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PROGENICS PHARMACEUTICALS RAISES $5.1 MILLION IN PRIVATE PLACEMENT

 TARRYTOWN, N.Y., Oct. 28 /PRNewswire/ --Progenics Pharmaceuticals, Inc. today announced that it has raised $5.1 million through the private placement of convertible preferred stock. In addition to Tudor Investment Corporation and private investors from Goldman, Sachs & Co., new investors include Weiss, Peck & Greer Institutional Life Sciences Fund, L.P. and New York State Science and Technology Foundation.
 "Our successful financing enables Progenics to continue our rapid development of products for HIV infection," said Paul J. Maddon, M.D., Ph.D., Progenics' chairman and CEO. "The timing of the offering is ideal, since we intend to initiate Phase I clinical trials in 1994," he said.
 Progenics' lead product is ProScan-A, a novel diagnostic imaging agent for HIV infection. In addition, the company is developing the following proprietary products: PRO 367, an HIV therapeutic; PRO 542, an HIV prophylactic agent designed to prevent both mother-to-infant and occupational transmission of the virus, and ProVax, a novel subunit AIDS vaccine.
 Progenics will use the proceeds from the private placement for research and development, capital expenditures related to facilities expansion and the construction of a pilot production facility, and general corporate purposes.
 Progenics Pharmaceuticals, Inc., headquartered in Tarrytown, is a privately held biotechnology company specializing in the development of cost-effective therapeutics, vaccines, and diagnostics for human viral diseases. A primary focus of Progenics is human immunodeficiency virus (HIV) infection, the cause of acquired immune deficiency syndrome (AIDS).
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 /CONTACT: Joel D. Sendek of Progenics Pharmaceuticals, 914-789-2800, or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, 212-696-4455, for Progenics Pharmaceuticals/


CO: Progenics Pharmaceuticals, Inc. ST: New York IN: MTC SU:

JS -- NY098 -- 7986 10/28/93 13:47 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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