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CYTOGEN CORPORATION ANNOUNCES STRONG SECOND QUARTER RESULTS

 CYTOGEN CORPORATION ANNOUNCES STRONG SECOND QUARTER RESULTS
 PRINCETON, N.J., July 21 /PRNewswire/ -- Cytogen Corporation (NASDAQ: CYTO) today reported total revenues for the 13-week period ended June 27, 1992, of $3.6 million; a significant increase in comparison to $1.1 million for the comparable period in 1991.
 The revenues included $2.5 million from the sale of research services of which $1.8 million was generated from Cytorad (NASDAQ: CYTDZ). Cytorad is a research and development spin-off engaged in the development of prostate and bladder products previously licensed by Cytogen to Cytorad. In addition, $.9 million was realized from interest income and $199,000 from product related sources, which consist of product sales and royalties. For the 26-week period ended June 27, 1992, revenues of $8.7 million, of which $5.6 million was attributable to Cytorad, were significantly above the $2.2 million recorded during the same period of 1991.
 The net loss of $3.5 million for the 13 week period ended June 27, 1992 was 30 percent below the net loss of $5 million incurred during the same period in 1991. The loss per common share in 1992 was $0.21 on 18.4 million average shares outstanding in comparison to $0.32 per share on 17.0 million average shares outstanding for the same period in 1991. For the 26-week period ended June 27, 1992, the net loss of $5.5 million was 42 percent below the $9.5 million loss that was recorded in the same period of 1991. The loss per common share was $0.34 on 18.4 million average shares outstanding as compared to $0.63 per share on 16.5 million average shares outstanding for the comparable period in 1991.
 In commenting on these results, Martin D. Cleary, group vice president and CFO, said, "We are quite pleased with our second quarter results and our results for the first half of 1992. We have met virtually all our first half operating and product development objectives. Our financial performance for the second half of 1992, especially our ability to report continued reduced losses, is dependent on the timing of the FDA approval for our lead imaging products, OncoScint colorectal and ovarian, which we anticipate soon. European product related revenues are lower than expected because the medical education process is taking longer than we had planned. With an expanded medical education program currently being implemented, we are confident European revenues will ultimately reach anticipated levels."
 Cytogen Corporation is a biopharmaceutical company which has developed proprietary systems for linking drugs and diagnostic agents to monoclonal antibodies in order to optimize the function of the antibody as a delivery vehicle. The company currently has six cancer imaging agents under development and two of these imaging agents, for colorectal and ovarian cancer, are awaiting FDA marketing approval. Also in clinical development are two cancer therapy agents. The products being developed include those licensed to Cytorad.
 Cytorad is a public corporation recently formed specifically to acquire licenses to Cytogen's prostate and bladder cancer products which it did in 1992 immediately following its initial public offering.
 CYTOGEN CORPORATION
 Second Quarter ended June 27, 1992
 (Unaudited; in thousands except per-share data)
 Balance Sheet June 27, 1992 Dec. 28, 1991
 Assets:
 Cash and short-term investments $45,327 $54,506
 Other current assets 3,371 3,325
 Inventory 4,141 1,668
 Property and equipment 6,377 4,872
 Other assets 100 100
 Total assets 59,316 64,471
 Liabilities and Stockholders' Equity:
 Current liabilities $6,015 $6,115
 Deferred charges 222 346
 Preferred stock 17,245 17,250
 Redeemable common stock 2,000 2,000
 Common stock and accumulated deficit 33,834 38,760
 Total liabilities and
 stockholders' equity 59,316 64,471
 Statements of Operations
 13 weeks ended June 27, 1992 June 29, 1991
 Total revenues $3,556 $1,086
 Operating expenses 7,047 6,132
 Net loss (3,491) (5,046)
 Net loss per common share $(0.21) $(0.32)
 Weighted average common
 shares outstanding 18,397 16,993
 26 weeks ended June 27, 1992 June 29, 1991
 Total revenues $8,715 $2,235
 Operating expenses 14,181 11,758
 Net loss (5,466) (9,523)
 Net loss per common share $(0.34) $(0.63)
 Weighted average common
 shares outstanding 18,392 16,508
 /delval/
 -0- 7/21/92
 /CONTACT: Martin D. Cleary, group vice president of Cytogen, 609-987-8221/
 (CYTO CYTD) CO: Cytogen Corporation; Cytorad ST: New Jersey IN: MTC SU: ERN


CC-JS -- PH013 -- 1147 07/21/92 09:16 EDT
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Date:Jul 21, 1992
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