Progenics Pharmaceuticals, Inc.
777 Old Saw Mill River Road
Tarrytown, New York 10591
Fax: (914) 789-2817
PROGENICS PHARMACEUTICALS ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
TARRYTOWN, N.Y., Nov. 29, 2012 Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) announced today the pricing of an
underwritten public offering of 11,000,000 primary shares of its common stock at a public offering price of $2.00 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and other offering expenses,
are expected to be approximately $22,000,000. The offering is expected to close on or about December 4, 2012, subject to customary closing conditions. Progenics also granted the underwriter a 30-day option to purchase 1,650,000 additional
shares of common stock. All of the shares sold in the offering are being sold by Progenics, with the proceeds to be used for research and development and general corporate purposes. Jefferies & Company, Inc. is acting as sole book-running
manager for the offering.
A shelf registration statement relating to the shares of common stock described above has been
filed with and declared effective by the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in
any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any offer, if at all, will be made only by means of a prospectus, including a final prospectus supplement, forming part of the effective shelf registration
A preliminary prospectus supplement relating to the offering has been filed with the SEC on November 28,
2012, and a final prospectus supplement relating to the offering will be filed with the SEC and will be available on its web site at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus, when available, may be obtained
from Jefferies & Company, Inc., Equity Syndicate Prospectus Department, at 520 Madison Avenue, New York, New York, 10022, or by calling (877) 547-6340, or by emailing Prospectus_Department@Jefferies.com.
Progenics Pharmaceuticals, Inc., of Tarrytown, N.Y., is a biopharmaceutical company dedicated to developing innovative medicines to treat disease, with a focus on cancer and related conditions.
Progenics pipeline candidates include PSMA ADC, a fully human monoclonal antibody-drug conjugate in Phase 2 testing for treatment of prostate cancer, and preclinical stage novel phosphoinositide 3-kinase (PI3K) inhibitors for the treatment of
cancer. Progenics has exclusively licensed development and commercialization rights for its first commercial product,
Relistor®, to Salix Pharmaceuticals, Inc. for markets worldwide other than Japan, where Ono Pharmaceutical Co.,
Ltd. holds an exclusive license for the subcutaneous formulation. Relistor (methylnaltrexone bromide) subcutaneous injection is a first-in-class treatment for opioid-induced constipation approved in more than 50 countries for patients with advanced
illness. For more information, please visit www.progenics.com and www.relistor.com.
This press release may
contain projections and other forward-looking statements regarding future events. Such statements are predictions only, and are subject to risks and uncertainties that could cause actual events or results to differ materially. These risks and
uncertainties include, among others, market and other conditions; the satisfaction of customary closing conditions related to the offering; the cost, timing and results of clinical trials and other development activities; the unpredictability of the
duration and results of regulatory review of New Drug Applications and Investigational NDAs; market acceptance for approved products; generic and other competition; the possible impairment of, inability to obtain and costs of obtaining intellectual
property rights; and possible safety or efficacy concerns, general business, financial and accounting matters, litigation and other risks. More information concerning Progenics and such risks and uncertainties is available on its website, and in its
press releases and periodic reports and filings with the U.S. Securities and Exchange Commission. Progenics is providing the information in this press release as of its date and does not undertake any obligation to update or revise it, whether as a
result of new information, future events or circumstances or otherwise.
Additional information concerning Progenics
and its business may be available in press releases or other public announcements and public filings made after this release.