Sharply higher revenues helped radiopharmaceutical company Cytogen of Princeton, NJ, post a smaller net loss for the third quarter (end-September) than it had reported in the same period a year ago.
For the period, Cytogen turned in revenues of $5.5 million, up 77% compared with revenues of $3.1 million in the third quarter of 2002. The company’s numbers benefited from the termination of its Quadramet distribution relationship with Berlex Imaging, which enabled Cytogen to accelerate the recognition of revenue that otherwise would have been deferred to future quarters. Product revenues grew 5%, to $2.8 million most recently from $2.7 million the year before.
Thanks to higher revenues, Cytogen’s net loss narrowed to $910,000, compared with a net loss of $4 million in the third quarter of 2002.
By AuntMinnie.com staff writersNovember 5, 2003
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