Independent Director Candidates Nominated by Velan Issue Letter to Progenics Shareholders

Today, Dr. Gérard Ber released an open letter to stockholders of Progenics Pharmaceuticals, Inc. (“Progenics” or the “Company”) (NASDAQ:PGNX) on behalf of himself and the four other fully-independent director candidates – Dr. Eric J. Ende, Ann MacDougall, Heinz Mäusli and David W. Mims – nominated by Velan Capital, L.P. (“Velan”) for election to the Progenics Board of Directors (the “Board”).

The full text of the letter follows:

October 24, 2019

Dear Fellow Progenics Stockholder:

I’m writing to you on behalf of myself and the other nominees for election to the Progenics Pharmaceuticals Board of Directors – Dr. Eric J. Ende, Ann MacDougall, Heinz Mäusli and David W. Mims – each of whom I’ve enjoyed working alongside as we have developed our plan to improve the Company. You may know me from my time as a co-founder of Advanced Accelerator Applications S.A. (NASDAQ:AAAP) (“AAA”), a leading radiopharmaceutical company that was successfully built and sold for $3.9 billion. But I want you to also know me as a fellow stockholder who holds 50,000 shares and is a true believer that Progenics can be great under the right leadership.

Personally, I think it is time to move past the back-and-forth and the insults and innuendo. All that matters is one question: who do you, the stockholders, believe is the best board to lead Progenics forward?

I’m honored to be a part of the Velan Group’s slate alongside other fantastic nominees and we are excited to have the opportunity to participate in Progenics’ promising future. Unfortunately, we believe the current directors have shown they are not the best choice to continue charting the course for Progenics – both through their poor operational performance and through their decision to sell the Company to Lantheus instead of fixing the Company’s current issues.

I believe that together we can fix Progenics. Our collective backgrounds, skill sets, and experiences have prepared us well for addressing the critical issues at Progenics. Heinz and I bring much-needed radiopharmaceutical experience, David is an excellent pharmaceutical operator and will be a fantastic interim CEO, Eric brings a particularly diverse skillset as both an M.D. and a financial analyst, and Ann will help address the broken governance and misaligned compensation practices that have been largely ignored. Our individual skillsets are unique, but together we complement one another and make each other stronger. We will use this strength to guide Progenics through this transition period and put it on the path to create long-term value.