Increased product sales boosted revenues at biopharmaceutical firm Cytogen's financial results in the fourth quarter (end-December 31) and for 2007, although the company's full-year net loss jumped.
For the full year, revenues increased to $20.2 million, up 17% compared with $17.3 million in 2006. The Princeton, NJ, company recorded a net loss of $25.7 million in 2007, compared with a net loss of $15.1 million in 2006.
Cytogen's 2006 results were favorably impacted by a $12.9 million gain from the sale of its joint venture interest in PSMA Development Co.
In the fourth quarter, Cytogen's revenues climbed to $5.1 million, up 13% compared with $4.5 million in the same quarter of 2006. Cytogen posted a net loss of $5.3 million in the most recent period, compared with a net loss of $8.9 million in the same period of 2006.
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