Biopharmaceutical firm Cytogen reported second-quarter revenues of $2.3 million, down 26.5% compared with the $3.2 million posted in the second quarter of 2002. For the period (end-June 30), the Princeton, NJ-based firm had a net loss of $3.34 million, compared with a net loss of $3.2 million in the same period of 2002.
Cytogen said that the revenue decline was driven in part by its previously announced discontinuation of its brachytherapy and OncoScint products. Those discontinued products had generated $621,000 in revenue in the second quarter of 2002.
The firm’s ProstaScint monoclonal antibody-based prostate agent turned in sales of $1.6 million in the second quarter, compared with $2 million last year. Cytogen said that it expects future sales to be driven by recent marketing alliances, its reacquisition of marketing rights to its Quadramet radiopharmaceutical, and anticipated introduction of Advanced Magnetics’ Combidex lymph node imaging agent.
By AuntMinnie.com staff writersAugust 15, 2003
Related Reading
Cytogen reacquires Quadramet rights, August 1, 2003
Cytogen nets $10 million, July 11, 2003
GE, Cytogen ink fusion imaging alliance, June 24, 2003
Cytogen to reacquire Quadramet rights, June 16, 2003
Cytogen, DraxImage terminate brachytherapy agreement, April 9, 2003
Copyright © 2003 AuntMinnie.com
