CYTOGEN ANNOUNCES FIRST QUARTER RESULTS
CYTOGEN ANNOUNCES FIRST QUARTER RESULTS PRINCETON, N.J., April 21 /PRNewswire/ -- Cytogen Corp.
(NASDAQ: CYTO) today reported total revenues for the 13-week period ended March 28, 1992, of $5.2 million, a significant increase in comparison to $1.1 million for the comparable period in 1991. The revenues included a one-time licensing fee of $3.0 miion was realized from the sale of research services, $1.0 million in interest income, and $138,000 from product related sources.
In commenting on these results, Martin D. Cleary, group vice president and chief financial officer, said, "Cytogen's excellent first quarter performance includes two important new ongoing sources of revenue. CytoRad will provide Cytogen with funding for the prostate and bladder product development programs. In addition, we have recognized the first revenue due Cytogen from the initial sales of OncoScint(R) colorectal launched in four European countries during the first quarter by EuroCetus, N.V. With the required medical education process sales are expected to build gradually, early feedback from Europe indicates the product is being well received, and it is making contributions to patient management." The company's operating expenses of $7.1 million for the 13-week period ended March 28, 1992, were 27 percent above the $5.6 million incurred during the comparable period in 1991. Research and development expenses principally associated with product development efforts increased to $5.4 million, as compared to $4.5 million in 1991. Marketing, general and administrative expenses increased to $1.7 million in 1992 from $1.1 million in the first quarter of 1991 reflecting greater activity in preparation for the U.S. launch of the OncoScint colorectal and ovarian products. The net loss of $2.0 million for the 13-week period ended March 28, 1992, was 56 percent below the net loss of $4.5 million incurred during the same period in 1991. The loss per common share in 1992 was $.13 on 18.4 million average shares outstanding in comparison to $.31 per share on 15.9 million average shares outstanding for the same period in 1991. 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. CYTOGEN CORPORATION First Quarter Ended March 28, 1992 (Unaudited; In thousands except per-share data) Balance Sheet March 28, 1992 Dec. 28, 1991 Assets: Cash and short-term investments $50,471 $54,506 Other current assets 4,137 3,325 Inventory 3,562 1,668 Property and equipment 5,026 4,872 Other assets 100 100 Total assets 63,296 64,471 Liabilities and Stockholders' Equity: Current liabilities $6,974 $6,115 Deferred charges 270 346 Preferred stock 17,245 17,250 Redeemable common stock 2,000 2,000 Common stock and accumulated deficit 36,807 38,760 Total liabilities and stockholders' equity 63,296 64,471 Statement of Operations (Unaudited) 13 weeks ended March 28, 1992 March 30, 1991 Total revenues $5,160 $1,149 Operating expenses 7,134 5,626 Net loss (1,974) (4,477) Net loss per common share ($0.13) ($.31) Weighted average common shares outstanding 18,387 15,859 /delval/ -0- 4/21/92 R /CONTACT: Laura M. Hahn of Cytogen, 609-987-8221/ (CYTO) CO: Cytogen Corporation ST: New Jersey IN: MTC SU: ERN
JS-MK -- PH002 -- 0568 04/21/92 11:15 EDT
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|Date:||Apr 21, 1992|
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