PROGENICS PHARMACEUTICALS, INC. Non-Qualified Stock Option Agreement Option Certificate Number:

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OTHER TERMS OF THE OPTION

     WHEREAS, the Company has instituted a program entitled “Progenics Pharmaceuticals, Inc. Amended 1996 Stock Incentive Plan”

     WHEREAS, the Board of Directors (“the Board”) has authorized the grant of stock options upon certain terms and conditions set forth below; and

     WHEREAS, the Board has authorized the grant of this stock option pursuant and subject to the terms of the Plan, a copy of which is available from the Company and is hereby incorporated herein;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the Company and the Optionee agree as set forth on the first page hereof and as follows:

     6.      Grant. Pursuant and subject to the Plan, the Company does hereby grant to the Optionee a non-qualified stock option (the “Option”) to purchase from the Company the number of shares of its Common Stock, $.0013 par value per share (“Stock”) set forth in Section 2 on the first page hereof upon the terms and conditions set forth in the Plan and upon the additional terms and conditions contained herein. This Option is a non-qualified stock option and is not intended to qualify for special federal income tax treatment as an “incentive stock option” pursuant to Section 422A of the Internal Revenue Code of 1986, as amended.

          7.      Option Price. This Option may be exercised at the option price per share of Stock set forth in Section 3 on page 1 hereof, subject to adjustment as provided herein and in the Plan.

          8.      Term and Exercisability of Option. This Option shall expire on the date determined pursuant to Section 4 on page 1 hereof and shall be exercisable prior to that date in accordance with and subject to the conditions set forth in the Plan and those conditions, if any, set forth in Section 5 on page 1 hereof. In addition, in the event that before this Option has been exercised in full, the Optionee ceases to be an employee of the Company for any reason other than death or a termination for dishonesty or other “cause” as provided in Section 6.5 of the Plan, the Optionee may exercise this Option to the extent that he might have exercised it on the date of termination of his employment, during the period ending on the earlier of (i) the date on which the Option expires in accordance with Section 4 of this Agreement or (ii) three months after the date of termination of the Optionee’s employment by the Company. In the event of the death of the Optionee before this Option has been exercised in full, the personal representative of the Optionee may exercise this Option to the extent that the Optionee might have exercised it on the date of his death, during the period ending on the earlier of (i) the date on which the Option expires in accordance with Section 4 of this Agreement or (ii) the first anniversary of the date of the Optionee’s death.

     9.      Method of Exercise. To the extent that the right to purchase shares of Stock has accrued hereunder, this Option may be exercised from time to time by written notice to the Company in the form attached hereto as Exhibit 1, stating the number of shares with respect to which this Option is being exercised, and accompanied by payment in full of the option price for the number of shares to be delivered by means of payment acceptable to the Company in accordance with Section 6.3 of the Plan. As soon as practicable after its receipt of such notice, the Company shall, without transfer or issue tax to the Optionee (or other person entitled to exercise this Option), deliver to the Optionee (or other person entitled to exercise this Option), at the principal executive offices of the Company or such other place as shall be mutually acceptable, a certificate or certificates for such shares out of theretofore authorized but unissued shares or reacquired shares of its Stock as the Company may elect; provided, however, that the time of such delivery may be postponed by the Company for such period as may be required for it with reasonable diligence to comply with any applicable requirements of law. Payment of the option price may be made in cash or cash equivalents, or, in accordance with the terms and conditions of Section 6.3 of the Plan, in whole or in part in shares of Common Stock of the Company; provided, however, that the Board reserves the right upon receipt of any written notice of exercise from the Optionee to require payment in cash with respect to the shares contemplated in such notice. If the Optionee (or other person entitled to exercise this Option) fails to pay for and accept delivery of all of the shares specified in such notice upon tender of delivery thereof, his right to exercise this Option with respect to such shares not paid for may be terminated by the Company.