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Cytogen Corporation (CYTO) Reports Third Quarter 2007 Financial Results


11/7/2007 12:46:41 PM

PRINCETON, N.J.--(BUSINESS WIRE)--Cytogen Corporation (NASDAQ: CYTO) today reported its financial results for the third quarter of 2007. Revenues for the third quarter of 2007 increased to $5.1 million compared to $4.2 million for the same period in 2006 due to an increase in QUADRAMET® (samarium Sm-153 lexidronam injection) sales and the recognition of CAPHOSOL® (supersaturated calcium phosphate rinse) sales. Cytogen introduced CAPHOSOL to the U.S. oncology market in March 2007. CAPHOSOL is a treatment for both oral mucositis and dry mouth, two significant complications of a number of common cancer therapies. The Company reported a net loss of $5.1 million, or $0.15 per diluted share for the third quarter of 2007, compared to a net loss of $5.7 million, or $0.26 per diluted share, for the same period in 2006. Cytogen’s financial results for the third quarter of 2007 include a non-cash unrealized gain of $5.5 million associated with a decline in the value of the Company’s warrant liabilities, as well as a non-cash impairment charge for approximately $1.8 million associated with assets related to its product, SOLTAMOX™ (tamoxifen citrate).

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