CYTO: A LONG TERM BUY FROM GRANITE FINANCIAL GROUP:
"Cytogen Announces Initiation of Research Coverage by Granite Financial Wednesday, November 29, 2000 07:12:13 AM - PR Newswire
PRINCETON, N.J., Nov 29, 2000 /PRNewswire via COMTEX/ -- Cytogen Corporation(Nasdaq: CYTO) today announced the recent initiation of research coverage by Granite Financial Group, Inc., San Diego, California. In his report, Granite research analyst, David N. Allen initiated coverage of Cytogen with a "long-term buy" recommendation.
"We believe that Cytogen's stock has the potential to be a superior performer within the biopharmaceutical sector," said Mr. Allen. Granite Financial Group is a NASD member firm that offers research, market making, merger and acquisition advisory services, institutional sales, and
investment banking services to the middle market. Granite focuses its efforts on companies seeking capital for expansion, acquisitions and various other growth activities.
"We are increasing our efforts to create a better balance between long- term institutional and retail shareholders," said H. Joseph Reiser, Ph.D., Cytogen's Chief Executive Officer. "In that regard, in September, Acqua Wellington North American Equities Fund, Ltd., purchased over 900,000
shares of Cytogen stock directly from Cytogen and in October entered into a $70 million equity line of credit with the Company. In the coming months, we are concentrating on the top-line growth of our business units: oncology, with an emphasis on prostate cancer, and proteomics. As we
discussed during our recent conference call, we have a number of important upcoming milestones, which we believe have the potential to increase shareholder value: launch of BrachySeed(TM)therapy for prostate cancer, launch of AxCell Bioscience's InterFunctional ProteomicDatabase(TM), proof of principal for an ultra- sensitive serum assay for the detection of prostate cancer, and initiation of clinical studies for prostate cancer immunotherapy."
Cytogen Corporation is a biopharmaceutical company in Princeton, NJ, whose mission is setting new standards in cancer care. Its two principal lines of business, proteomics and oncology, are built upon its expertise in antibodies and molecular recognition and are directed principally to
development of novel products for the diagnosis, imaging, staging and treatment of prostate cancer and a proteomics-driven drug discovery platform. The Company's cancer management franchise currently comprises three FDA-approved products: ProstaScint(R), used to image the extent and spread of prostate cancer; OncoScint(R) CR/OV, a diagnostic imaging agent for colorectal and ovarian cancer; and Quadramet(R), for the relief of cancer-related bone pain. The Company has signed a binding letter of intent with Draxis Health, Inc., to market and distribute BrachySeed(TM)
implants for prostate cancer therapy in the U.S. The Company has established a pipeline of product candidates based on its proprietary antibody and prostate specific membrane antigen, or PSMA, technologies, and holds worldwide exclusive license to PSMA. Cytogen and its joint venture
partner, Progenics Pharmaceuticals, are developing in vivo immunotherapies for prostate cancer based on PSMA. The Company also has U.S. marketing rights to the late-stage product candidate Combidex(R), a magnetic resonance imaging agent being developed by Advanced Magnetics for the detection of lymph node metastases. For additional information visit www.cytogen.com .
AxCell Biosciences, a subsidiary of Cytogen, is using its high-throughput technology to chart protein signaling pathways in the human proteome as a means of discovering new drug tar gets. AxCell is developing a proprietary protein-pathway database, the Inter-Functional Proteomic
Database(TM), as a discovery and development tool for subscribers in the pharmaceutical, biotechnology and agricultural industries. AxCell's bioinformatics platform is designed to identify drug targets for optimization and development through the application of novel, innovative and rapid techniques for deriving intracellular protein-pathway data. For additional information on AxCell Biosciences, visit www.axcellbio.com." |
