Progenics Pharmaceuticals Announces Changes In Executive Responsibilities

Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced that it has appointed Mark R. Baker chief executive officer. Prior to this promotion, Mr. Baker served as president. Paul J. Maddon, M.D., Ph.D. has been appointed to the newly created position of vice chairman of the board of directors and will continue as chief science officer. Both Mr. Baker and Dr. Maddon will continue as members of the board of directors.

“During his tenure with Progenics, Mark has been responsible for the Company’s licensing agreements for the lead product, RELISTOR ^®. Together with his performance as Progenics’ president since 2009, these accomplishments demonstrate Mark’s ability to lead the Company forward as we advance our business and clinical objectives,” said Peter J. Crowley, chairman of Progenics’ board of directors. “Progenics was founded to pursue innovative science that addresses unmet medical needs. Since founding the Company in 1988, Paul has brought remarkable leadership to the business and scientific strategies of the Company. The board is grateful to Paul for his dedicated service and extraordinary record of professional achievement as a chief executive officer. His ongoing commitment, and deep scientific and medical expertise, will continue to prove invaluable as we advance development programs that leverage our strengths as a dynamic biopharmaceutical company.”

“It has been an inspiring and gratifying experience for me to nurture Progenics from concept to commercial stage operation,” said Dr. Maddon. “I can think of no one better suited than Mark to lead Progenics into the next phase of its evolution. The other board members and I are delighted that Mark has accepted this appointment.”

“I am honored to lead Progenics forward in this capacity,” commented Mr. Baker. “I joined the Company in 2005 after a number of years as external legal counsel. I was enticed by the promise of the science, and by the remarkable caliber and commitment of its people. With our commercial product licensed to a promising marketing partner, and with additional therapeutic candidates in the pipeline, the future looks exciting and I am eager to drive the Company’s growth.”

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