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Aug 8 2007, 4:00 PM EST

Cytogen Reports Second Quarter 2007 Financial Results

News source: Business Wire

Cytogen Corporation (NASDAQ: CYTO) today reported its financial results and business highlights for the quarter and six months ended June 30, 2007.

Revenues for the quarter and six months ended June 30, 2007 were $5.2 million and $10.0 million, respectively, compared to $4.2 million and $8.6 million, respectively, for the same periods in 2006. Cytogen's product revenues were comprised of sales of QUADRAMET(R) (samarium Sm-153 lexidronam injection), PROSTASCINT(R) (capromab pendetide) and in the second quarter of 2007, CAPHOSOL(R), an advanced electrolyte solution for the treatment of oral mucositis and dry mouth that Cytogen introduced in March 2007.

Total operating expenses for the quarter and six months ended June 30, 2007 increased to $16.8 million and $31.9 million, respectively, versus $11.0 million and $22.8 million, respectively, for the same periods in 2006, primarily due to costs associated with the launches of CAPHOSOL and SOLTAMOX(TM) (tamoxifen citrate). Cytogen reported a net loss of $10.4 million, or $0.35 per diluted share for the second quarter of 2007, compared to net income of $7.2 million, or $0.32 per diluted share, for the same period in 2006. For the six months ended June 30, 2007, Cytogen reported a net loss of $15.2 million, or $0.51 per diluted share, compared to a net loss of $460,000, or $0.02 per diluted share in the same period in 2006. Cytogen's financial results for 2007 were favorably impacted by a $4.0 million cash settlement in the first quarter of 2007 from a previously filed lawsuit. Cytogen's financial results for 2006 were favorably impacted by a $12.9 million gain recognized in the quarter ended June 30, 2006 for the sale of its joint venture interest in the PSMA Development Company LLC (PDC).

"Clearly, the second quarter was highlighted by the rollout of CAPHOSOL and the strengthening of our executive management team with new commercial leadership," said Michael D. Becker, president and chief executive officer of Cytogen. "While we remain in the early stages of introducing CAPHOSOL to the U.S. oncology market, we are encouraged by the positive patient and physician experiences with the product thus far. Oral mucositis is one of the most common, debilitating, and painful side effects of cancer therapy; however, given a historical lack of effective treatments this remains an area of serious unmet medical need. CAPHOSOL is currently the only commercially available oral rinse backed by significant clinical data for the treatment of oral mucositis; therefore, our current challenge is to build marketplace awareness for both oral mucositis and CAPHOSOL. Our focus moving forward will include reallocating resources to better capitalize on what we believe is an outstanding growth opportunity for Cytogen."

Business Highlights

-- In July 2007, Stephen A. Ross joined Cytogen as Senior Vice President of Sales and Marketing. Mr. Ross joined Cytogen from GlaxoSmithKline (GSK) where for 15 years he progressed through positions of increasing responsibility in sales and marketing, both in the U.S. and in Europe. Most recently, he served as Vice President, Specialist Business Units, GSK UK and was responsible for sales and marketing of GSK hospital and specialty product portfolios in the United Kingdom, which had 2006 sales of more than GBP 500 million.

-- During the second quarter, Cytogen reported the presentation of promising Phase 1 data for QUADRAMET in combination with bortezomib for the treatment of multiple myeloma at the International Myeloma Workshop and positive results from three clinical trials demonstrating that QUADRAMET can be safely administered to prostate cancer patients who are also receiving the chemotherapy doceta

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