Biopharmaceutical firm Cytogen reported fiscal 2005 second-quarter total product revenues of $4.1 million, up slightly from the $3.9 million posted in the same period last year. For the quarter (end-June 30), the Princeton, NJ-based developer saw its net loss grow to $7.7 million, compared with a net loss of $4.4 million a year ago.
Cytogen attributed the increase in net losses to continued expansion in its sales force and marketing initiatives in the first half of fiscal 2005.
The firm said it believes, on the basis of current business trends, that total revenue for the year will be within previously posted guidance of $20 million to $25 million, but at the low end of that range.
By AuntMinnie.com staff writers
August 4, 2005
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