In Velan’s View, Proposed Lantheus Transaction Illustrates Worst Attributes of Progenics Board in Action

Believes Current Progenics Board Cannot be Trusted to Represent Best Interests of Stockholders

Highlights Company’s Inaccurate and Misleading Statements Related to Velan’s Efforts and Settlement Discussions

Velan’s Fully-Independent Nominees are Committed to Executing on a Comprehensive Strategic Plan for Progenics that will Seek to Bridge the Gap Between the Company’s Performance and Potential

Vote on the GREEN Consent Card TODAY to Save Progenics

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Velan Capital, L.P. (together with the other members of its group, “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 sent a letter to fellow Progenics stockholders outlining the current Board’s failure to represent the best interests of stockholders, as most recently illustrated by the Company’s agreement to be acquired by Lantheus Medical Imaging, Inc. (“Lantheus”). The letter also highlights the Company’s recent misleading statements around Velan’s intentions and urges stockholders to consent to the replacement of three of the Company’s decade-plus tenured directors with Velan’s five highly-qualified, fully-independent nominees.

The full text of Velan’s letter is available at the following link: https://savepgnx.com/api/v1/files/fbdb77b0-2553-4b98-f50a-08d75606b3d3

CERTAIN INFORMATION CONCERNING PARTICIPANTS

Velan Capital, L.P., Altiva Management Inc., Balaji Venkataraman, Virinder Nohria, LTE Partners, LLC, LTE Management, LLC, Melkonian Capital Management, LLC, Ryan Melkonian, Terence Cooke, Deepak Sarpangal, Gérard Ber, Eric J. Ende, Ann MacDougall, Heinz Mäusli and David W. Mims (collectively, the “Participants”) have filed a definitive consent statement and accompanying GREEN consent card with the Securities and Exchange Commission (“SEC”) to be used to solicit consents from stockholders of Progenics Pharmaceuticals, Inc., a Delaware corporation (the “Company”), for a number of proposals, the ultimate effect of which, if successful, would be to reconstitute the Board of Directors of the Company (the “Board”) through the removal of three current members of the Board and the election of the Participants’ five director nominees.

Stockholders are advised to read the definitive consent statement and any other documents related to the solicitation of consents by the Participants because they contain important information, including additional information relating to the Participants. These materials and other materials filed by the Participants in connection with the solicitation of consents will be available at no charge at the SEC’s website at www.sec.gov. The definitive consent statement and other relevant documents filed by the Participants with the SEC will also be available, without charge, by calling the Participant’s proxy solicitor, Okapi Partners LLC, toll-free at (888) 785-6673 or by requesting copies via email to [email protected].

View source version on businesswire.com: https://www.businesswire.com/news/home/20191022005664/en/

Investors:

Deepak Sarpangal

(415) 677-7050

[email protected]



Okapi Partners LLC

Pat McHugh / Jason Alexander

(212) 297-0720

[email protected]



Media:

Joe Germani / Sarah Braunstein

Sloane & Company

(212) 486-9500

[email protected] / [email protected]

Source: Velan Capital, L.P.

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