Velan Capital, L.P., one of the largest stockholders of Progenics Pharmaceuticals, Inc. (the “Company”) announced that it has delivered written consents from the holders of more than 55% (and up to 65%) of the Company's outstanding shares to remove CEO Mark Baker, Dr. David Scheinberg and Nicole Williams from the Board of Directors (the “Board”) and to elect all five Velan nominees – Gérard Ber, Eric Ende, Ann MacDougall, Heinz Mäusli and David Mims – as directors. Upon delivery of more than the requisite number of consents on November 8, 2019, the changes at the Progenics Board take effect immediately. The newly reconstituted Board will consist of continuing Progenics directors, Dr. Karen Ferrante and Mr. Bradley Campbell, and five new independent directors elected by stockholders as a result of Velan's consent solicitation.