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Progenics Pharmaceuticals And Salix Pharmaceuticals Announce Worldwide License Agreement For RELISTOR®

"Paul J. Maddon, M.D., Ph.D., Founder, Chief Executive and Chief Science Officer, Progenics, stated, “Our partnership with Salix maximizes the global development, commercialization and market potential of the RELISTOR franchise. Progenics and Salix share a vision of expanding the use of this important therapy among the millions of patients who suffer from the debilitating side effects of opioid pain medications.”

Carolyn Logan, President and CEO, Salix, stated, “Constipation is a common, and often debilitating, gastrointestinal consequence of the use of opioid analgesics to manage pain. We are pleased to add RELISTOR Subcutaneous Injection, a first-in-class treatment for OIC in advanced illness, to our product portfolio. We believe RELISTOR represents a valuable asset that merits additional development and targeted commercialization. Currently an oral formulation of RELISTOR is in phase 3 development to potentially address OIC in patients with chronic, non-cancer pain. We look forward to utilizing our specialty sales force in the United States and our existing business partners worldwide to provide physicians with a solution to address the opioid-induced constipation experienced by their patients.”

Salix will market RELISTOR directly through its specialty sales force in the U.S., and outside the U.S., RELISTOR will be marketed with sublicenses to regional companies. The parties plan an April 2011 transition of RELISTOR commercial and development responsibility to Salix from Pfizer Inc, which acquired Progenics’ former RELISTOR partner, Wyeth Pharmaceuticals. While Salix effects a country-by-country transition of ex-U.S. commercialization rights, Wyeth will remain the Marketing Authorization Holder for RELISTOR and will continue to supply product. In the interim, Wyeth remains responsible for all manufacturing, clinical, medical and regulatory activities for RELISTOR outside of the U.S. and Japan.

Conference Calls and Audiocasts

Members of Progenics’ senior management team will host a conference call today at 8:00 a.m. ET.

To participate in the conference call, please dial 800-419-9895 (domestic) or 913-312-9308 (international) and reference the access code 7236120. A replay of the call will be available from 11:00 a.m. ET on Monday, February 7, 2011 until midnight on Sunday, February 20, 2011. To access the replay, please dial 888-203-1112 (domestic) or 719-457-0820 (international) and reference the access code 7236120. The archived webcast will be available for 14 days in the Events section of the Progenics website at http://www.progenics.com/events.cfm.

Members of Salix’s senior management team will host a conference call today at 9:00 a.m. ET.

To participate in the conference call, please dial 866-454-4205 (domestic) or 913-312-0662 (international) and reference the access code 8513768. A replay of the call will be available from 11:30 a.m. ET on Monday, February 7, 2011 until midnight on Sunday, February 20, 2011. To access the replay, please dial 888-203-1112 (domestic) or 719-457-0820 (international) and reference the access code 8513768.

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