Exhibit 99.1

          Progenics Announces Management Team Expansion and Promotion;
       Mark R. Baker, J.D. Named Senior Vice President & General Counsel;
  Thomas A. Boyd, Ph.D. Promoted to Senior Vice President, Product Development

    TARRYTOWN, N.Y.--(BUSINESS WIRE)--June 29, 2005--Progenics
Pharmaceuticals, Inc. (Nasdaq:PGNX) announced today the appointment of
Mark R. Baker, J.D. to Senior Vice President & General Counsel, and
the promotion of Thomas A. Boyd, Ph.D. to Senior Vice President,
Product Development. Mr. Baker will be responsible for legal affairs
and corporate governance, business development and licensing, and
intellectual property. In his new position, Dr. Boyd will assume
expanded responsibility in product development, including preclinical
development, manufacturing, regulatory affairs, quality, health and
safety and project management.
    Mr. Baker comes to Progenics with over 25 years of legal
experience, including 21 years with Dewey Ballantine LLP where he
represented Progenics in its 1997 initial public offering, along with
many other clients in the biotechnology field, including biotech
companies, investment banks, consultants and venture capital firms.
Mr. Baker's practice at Dewey Ballantine LLP included work in the
fields of corporate structures, capital raising, mergers and
acquisitions, joint ventures and technology and product licensing.
During his tenure at Dewey Ballantine LLP, he served in the capacity
of Partner, Chairman of the Capital Markets Group as well as the
Chairman of the Legal Personnel Committee. In 1997, Mr. Baker joined
Contigroup Companies, Inc. where he was Executive Vice President,
Chief Legal Officer and Secretary serving on an executive committee
responsible for Contigroup's strategic direction. Most recently he was
the Chief Business Officer, Treasurer, Secretary and a Director of New
York Water Taxi. He earned his J.D. at Columbia University School of
Law where he was a Stone Scholar and an A.B. degree in History and
Biochemistry at Columbia College in New York.
    In January 2002, Dr. Boyd was promoted to Vice President,
Preclinical Development and Project Management where he was
responsible for the Company's drug development activities in those
areas. Before joining Progenics in January 2000 as Senior Director,
Project Management, Dr. Boyd held positions with Boehringer Ingelheim,
Wyeth-Ayerst, and Alteon, Inc. He has over 20 years of experience in
the field of drug development. While at Progenics, he has played a
lead role in managing the Company's product pipeline and, in
particular, its methylnaltrexone (MNTX) development program. In his
new role, he will continue with these activities for the Company's
small-molecule drugs and biologic products as well as have broad
development responsibilities. He received his Ph.D. from Brown
University in physiology and biophysics and an A.B. degree from
Cornell University.
    "We are extremely pleased that Mark has joined Progenics'
executive team," said Paul J. Maddon, M.D., Ph.D., Progenics' Founder,
Chief Executive Officer, and Chief Science Officer. "We are confident
that Mark's broad business and legal experiences will be a tremendous
asset as the Company prepares to file its first New Drug Application
and transition to a commercial organization. The promotion of Dr. Boyd
to the position of Senior Vice President, Product Development
recognizes the significant contributions he has made over the past
five years in the areas of preclinical development and project
management. I look forward to working with Mark and Tom in their roles
as senior executives within the Company."

    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's principal programs are
directed toward symptom management and supportive care and the
treatment of HIV infection and cancer. 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 constipation
associated with 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 management of patients
with 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 140, a humanized monoclonal antibody targeting the HIV coreceptor
CCR5 (in phase 1 studies), and PRO 542, a genetically engineered
molecule designed to neutralize HIV (in phase 2 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 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 June 29, 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, 2004
and Quarterly Report on Form 10-Q for the fiscal quarter ended March
31, 2005 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