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CYTOGEN SIGNS AGREEMENT WITH THE IMPERIAL CANCER RESEARCH TECHNOLOGY AND CONFIRMS THIRD QUARTER RESULTS

 PRINCETON, N.J., Nov. 1 /PRNewswire/ -- CYTOGEN Corporation (NASDAQ: CYTO) announced today that it has signed a collaborative agreement with Imperial Cancer Research Technology (ICRT) of the U.K. for joint development work and clinical testing of monoclonal antibody conjugate products for diagnosis of cancers with ICRT's parent organization, Imperial Cancer Research Fund (ICRF).
 CYTOGEN also reported today its actual results for the third quarter of 1993, which confirm estimated third quarter results released on Sept. 17.
 The initial two-year phase of the CYTOGEN and ICRF collaboration got underway early in 1993. CYTOGEN is providing funding for imaging studies in breast, ovarian and prostate cancer at the ICRF's nuclear medicine group within St. Bartholomew's Hospital in London. Results from these pilot trials are expected to contribute to product improvements in agents that are currently under clinical investigation in the U.S.
 Several of the antibodies involved were originally developed by the Imperial Cancer Research Fund; CYTOGEN acquired exclusive rights to them from Unipath, Ltd., the Unilever medical products company, earlier in the year. Also, CYTOGEN will transfer its novel, proprietary technetium linking technology to the ICRF for evaluation of the linker and selected antibody-linker conjugates. Further, the program includes a humanized antibody whose evaluation, in a pilot imaging study in breast and ovarian cancer, will begin early next year and once its usefulness is established, is expected to proceed toward ovarian therapy studies promptly.
 Dr. John D. Rodwell, CYTOGEN's vice president, Research and Development, commented, "This collaboration has begun in a very promising way, and CYTOGEN expects a considerable acceleration of its product development effort from the speed with which these preliminary feasibility studies can be performed in the U.K."
 Dr. Michael Crumpton, ICRF's director of Research (Laboratories), said, "We are delighted to be collaborating with CYTOGEN in this way. We see the licensing of our research discoveries as a most important way of getting new diagnosis and treatment to the patients as quickly and as effectively as possible."
 ICRT is the technology transfer subsidiary of ICRF, promoting the development of the Fund's advances into products to benefit patients through collaboration and licensing with commercial partners.
 CYTOGEN is a biopharmaceutical company engaged in the marketing and development of products for the targeted delivery of diagnostic and therapeutic substances directly to sites of disease. CYTOGEN uses its patented and proprietary "linker" technology primarily to develop specific cancer diagnostic imaging and cancer therapeutic products.
 CYTORAD is a public corporation which, through CYTOGEN, engages in the research and development of proprietary antibody-based delivery systems for the diagnosis and treatment of specific cancers.
 CYTOGEN CORPORATION
 THIRD QUARTER ENDED OCT. 2, 1993
 (Unaudited; All amounts in thousands except per share data)
 Condensed Balance Sheet
 Oct. 2, 1993 Jan. 2, 1993
 Assets:
 Cash and Short-Term Investments $25,845 $35,738
 Other Current Assets 4,348 5,906
 Inventory 3,752 5,436
 Property and Equipment 5,448 5,566
 Other Assets 128 129
 Total Assets $39,521 $52,775
 Liabilities & Stockholders' Equity:
 Current Liabilities $8,860 $5,088
 Deferred Charges 177 276
 Redeemable Common Stock --- 2,000
 Stockholders' Equity 30,484 45,411
 Total Liabilities &
 Stockholders' Equity $39,521 $52,775
 CONDENSED STATEMENT OF OPERATIONS
 Periods 13 Weeks 39 Weeks
 ended Oct. 2 Sept. 26 Oct. 2 Sept. 26
 1993 1992 1993 1992
 Revenues $2,357 $2,028 $9,139 $8,917
 Operating Expenses 11,117 7,832 31,255 22,013
 Interest Income 360 940 1,337 2,766
 Net Loss (8,400) (4,864) (20,779) (10,330)
 Net Loss Per
 Common Share $(0.40) $(0.29) $(0.99) $(0.63)
 Weighted Average
 Common Shares
 Outstanding 21,133 18,433 21,077 18,406
 /delval/
 -0- 11/1/93
 /CONTACT: Mary Beals, director, Corporate Communications of CYTOGEN Corporation, 609-987-8221/
 (CYTO)


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

MP -- PH038 -- 9314 11/01/93 16:41 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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