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CYTOGEN CORPORATION ANNOUNCES FOURTH QUARTER RESULTS

 CYTOGEN CORPORATION ANNOUNCES FOURTH QUARTER RESULTS
 PRINCETON, N.J., Jan. 20 /PRNewswire/ -- Cytogen Corporation


(NASDAQ: CYTO) today reported its unaudited 1991 results.
 Total 1991 revenues were $10.9 million, which were 132 percent above the $4.7 million realized in 1990. The revenues included $5.0 million from two separate one-time milestone payments, $3.8 million in interest income, $2.0 million from the sale of research services, and revenues from limited product sales to EuroCetus N.V., Cytogen's exclusive distributor in Western Europe. The milestone payments were received from EuroCetus for the approval of the company's colorectal imaging product in Germany and Luxembourg and from Knoll Pharmaceuticals upon finalizing a United States co-promotion agreement with Knoll. Interest income increased $1.1 million from the $2.7 million realized in 1990 as a result of increases in the company's cash and short-term investments. Revenues from the sale of research services were approximately $2.0 million in 1991 and 1990.
 The company's operating expenses of $26.1 million in 1991 were 19 percent above the $22.0 million recorded during the comparable period in 1990. The operating expenses for 1991 continued to reflect the company's ongoing product development program and preparation for OncoScint launch in the United States and Western Europe. Research and development expenses increased to $21.3 million in 1991 from $16.9 million in 1990. Marketing, general and administrative expenses of $4.8 million in 1991 were comparable to the $4.9 million incurred in 1990.
 The net loss of $15.3 million for 1991 was 12 percent below the $17.3 million loss reported in 1990. The loss per common share for 1991 was $0.98 on 17.3 million average shares outstanding. For 1990, the loss per common share was $1.36 on 14.0 million average shares outstanding.
 Revenues for the 13 weeks ended Dec. 28, 1991, were $5.0 million as compared to the $0.9 million realized during the same period in 1990. Operating expenses for the fourth quarter of 1991 were $8.1 million or 47 percent above the $5.5 million reported during the comparable period in 1990. The net loss of $3.1 million for the 13 weeks ended Dec. 28, 1991, was 33 percent below the $4.6 million loss reported during the same period in 1990. The loss per common share for the fourth quarter of 1991 was $0.19 as compared to $0.32 during the same period in 1990.
 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.
 CYTOGEN CORPORATION
 Condensed Balance Sheet
 (Unaudited; all amounts in thousands except per-share data)
 Fourth quarter ended Dec. 28, 1991 Dec. 29, 1990
 Assets:
 Cash and short-term
 investments $54,506 $39,835
 Other current assets 4,993 1,809
 Property and equipment 4,872 5,355
 Other assets 100 83
 Total assets $64,471 $47,082
 Liabilities and
 stockholders' equity:
 Current liabilities $6,115 $3,426
 Long-term debt --- 588
 Deferred charges 346 625
 Preferred stock 17,250 17,250
 Redeemable common stock 2,000 2,000
 Common stock and
 accumulated deficit 38,760 23,193
 Total liabilities and
 stockholders' equity $64,471 $47,082
 Condensed Statement of Operations
 Periods ended 13 weeks 52 weeks
 Dec. 28 Dec. 29 Dec. 28 Dec. 29
 1991 1990 1991 1990
 Contract revenues
 and interest income $5,008 $944 $10,851 $4,701
 Operating expenses 8,058 5,540 26,195 22,040
 Net loss (3,050) (4,596) (15,344) (17,339)
 Net loss per common
 share $(0.19) $(0.32) $(0.98) $(1.36)
 Weighted average
 common shares
 outstanding 18,358 15,840 17,345 13,971
 /delval/
 -0- 1/20/92
 /CONTACT: Laura M. Hahn of Cytogen, 609-987-8221/
 (CYTO) CO: Cytogen Corporation ST: New Jersey IN: MTC SU: ERN


CC -- PH011 -- 1472 01/20/92 14:43 EST
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Date:Jan 20, 1992
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