Radiopharmaceutical firm Cytogen expects total revenues in 2002 of $12.5 million to $14.5 million, representing 7% to 24% growth over 2001, according to Lawrence Hoffman, CFO of the Princeton, NJ-based company.
Cytogen’s cost of products is expected to range between $4.4 million and $5.3 million in 2002, while operating expenses are expected to be between $20 million and $22 million, excluding the cost of products and one-time expenses. The company’s cash resources at the end of the first quarter of 2002 are $16.8 million, and it estimates cash usage from operations for 2002 to be in the range of $9.5 million to $10.5 million, of which $2.5 million was used in the first quarter of 2002, according to the company.
Cytogen is looking to new products to increase its revenue picture in 2002. The company expects to advance its prostate-specific membrane antigen, or PSMA, technology during 2002 through PSMA Development Company LLC, a joint venture between Cytogen and Progenics Pharmaceuticals of Tarrytown, NY.
By AuntMinnie.com staff writersMay 30, 2002
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