CYTOGEN WILL LAUNCH ONCOSCINT CR/OV "WITHIN THE NEXT 30 DAYS"
This article was originally published in The Gray Sheet
Executive Summary
CYTOGEN WILL LAUNCH ONCOSCINT CR/OV "WITHIN THE NEXT 30 DAYS," Chairman and CEO George Ebright reported at a Jan. 5 press conference. The monoclonal antibody-based imaging agent was approved Dec. 29 for the imaging of known colorectal and ovarian cancers ("The Gray Sheet" Jan. 4, p. 15). Cytogen's fourth quarter losses will be less than anticipated as a result of the end-of-year approval. On Dec. 31, Cytogen released estimated results for the 1992 fiscal year (ended Jan. 2) that include a one-time, $2 mil. milestone payment from Knoll Pharmaceuticals, which will co-promote OncoScint (satumomab pendetide) with Cytogen. The company estimates its net loss for the fourth quarter of 1992 at $2.6 mil., down from a $3.1 mil. loss in 1991. The 1991 fourth quarter results included a $1.6 mil. non-recurrent, one- time charge. Revenues are estimated to be $4.8 mil. in the fourth quarter, as compared to $5 mil. in 1991. Revenues for all of 1992 are expected to be up 51% to $16.5 mil. Net loss for 1992 is estimated at $12.9 mil., compared to $15.3 mil. in 1991.