Velan Launches Consent Solicitation to Reconstitute the Progenics Board With Its Five Highly-Qualified, Independent Director Nominees

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 filed a preliminary consent statement with the SEC and delivered a written consent to the Company seeking to reconstitute the Progenics Board of Directors (“Board”) through the removal of the three long-tenured directors and the election of its five highly-qualified, fully-independent nominees.