Printer Friendly

CYTOGEN CORPORATION ANNOUNCES FOURTH QUARTER RESULTS

 PRINCETON, N.J., Feb. 1 /PRNewswire/ -- Following the previously announced estimated fourth quarter results, Cytogen (NASDAQ: CYTO) today reported its actual results for the fiscal year 1992.
 Total 1992 annual revenues were slightly higher than originally estimated, or $16.8 million, a 54 percent increase over the $10.9 million realized in 1991. Revenues included $5.0 million from two separate one-time milestone payments, $8.0 million from the sale of research services, of which $6.1 million was generated from Cytorad (NASDAQ: CYTDZ), and $3.4 million in interest income. The one-time milestone payment recorded in the fourth quarter was a result of a licensing payment by Knoll Pharmaceuticals.
 The company's operating expenses of $29.8 million in 1992 were 14 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 preparations for OncoScint launch in the first quarter of 1993 in the United States.
 The net loss for 1992 was $12.9 million or 16 percent below the $15.3 million loss reported in 1991. The loss per common share for 1992 was $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 were $5.1 million as compared to the $5.0 million realized during the same period in 1991. As previously communicated, product related revenues from European sales were negligible. Operating expenses for the fourth quarter of 1992 were $7.7 million as compared to $8.1 million reported during the comparable period in 1991. The decline in fourth quarter operating expenses was due to a non-recurrent, one-time charge of $1.6 million that was recorded in the fourth quarter of 1991. The net loss of $2.6 million for the fourteen weeks ended Jan. 2, 1993 was 16 percent below the $3.1 million loss reported during the same period in 1991. The loss per common share for the fourth quarter of 1992 was $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
 FOURTH QUARTER ENDED JAN. 2, 1993
 (Unaudited; amounts in thousands except per-share data)
 CONDENSED BALANCE SHEET
 Jan. 2, 1993 Dec. 28, 1991
 Assets:
 Cash and Short-Term Investments $35,738 $54,506
 Other Current Assets 5,906 3,325
 Inventory 5,436 1,668
 Property and Equipment 5,566 4,872
 Other Assets 129 100
 Total Assets $52,775 $64,471
 Liabilities & Stockholders' Equity:
 Current Liabilities $5,088 $6,115
 Deferred Charges 276 346
 Preferred Stock --- 17,250
 Redeemable Common Stock 2,000 2,000
 Common Stock & Accumulated Deficit 45,411 38,760
 Total Liabilities &
 Stockholders' Equity $52,775 $64,471
 CONDENSED STATEMENT OF OPERATIONS
 Fourth Quarter Ended Year-to-Date Ended
 Jan. 2, Dec. 28, Jan. 2, Dec. 28,
 1993 1991 1993 1991
 Total Revenues $5,131 $5,008 $16,814 $10,851
 Operating Expenses 7,740 8,058 29,753 26,195
 Net Loss (2,609) (3,050) (12,939) (15,344)
 Net Loss Per
 Common Share $(0.13) $(0.19) $(0.75) $(0.98)
 Weighted Average
 Common Shares
 Outstanding 20,327 18,358 18,994 17,345
 /delval/
 -0- 2/1/93
 /CONTACT: Mary Beals, director of Corporate Communications of Cytogen, 609-987-6640/
 (CYTO CYTD)


CO: Cytogen Corporation; Cytorad ST: New Jersey IN: MTC SU: ERN

MK -- PH010 -- 1224 02/01/93 09:51 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 1, 1993
Words:674
Previous Article:UNIVEST CORPORATION -- UNION NATIONAL & PENNVIEW SAVINGS BANKS -- REPORTS STRONG PERFORMANCE IN 1992
Next Article:AT&T CUTS DISCOUNT-PLAN PRICES
Topics:


Related Articles
CYTOGEN CORPORATION ANNOUNCES FOURTH QUARTER RESULTS
CYTOGEN CORPORATION ANNOUNCES THIRD QUARTER RESULTS
CYTOGEN CORPORATION ANNOUNCES ESTIMATED FOURTH QUARTER RESULTS
CYTOGEN CORPORATION ANNOUNCES FOURTH QUARTER AND ANNUAL RESULTS
CYTOGEN REPORTS YEAR END RESULTS AND CITES DECREASE IN 1994 OPERATING EXPENSES
Cytogen Reports Record Product Revenues in the Fourth Quarter of 2003 and Provides 2004 Financial Guidance; Reacquisition of Marketing Rights to Lead...
Cytogen Reports Fourth Quarter and Full Year Results for 2002.
Cytogen Quarterly Conference Call Invitation.
Cytogen Corporation Announces Preliminary Financial Results for the Year Ended December 31, 2005.
Cytogen Quarterly Conference Call Invitation.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters