8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT



     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



        Date of Report (Date of earliest event reported) November 9, 2004



                         Progenics Pharmaceuticals, Inc.
             (Exact name of registrant as specified in its charter)



           Delaware                   000-23143              13-3379479
 (State or other jurisdiction         (Commission           (IRS Employer
      of incorporation)               File Number)         Identification No.)



             777 Old Saw Mill River Road, Tarrytown, New York 10591
               (Address of principal executive offices) (Zip Code)


        Registrant's telephone number, including area code (914) 789-2800


     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

|_|  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement   communications  pursuant  to  Rule  13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))





Section 2 - Financial Information

         Item 2.02.        Results of Operations and Financial Condition

     On  November  9,  2004,  Progenics  Pharmaceuticals,   Inc.  announced  its
operational  results  for the  third  quarter  and  first  nine  months of 2004.
Progenics  Pharmaceuticals also updated the status of its ongoing clinical trial
studies,  reporting progress in its efforts to bring its developmental  drugs to
market. A copy of the press release is attached as Exhibit 99.1.

     The information  furnished pursuant to Item 2.02 in this Form 8-K shall not
be deemed  to be  "filed"  for the  purposes  of  Section  18 of the  Securities
Exchange Act of 1934 or otherwise  subject to the  liabilities  of that Section,
unless we specifically incorporate it by reference in a document filed under the
Securities Act of 1933 or the  Securities  Exchange Act of 1934. We undertake no
duty or  obligation  to  publicly  update or revise  the  information  furnished
pursuant to Item 2.02 in this Form 8-K.

Section 9 - Financial Statements and Exhibits

         Item 9.01    Financial Statements and Exhibits

                      (c) the following exhibit is furnished with this report

                      Exhibit Number                Description
                      99.1                          Press Release dated
                                                    November 9, 2004





                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                            PROGENICS PHARMACEUTICALS, INC.


                                           By:  /s/ ROBERT A. MCKINNEY
                                                    Robert A. McKinney
                                                    Vice President, Finance and
                                                    Operations


Date:  November 9, 2004

EX-99

                                                          Exhibit 99.1

Progenics Pharmaceuticals Reports Third Quarter 2004 Results

    TARRYTOWN, N.Y.--(BUSINESS WIRE)--Nov. 9, 2004--Progenics
Pharmaceuticals, Inc. (NASDAQ: PGNX) today announced its results of
operations for the third quarter ended September 30, 2004 and for the
first nine months of 2004.
    Revenues for the third quarter ended September 30, 2004 totaled
$2.4 million compared to $1.9 million for the same quarter in 2003.
For the first nine months of 2004, Progenics reported revenues of $6.3
million compared to $6.1 million for the comparable period in 2003.
Revenues primarily reflect funding received by the Company from
government grants and contracts and for research and development
services rendered to its joint venture with Cytogen Corporation. The
Company's expenses for the third quarter of 2004 were $13.2 million
compared to $9.3 million for the third quarter of 2003. For the nine
months ended September 30, 2004, expenses totaled $38.6 million
compared to $27.8 million for the nine months ended September 30,
2003. The increase in expense is principally due to increased clinical
trial activity, an increase in headcount, and related laboratory
supplies. The net loss for the third quarter of 2004 was $10.6
million, compared to a net loss of $7.3 million for the same period in
2003. The net loss per share for the third quarter of 2004 was $0.63,
basic and diluted, compared to a net loss per share of $0.56, basic
and diluted, for the same period of 2003. The net loss for the first
nine months of 2004 was $31.7 million, compared to a net loss of $21.3
million for the same period in 2003. The net loss per share for the
first nine months of 2004 was $1.88, basic and diluted, compared to a
net loss per share of $1.65, basic and diluted, for the same period of
2003. The Company ended the third quarter of 2004 with cash, cash
equivalents and marketable securities of $40.6 million.
    In 2004, Progenics Pharmaceuticals continued to work toward our
goal of bringing new medicines to market in the areas of symptom
management and supportive care, HIV infection, and prostate cancer.
The Company's achievements included the following:

    Methylnaltrexone

    --  Initiated a second, pivotal phase 3 clinical trial of
        methylnaltrexone (MNTX), an investigational drug for the
        treatment of opioid-induced constipation in patients with
        advanced medical illness (AMI).

    --  Made significant progress in our first, pivotal phase 3
        clinical trial of MNTX and plan to complete enrollment in this
        study by the end of the year.

    --  Completed enrollment in a phase 2 multi-center, double-blind,
        randomized, placebo-controlled study of MNTX for the treatment
        of post-operative ileus.

    --  Successfully completed phase 1 clinical trials with oral MNTX.

    --  Amended our agreement with UR Labs, Inc. to establish a new
        milestone date, on or before June 30, 2006, for filing a New
        Drug Application (NDA) for MNTX. Assuming successful
        completion of our two, ongoing, phase 3 clinical studies of
        MNTX, we anticipate filing an NDA for MNTX for the treatment
        of opioid-induced constipation in AMI during the second half
        of 2005.

    HIV

    --  Initiated a phase 1 clinical trial of a new HIV (human
        immunodeficiency virus) therapy, PRO 140, a humanized
        monoclonal antibody against the CCR5 coreceptor that is
        designed to block infection by inhibiting the ability of the
        virus to enter healthy cells.

    --  Presented promising data on the Company's HIV vaccine
        candidate, demonstrating the production of specific HIV
        neutralizing antibodies in an animal model.

    Prostate Cancer

    --  Reported encouraging preliminary results from the phase 1
        safety study of a therapeutic prostate cancer vaccine
        targeting PSMA (prostate-specific membrane antigen), a
        promising cancer target.

    --  Awarded two grants totaling $7.4 million over four years from
        the National Institutes of Health (NIH) to develop novel
        immunotherapies for prostate cancer based on PSMA, via our
        joint venture with Cytogen Corporation.

    Management

    --  Enhanced the senior management team with the appointment of
        Alton B. Kremer, M.D., Ph.D. to Vice President, Clinical
        Research, to lead the clinical development of MNTX and the
        Company's other product candidates.

    --  Elected directors Kurt W. Briner and Paul F. Jacobson to serve
        as non-executive Co-Chairmen of the Board. They assumed 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.

    "Progenics anticipates making important progress in our MNTX
clinical development programs in the months ahead and into next year,"
said Paul J. Maddon, Progenics' Chief Executive Officer and Chief
Science Officer. "We plan to complete and analyze two, pivotal phase 3
clinical studies of MNTX for the relief of opioid-induced constipation
in advanced medical illness. If these studies are successful, we plan
to file our first NDA with the U.S. Food and Drug Administration in
the second half of 2005. Data from our recently completed phase 2
clinical studies of MNTX in post-operative ileus is being prepared for
analysis. If the results are positive, we plan to initiate phase 3
clinical trials in 2005 in this important clinical setting. We are
preparing to commence a phase 2 clinical trial of oral MNTX for the
treatment of constipation in patients being treated with opioids for
chronic pain."
    "In the area of HIV therapy, we have ongoing phase 2 clinical
trials of PRO 542, a novel viral-entry inhibitor," added Dr. Maddon.
"We plan to review results from these studies with the intent of
making a decision regarding the on-going feasibility of this program.
Concurrently, we are conducting a phase 1 study in healthy volunteers
of an exciting HIV entry inhibitor, PR0 140, and plan to commence a
phase 2 study with this investigational drug in HIV-infected
individuals during 2005."

    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 humanized 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 November 9, 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
September 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.


                   PROGENICS PHARMACEUTICALS, INC.
                  CONDENSED STATEMENTS OF OPERATIONS

                       Three Months Ended        Nine Months Ended
                    ------------------------ -------------------------
                      9/30/2004   9/30/2003    9/30/2004    9/30/2003
                    ------------ ----------- ------------ ------------
                     (Unaudited) (Unaudited)  (Unaudited) (Unaudited)
Revenues:
Contract research
 and development
 from Joint Venture     $46,301 $   828,375 $  1,189,731 $  2,730,988
Research grants
 and contracts        2,313,331   1,065,249    5,043,101    3,230,782
Product sales             1,858      10,055       51,472       96,946
                    ------------ ----------- ------------ ------------
     Total revenues   2,361,490   1,903,679    6,284,304    6,058,716
                    ------------ ----------- ------------ ------------

Expenses:
Research and
 development          9,195,152   6,197,426   26,944,640   18,169,356
General and
 administrative       3,415,013   2,095,259    9,268,195    6,022,708
Loss in Joint
 Venture                263,528     714,871    1,361,713    2,680,471
Depreciation and
 amortization           315,682     342,051    1,015,592      955,526
                    ------------ ----------- ------------ ------------
     Total expenses  13,189,375   9,349,607   38,590,140   27,828,061
                    ------------ ----------- ------------ ------------
Operating loss      (10,827,885) (7,445,928) (32,305,836) (21,769,345)
Other income
 (expense):
 Interest income        191,930     123,581      600,672      505,772
 Loss on sale of
  marketable
  securities                                     (31,468)
 Interest expense                                              (4,520)
- -------------------------------- ----------- ------------ ------------
  Total other income    191,930     123,581      569,204      501,252
                    ------------ ----------- ------------ ------------
Net loss           $(10,635,955)$(7,322,347)$(31,736,632)$(21,268,093)
                    ============ =========== ============ ============
 Net loss per
  share, basic
  and diluted      $      (0.63)$     (0.56)$      (1.88)$      (1.65)
                    ============ =========== ============ ============


                       CONDENSED BALANCE SHEETS

                                 September 30,        December 31,
                                     2004                 2003
                               ---------------   ---------------------
                                  (Unaudited)

Cash, cash
 equivalents and
 marketable securities           $ 40,620,612       $ 65,662,732
Accounts and other
 receivables                        1,470,905            790,792
Fixed assets, net                   4,245,776          3,890,991
Other assets                        2,307,087          2,541,689
                                 ------------       ------------

Total assets                     $ 48,644,380       $ 72,886,204
                                 ============       ============

Liabilities                      $  7,697,498       $  5,203,510
Stockholders' equity               40,946,882         67,682,694
                                 ------------       ------------

Total liabilities
 and stockholders'
 equity                          $ 48,644,380       $ 72,886,204
                                 ============       ============


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



    CONTACT: Progenics Pharmaceuticals, Inc.
             Richard W. Krawiec, Ph.D., 914-789-2800
             rkrawiec@progenics.com