Pharmaceuticals, Inc. of Tarrytown, NY, is a biopharmaceutical company focusing on the development and commercialization of products for the treatment and prevention of viral, cancer, and other life-threatening diseases, and for better pain control without side effects. The Company applies its immunological expertise to develop biopharmaceuticals to fight viral diseases, such as human immunodeficiency virus (HIV) infections, and cancers, including malignant melanoma and prostate cancer. The Company is preparing to initiate Phase IIb clinical studies of methylnaltrexone, a compound designed to block the debilitating side effects of opioid-based analgesics without interfering with pain palliation. The Company has initiated Phase II clinical trials of its lead HIV product, PRO 542, a viral-entry inhibitor and is in preclinical development with PRO 140 and other follow-on product candidates in HIV infection. Progenics' most clinically advanced product, GMK, is a cancer vaccine in Phase III clinical trials for the treatment of malignant melanoma. MGV, a therapeutic vaccine for multiple cancers is also in clinical development. The Company is developing cancer immuno therapies based on PSMA (prostate specific membrane antigen) technology. Dehydro ascorbic acid, a novel small-molecule antioxidant, is the subject of preclinical studies to treat stroke and other disorders.

This press release contains forward-looking statements. Any statements contained herein that are not statements of historical fact may be forward-looking statements. When the Company uses the words 'anticipates,' 'plans,' 'expects' and similar expressions, they are identifying forward-looking statements. Such forward-looking statements involve risks and uncertainties, which may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such factors include, among others, the uncertainties associated with product development, the risk that clinical trials will not commence when or proceed as planned, the risks and uncertainties associated with dependence upon the actions of the Company's corporate, academic and other collaborators and of government regulatory agencies, the risk that products that appear promising in early clinical trials do not demonstrate efficacy in larger-scale clinical trials, the uncertainty of future profitability and other factors set forth more fully in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 and other periodic filings with the Securities and Exchange Commission to which investors are referred for further information. In particular, the Company cannot assure you that any of the their programs will result in a commercial product. The Company does not have a policy of updating or revising forward-looking statements, and thus it should not be assumed that the Company's silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements.

Editor's Note: Additional information is available at http://www.progenics.com

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