Exhibit 99.1

Progenics Elects Directors to Serve as Co-Chairmen of the Board

    TARRYTOWN, N.Y.--(BUSINESS WIRE)--Oct. 25, 2004--Progenics
Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced that the Board of
Directors has elected current directors Kurt W. Briner and Paul F.
Jacobson each to serve as non-executive Co-Chairman of the Board. They
assume the chairmanship from Progenics' founder, Paul J. Maddon, M.D.,
Ph.D., who maintains his positions as Chief Executive Officer, Chief
Science Officer, and a Company director.
    "As Progenics moves closer to filing its first New Drug
Application and commercializing its first product, it will be
important that we fully utilize the industry experience available to
us from our Board of Directors," said Dr. Maddon. "Therefore, I was
pleased to nominate Kurt Briner and Paul Jacobson to be Co-Chairmen of
the Board to provide additional assistance in making the transition
from a biopharmaceutical development firm to a commercial company with
product revenues. In addition, electing Kurt and Paul as Co-Chairmen
allows us to further embrace best practices by having an independent
non-executive chairmanship. We are grateful that these two experienced
directors are willing to undertake the additional responsibilities of
acting as Co-Chairmen. Kurt and Paul possess complementary talents in
pharmaceutical commercialization and finance that we expect will be
vital to our future success. I look forward to working with both of
them in their new roles."
    "The Board is truly grateful to Dr. Paul Maddon for his 16 years
of dedicated service as Progenics' Chairman," said Mark F. Dalton,
President of Tudor Investment Corporation, Progenics Director, and
Chairman of Progenics' Compensation Committee. "Since he founded
Progenics in 1988, Paul has displayed remarkable leadership and vision
in formulating and executing the overall business and scientific
strategies of the Company. He has established an extraordinary record
of professional achievement as a Chief Executive Officer and an
innovative Chief Science Officer."
    Kurt W. Briner, age 60, has over 30 years of experience in the
pharmaceutical industry. He is the retired President and Chief
Executive Officer of Sanofi Pharma S.A., Paris, a position he held
from 1988 until his retirement in 2000. During his tenure, Sanofi
developed into a global pharmaceutical company, firmly established in
all major pharmaceutical markets, in addition to a strong position in
emerging markets. He is also board member of Novo Nordisk Danmark,
CBax SA, Galenica S.A., OM Pharma, and a member of the Supervisory
Board of Altana Pharma GmbH. He has been Chairman of the European
Federation of Pharmaceutical Industries and Associations, Brussels.
Mr. Briner has been a Progenics board member since 1998 and is a
member of the Audit Committee and the Nominating and Corporate
Governance Committee.
    Paul F. Jacobson, age 50, is one of Progenics' founding investors
and a retired partner of Goldman, Sachs & Co. He has been the Chief
Executive Officer of Diversified Natural Products Co., a privately
held industrial biotechnology company. Previously, he was Managing
Director and head of North American Fixed Income at Deutsche Bank. Mr.
Jacobson was President of Jacobson Capital Partners. He has served on
the Board since 1988, and is also Chairman of Progenics' Audit
Committee. Mr. Jacobson received a B.A. from Vanderbilt University and
an M.B.A. from Washington University.

    Company Profile

    Progenics Pharmaceuticals, Inc., of Tarrytown, NY, is a
biopharmaceutical company focusing on the development and
commercialization of innovative therapeutic products to treat the
unmet medical needs of patients with debilitating conditions and
life-threatening diseases. The Company has five product candidates in
clinical development and several others in preclinical development. In
symptom management and supportive care, the Company is developing
methylnaltrexone (MNTX) to treat the debilitating side effects of
opioid-based pain relievers without interfering with pain relief. MNTX
is in pivotal phase 3 clinical testing for treatment of opioid-induced
constipation in patients with advanced medical illness and may be the
Company's first product candidate to be approved for marketing. MNTX
is also being studied for the treatment of post-operative ileus and
relief of opioid-induced constipation in patients with chronic pain.
In the area of HIV infection, the Company is developing viral-entry
inhibitors, including PRO 542, a genetically engineered molecule
designed to selectively target and neutralize HIV (in phase 2
studies), and PRO 140, a monoclonal antibody designed to target the
HIV coreceptor CCR5 (in phase 1 studies). In addition, the Company is
conducting research on ProVax, a novel prophylactic HIV vaccine. The
Company, in collaboration with Cytogen Corporation, is developing
immunotherapies for prostate cancer, including monoclonal antibodies
directed against prostate-specific membrane antigen (PSMA), a protein
found on the surface of prostate cancer cells. The Company is also
developing vaccines designed to stimulate an immune response to PSMA.
A recombinant PSMA vaccine is in phase 1 clinical testing. The Company
is also studying a cancer vaccine, GMK, in phase 3 clinical trials for
the treatment of malignant melanoma.

    DISCLOSURE NOTICE: The information contained in this document is
current as of October 25, 2004. 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, it is 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 or proceed as planned, the risks and
uncertainties associated with dependence upon the actions of our
corporate, academic and other collaborators and of government
regulatory agencies, the risk that our licenses to intellectual
property may be terminated because of our failure to have satisfied
performance milestones, the risk that products that appear promising
in early clinical trials do not demonstrate efficacy in larger-scale
clinical trials, the risk that we may not be able to manufacture
commercial quantities of our products, 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, 2003
and Quarterly Report on Form 10-Q for the fiscal quarter ended June
30, 2004 and other reports filed with the Securities and Exchange
Commission, to which investors are referred for further information.
In particular, the Company cannot assure you that any of its programs
will result in a commercial product.

    Progenics does not have a policy of updating or revising
forward-looking statements and assumes no obligation to update any
forward-looking statements contained in this document as a result of
new information or future events or developments. 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 on Progenics is available at
http://www.progenics.com

    CONTACT: Progenics Pharmaceuticals, Inc.
             VP, Investor Relations and Corporate Communications
             Richard W. Krawiec, Ph.D., 914-789-2800
             rkrawiec@progenics.com