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CYTOGEN CORPORATION ANNOUNCES ESTIMATED FOURTH QUARTER RESULTS

 PRINCETON, N.J., Dec. 31 /PRNewswire/ -- Further to Cytogen Corporation's (NASDAQ: CYTO) announcement yesterday that it has received FDA marketing approval for its first two products, OncoScint(R) CR103 and OncoScint(R) OV103, the company is now reporting estimated results for the 1992 fiscal year which include the financial impact of the approval.
 Total 1992 annual revenues are expected to be $16.5 million, which is 51 percent above the $10.9 million realized in 1991. The revenues include $5.0 million from two separate one-time milestone payments, $7.5 million from the sale of research services, of which $5.6 million is generated from Cytorad (NASDAQ: CYTDZ), and $3.6 million in interest income. The one-time milestone payment recorded in the fourth quarter is attributable to Knoll Pharmaceuticals for licensed rights to co- promote OncoScint(R) CR103 and OV103 in the United States.
 The company's operating expenses of $29.4 million in 1992 are expected to be 12 percent above the $26.2 million recorded during the comparable period in 1991. The operating expenses for 1992 continued to reflect the company's ongoing product development program and preparation for OncoScint launch to commence early in the first quarter of 1993 in the United States.
 The estimated net loss for 1992 is expected to be $12.9 million or 16 percent below the $15.3 million loss reported in 1991. The loss per common share for 1992 is $0.75 on 19.0 million average shares outstanding. For 1991, the loss per common share was $0.98 on 17.3 million average shares outstanding.
 Revenues for the fourteen weeks ended Jan. 2, 1993, are expected to be $4.8 million as compared to the $5.0 million realized during the same period in 1991. As previously communicated, product related revenues from European sales are expected to be negligible. Operating expenses for the fourth quarter of 1992 are estimated at $7.4 million as compared to $8.1 million reported during the comparable period in 1991. The decline in fourth quarter operating expenses is due to a non-recurrent, one-time charge of $1.6 million that was recorded in the fourth quarter of 1991. The estimated net loss of $2.6 million for the 14 weeks ended Jan. 2, 1993, is 16 percent below the $3.1 million loss reported during the same period in 1991. The estimated loss per common share for the fourth quarter of 1992 is $0.13 on 20.3 million average shares outstanding. For 1991, the loss per common share was $0.19 on 18.4 million average shares outstanding.
 Cytogen is a biopharmaceutical company engaged in the development of products utilizing monoclonal antibodies for the targeted delivery of diagnostic and therapeutic substances directly to sites of disease. Cytogen uses its patented and proprietary antibody "linker" technology primarily to develop specific cancer diagnostic imaging and cancer therapeutic products.
 Cytorad is a newly formed public corporation which, through Cytogen, will engage in the research and development of proprietary antibody- based delivery systems for diagnosis and treatment of prostate and bladder cancers.
 CYTOGEN CORPORATION
 ESTIMATED FOURTH QUARTER ENDED JAN. 2, 1993
 (Unaudited; all amounts in thousands except per share data)
 Condensed Statement of Operations-Estimated
 Fourth Quarter Ended Year-to-Date Ended
 Jan. 2, Dec. 28, Jan. 2, Dec. 28,
 1993 1991 1993 1991
 Total revenues $4,790 $5,008 $16,473 $10,851
 Operating expenses 7,365 8,058 29,378 26,195
 Net loss (2,575) (3,050) (12,905) (15,344)
 Net loss per
 common share (0.13) (0.19) (0.75) (0.98)
 Weighted average
 common shares
 outstanding 20,317 18,358 18,991 17,345
 /delval/
 -0- 12/31/92
 /CONTACT: Martin D. Cleary, group vice president-corporate communications of Cytogen, 609-987-8221/
 (CYTO)


CO: Cytogen Corporation ST: New Jersey IN: MTC SU: ERP

CC -- PH001 -- 0822 12/31/92 08:32 EST
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Publication:PR Newswire
Date:Dec 31, 1992
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