Faruqi & Faruqi, LLP Launches An Investigation Against Progenics Pharmaceuticals, Inc. (PGNX) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors

Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Progenics Pharmaceuticals, Inc. (“Progenics” or the “Company”) (NasdaqGS: PGNX) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for an increase in the number of available shares under the Company’s 2005 Stock Incentive Plan.

Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on May 3, 2013, the Board of Directors recommends that Progenics’ shareholders vote to approve an increase in the number of available shares under the Company’s 2005 Stock Incentive Plan from 8,450,000 to 10,450,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of Progenics common stock.

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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.

If you own common stock in Progenics and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/PGNX or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

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