Pharmaceutical firm Cytogen reported revenues of $3 million in its first quarter, up 13.2% from the $2.6 million posted in the first quarter of 2000. For the period (end-March 31), the Princeton, NJ-based firm had a net loss of $2.7 million, compared with a net loss of $6 million last year.
Among the bright spots, Cytogen's ProstaScint prostate cancer imaging agent generated its highest quarterly sales level since its launch in 1997. Cytogen said it will build on the momentum by capitalizing on synergies between ProstaScint and the company's BrachySeed radioactive seed implant, which is currently in the launch phase.
The vendor is also working to expand the applications and markets for ProstaScint, such as performing image-guided therapy and obtaining more accurate prostate biopsies, according to Cytogen president and CEO Joseph Reiser.
On the downside, sales of the firm's OncoScint CR/OV colorectal cancer diagnostic agent have been adversely affected by PET scans, which may produce the same or higher sensitivity than OncoScint, according to Cytogen. The decline in OncoScint revenue, however, was partially offset by early sales of BrachySeed from its initial launch phase.
By AuntMinnie.com staff writersApril 27, 2001
Related Reading
ProstaScint scans predict prostate cancer recurrence and metastases, January 31, 2001
Draxis signs brachytherapy seed agreement with Cytogen, September 14, 2000
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