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CYTOGEN CORPORATION ANNOUNCES RESULTS OF REDEMPTION OF CONVERTIBLE EXCHANGEABLE PREFERRED STOCK

 CYTOGEN CORPORATION ANNOUNCES RESULTS OF REDEMPTION
 OF CONVERTIBLE EXCHANGEABLE PREFERRED STOCK
 PRINCETON, N.J., Oct. 16 /PRNewswire/ -- Cytogen Corp. (NASDAQ: CYTO) today announced the results of the previously announced redemption of its $2.50 Convertible Exchangeable Preferred Stock.
 Prior to the effective time of the redemption, the holders of an aggregate of 688,454 shares of the Preferred Stock converted their Preferred Stock into 2,444,012 shares of Cytogen's Common Stock. The remaining shares of Preferred Stock were redeemed at the redemption price of $26.75 per share, or $36,000 in the aggregate. As a result of the conversions and the redemption, none of the Preferred Stock remains outstanding, and the company has eliminated the need to pay annual cash dividends of approximately $1.7 million to holders of the Preferred Stock. The final dividends on the Preferred Stock were mailed on Oct. 15, 1992, to holders of record on Oct. 4.
 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.
 /delval/
 -0- 10/16/92
 /CONTACT: Martin D. Cleary, group vice president of Cytogen, 609-987-8221/
 (CYTO) CO: Cytogen Corporation ST: New Jersey IN: MTC SU:


CC -- PH033 -- 1091 10/16/92 16:03 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:236
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