Cytogen To Sell Manufacturing Facility

Cytogen Corp. has signed a letter of intent to sell its manufacturing facility to an undisclosed buyer. According to the Company, negotiations are in late-stage discussions, with closure of the transaction anticipated in the near term.

Under the anticipated terms, Cytogen would receive an upfront cash payment and would continue to have its products ProstaScint and OncoScint manufactured at the facility for a defined time period.

Dr. H. Joseph Reiser, Cytogen's president and CEO, said the pending sale would allow the Company to outsource its product manufacturing, reducing its Cost of Goods structure and substantially reducing the overall burn rate. Completion of this sale would also support Cytogen's realignment, away from manufacturing to focus on established strategic priorities, such as product marketing and sales.

For more information: Cytogen Corp., 600 College Road East, Princeton, NJ 08540-5308, USA. Telephone: 609-987-8270. Fax: 609-951-9298.