Velan Releases Presentation Reiterating the Facts and Setting The Record Straight for Progenics Pharmaceuticals' Stockholders

June 25, 2019 8:29 AM

ALPHARETTA, Ga., June 25, 2019 /PRNewswire/ -- Velan Capital, L.P. (together with the other participants in its solicitation, "Velan" or "we"), one of the largest stockholders of Progenics Pharmaceuticals, Inc. ("Progenics" or the "Company")(NASDAQ: PGNX), comprised of successful specialty pharmaceutical operators and financial services experts, today announced that it has issued a presentation to Progenics stockholders following various false and misleading statements made by the Company in its June 20th and June 24th presentations, urging stockholders to remain focused on the real issues facing the Company. The attempt by the Progenics Board of Directors (the "Board") to distort the truth and avoid accountability at all costs prove the Board's only defense is distraction and misdirection; the performance of the Company under the incumbent Board speaks for itself.

Velan's presentation titled "What Really Matters: The Dismal Performance of Progenics Pharmaceuticals, Inc. Under Peter Crowley and Michael Kishbauch" can be viewed by clicking the following link:

https://www.savepgnx.com/api/v1/files/78763e62-8220-4781-b709-08d6f96254f2

The removal of Messrs. Crowley and Kishbauch will implement much needed accountability and allow two new directors to more properly evaluate management and have a better chance of putting the Company on the right track. As long as such individuals bring appropriate alignment and expertise, we believe that stockholders and patients would be experiencing an upgrade.

The Company's slogan is "Find, Fight, and Follow" – we urge stockholders to "Find" the status quo unacceptable, "Fight" years of value destruction and squandered opportunities, and "Follow" our call to action by voting AGAINST the re-election of Messrs. Crowley and Kishbauch on the GREEN proxy card.

It is time for accountability at Progenics – Velan urges all stockholders to vote for change on the GREEN proxy card today!

Investor contacts:

Deepak Sarpangal (415) 677-7050campaign@velancapital.com www.savePGNX.com

Okapi Partners LLCPat McHugh / Jason Alexander+1 (888) 785-6673SavePGNX@okapipartners.com

Cision View original content:http://www.prnewswire.com/news-releases/velan-releases-presentation-reiterating-the-facts-and-setting-the-record-straight-for-progenics-pharmaceuticals-stockholders-300874306.html

SOURCE Velan Capital, L.P.

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