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)  January 20, 2005
                                                         ------------------


                         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 7 - Regulation FD

Item 7.01      Regulation FD Disclosure

     Progenics Pharmaceuticals, Inc. today announced positive top-line results
from a phase 2 clinical trial of its investigational drug, methylnaltrexone
(MNTX) for the management of post-operative bowel dysfunction. Patients who
received MNTX following major abdominal surgery exhibited an acceleration of
gastrointestinal recovery by at least one day on average compared to placebo. A
copy of the press release is attached as Exhibit 99.1 and the information
contained therein is incorporated by reference into this Item 7.01 of this
Current Report on Form 8-K.

     The information furnished pursuant to Item 7.01 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 liability 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 7.01 in this Form 8-K.


Section 9 - Financial Statements and Exhibits

Item 9.01      Financial Statements and Exhibits

(c)  Exhibits

Exhibit Number                     Description
- --------------                     -----------
99.1                               Press release dated January 20, 2005.








                                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 & Operations


Date: January 21, 2005

EX-99.1

                                                                    Exhibit 99.1

 Progenics Announces Positive Top-Line Results from Phase 2 Clinical
           Trial of MNTX in Post-Operative Bowel Dysfunction

       TARRYTOWN, N.Y.--(BUSINESS WIRE)--Jan. 20, 2005--

   Significant Improvements in Gastrointestinal Recovery Seen after
                        Major Abdominal Surgery

    Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced
positive top-line results from a phase 2 clinical trial of its
investigational drug, methylnaltrexone (MNTX) for the management of
post-operative bowel dysfunction. Patients who received MNTX following
major abdominal surgery exhibited an acceleration of gastrointestinal
recovery by at least one day on average compared to placebo.
Significant improvements were seen in clinically important measures of
gastrointestinal recovery: time to first bowel movement and discharge
eligibility from the hospital. MNTX was generally well tolerated in
this study, with no reports of serious adverse events related to the
drug. There is currently no approved therapy for post-operative bowel
dysfunction, a debilitating gastrointestinal impairment following
abdominal or other major surgeries and a leading cause of prolonged
patient hospital stays and increased healthcare costs.
    A total of 65 patients at eight surgical centers participated in
the double-blind, randomized, placebo-controlled phase 2 trial.
Subjects underwent segmental colectomies - removal of a portion of the
colon - primarily due to cancer or diverticular disease. Shortly after
surgery, study medication (0.3 mg/kg MNTX or placebo) was administered
intravenously at six-hour intervals for a maximum of seven days. This
proof-of-concept phase 2 study was designed to investigate the
activity and tolerability of MNTX in the post-operative setting.

    Accelerating gastrointestinal recovery with MNTX

    The top-line analysis of data yielded the following statistical
measures of improvement in gastrointestinal recovery by MNTX treatment
relative to placebo:

- --  Time to tolerance of first full-liquid meal (p=0.05), accelerated
    by 30 hours

- --  Time to tolerance of first solid meal (p=0.12), accelerated by 25
    hours

- --  Time to first bowel movement (p=0.01), accelerated by 23 hours

- --  Time to tolerance of first solid meal and first bowel movement
    (p=0.06), accelerated by 27 hours

- --  Time to discharge eligibility (p=0.03), accelerated by 30 hours

- --  Time to actual discharge (p=0.09), accelerated by 25 hours.

    Analysis of gastrointestinal recovery times were performed using
Kaplan-Meier time-to-event methods, and mean values are reported
above. Statistical evaluations were based on a predefined
intent-to-treat analysis, using a log-rank 1-sided test, with
significance testing at the 0.05 level, when MNTX treatment was
compared to placebo.
    "Effective management of post-operative bowel dysfunction is a
major unmet medical need, and these data suggest that MNTX offers the
potential to shorten hospital stays for millions of patients who
undergo major abdominal surgery each year," said Eugene R. Viscusi,
M.D., Director, Acute Pain Management Service, Thomas Jefferson
University and a principal investigator in the clinical trial.
"Ideally, post-operative patients should not be discharged until they
have return of bowel function. In my experience, there is no benefit
to allowing the gastrointestinal tract to remain inactive after
surgery - the earlier the bowel becomes active, recovery is
accelerated and the patient can be discharged from the hospital
sooner."

    MNTX generally well tolerated

    MNTX was generally well tolerated in this study. The most common
adverse events reported were fever and nausea, which occurred at
similar rates in the MNTX and placebo-treated groups. There were no
serious adverse events related to study drug, and no patient withdrew
from the study for adverse events. Overall withdrawal for all reasons
was four patients in the MNTX treatment group and nine placebo
subjects. Administration of the peripheral opioid receptor antagonist,
MNTX, did not result in any differences in pain scores compared to
placebo.
    "We are delighted that this first-ever clinical evaluation of MNTX
for the management of post-operative bowel dysfunction yielded
consistent improvements in medically meaningful endpoints," said
Robert J. Israel, M.D., Progenics' Senior Vice President, Medical
Affairs. "We are also pleased that in this modestly sized
proof-of-concept phase 2 study, measures of gastrointestinal recovery
clearly favored MNTX over placebo, and the drug was generally well
tolerated. This clinical trial has provided the key signals of
clinical activity that we were seeking before advancing into phase 3
development of MNTX in post-operative bowel dysfunction. In the coming
months, we plan to complete a more in-depth analysis of the data and
to meet with FDA to discuss the results."
    "A cascade of events indicating gastrointestinal recovery must
occur before a patient is eligible for discharge from the hospital
after surgery," explained Alton B. Kremer, M.D., Ph.D., Progenics'
Vice President, Clinical Research. "Typically, post-operative patients
must first tolerate a liquid diet, progress to solid food and have a
bowel movement, and then they become eligible for discharge. Compared
to placebo, MNTX accelerated the average gastrointestinal recovery by
at least one day in this phase 2 study. Accelerating the time to a
patient's first bowel movement after surgery may be the most clearly
evaluable measure of gastrointestinal function and a critical gating
factor that physicians use to assess discharge eligibility. Based on
these results, we believe that MNTX represents an important new
therapy to improve patient care and comfort as well as to reduce
hospitalization costs."
    During surgery, the body releases endogenous opioids, called
endorphins, that bind to opioid receptors in the gastrointestinal
tract and contribute to post-operative bowel dysfunction. This
condition is exacerbated by opioid pain medications that most patients
receive during and after surgery. Post-operative bowel dysfunction can
lead to the inability to tolerate oral liquids or solid food, nausea
and vomiting, abdominal discomfort, and constipation. Because patients
cannot be discharged from the hospital until gastrointestinal function
returns, this debilitating condition is a leading cause of prolonged
patient hospital stays and increased healthcare costs. By blocking
opioid receptors within the gastrointestinal tract, MNTX is designed
to treat post-operative bowel dysfunction. Pain palliation occurs when
opioid pain medications such as morphine activate opioid receptors in
the brain and spinal cord and block the perception of pain. Since MNTX
has not been observed to cross the blood-brain barrier nor to
interfere with pain relief provided by opioid medications, it has
potential applications in the post operative setting.
    Progenics is developing MNTX for three different indications that
correspond to three distinct dosage forms. Each form is potentially
useful in clinical applications where onset of action, routes of
administration, and ease of use can be tailored to fit the needs of
the patient and healthcare professional. In addition to intravenous
MNTX for post-operative bowel dysfunction, the Company is evaluating
MNTX in the following settings:

- --  In advanced medical illness (AMI), subcutaneous MNTX is being
    studied in two pivotal, phase 3 clinical trials in opioid-induced
    constipation. Top-line results from the first phase 3 study in AMI
    are expected in the first quarter of 2005. The second phase 3
    study is expected to complete enrollment in mid-2005. Given
    positive results, a New Drug Application for MNTX in AMI could be
    submitted to the U.S. Food and Drug Administration as early as the
    end of 2005.

- --  Progenics is developing oral MNTX for relief of opioid-induced
    constipation in patients with chronic pain. Phase 1 clinical
    studies have been completed in healthy volunteers and the Company
    is preparing to begin a phase 2 clinical studies.

    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. MNTX is also
being studied for the treatment of post-operative bowel dysfunction
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 targeting 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 a fully human
monoclonal antibody 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 developing 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 January 20, 2005. 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.

    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