CHICAGO--(BUSINESS WIRE)--June 12, 2006--CytoCore, Inc. (OTCBB:MCDG - News) The Company announced with its first quarter financials interest expense was reduced by 59% from $401,000 in Q1 2005 to $164,000 for Q1 2006. Preferred dividends were reduced by 100% from $225,000 in Q1 2005 to $0 in Q1 2006. These results reflect continued improvement in the capital structure of the company. The first quarter 2006 results reflect expenses associated with our agreement, with Dr. George Gorodeski and University Hospital of Cleveland, to begin the product research work and the trails associated with that agreement. There were legal costs associated with ongoing arbitration against the former Chairman and CEO, Peter Gombrich. CytoCore reports a loss of $.01 per share for the first quarter ended March 31, 2006.
