Rman, V1, squetch and other CYTOnians, below I have reproduced the Q report and a couple of other relevant posts. I am wondering what your responses are to Prostascint sales. I was disappointed. While PIE sites have increased nicely, total pros sales for the Q came in at about 900k, roughly 50% more than last Qs sales (extrapolated to a full Q). This makes it seem to me that the older sites are not increasing usage by very much. Wondering what others who know more about this sort of business think of the numbers. I figured 1.3 in total revs minus fairly steady sales of about 400K oncoscint = 900K.
Also here are two posts, one about an article in Forbes!!! Another about a quad slaes and a Fox news story on Shannon. Threaders, please forgive my CYTO obsession.
Also Rman, I saw the MATX Q figures. No fleshing out. What do you think? Hard to tell much, but there should have been some sales of the genital wart treatment in Britain. Be nice to see those figures.
>>CYTOGEN Reports Second Quarter Results; Revenue Increase from Sales of ProstaScint(R) Imaging Agent; Quadramet(R) Pain Relief Drug Launched Into the Marketplace Late in the Quarter
PRINCETON, N.J., July 28 /PRNewswire/ -- CYTOGEN Corporation (Nasdaq:CYTO) today reported its financial results
for the second quarter and six months ended June 30, 1997. Total revenue for the second quarter of 1997 was $2.2 million
compared to $1.6 million for the same period in 1996, with the increase primarily attributable to revenues from its
ProstaScint(R) prostate cancer imaging agent, offset somewhat by a decrease in revenues from its license and contract fees.
Product-related revenue was $1.3 million for the quarter compared to $0.4 million for the same period in 1996. CYTOGEN's
Quadramet(R) product for bone pain relief was launched in late May and reached the marketplace at the end of the quarter.
For the six month period ended June 30, 1997, revenues were $6.0 million compared to $2.8 million in the same period last
year, including $2.2 million of product-related revenue compared to $0.7 million for the prior year period. The increase is
primarily attributable to ProstaScint product revenues and a $2.0 million milestone payment from The DuPont Merck
Pharmaceutical Company in the first quarter of 1997 upon U.S. Food and Drug Administration (FDA) clearance of the
Quadramet product.
Total operating expenses for the second quarter of 1997 were $8.8 million compared to $7.1 million for the same quarter of
1996. The increase is primarily attributable to the formation of Targon Corporation (Targon) and AxCell Biosciences (AxCell),
two new strategic business units established during the second half of 1996, and ProstaScint product marketing related
expenses. Targon was formed as a venture with Elan Corporation, plc to inlicense, develop, register and then outlicense
oncology products, by drawing upon Elan's expertise in drug delivery and CYTOGEN's strength in clinical development.
AxCell was created to commercialize CYTOGEN's Genetic Diversity Library Technology in the field of accelerated new
target discovery and validation.
Operating expenses for the six month period ending June 30, 1997, were $20.7 million, versus $14.4 million in the first six
months of 1996. The 1997 expenses include a one time $4.0 million milestone payment to The Dow Chemical Company upon
FDA clearance of the Quadramet product, as reported in the first quarter of 1997.
The second quarter 1997 net loss and net loss per common share were $6.4 million and $0.13 respectively, compared to a net
loss of $5.3 million and $0.11 loss per common share for the quarter ended June 30, 1996. For the six month period ended
June 30, 1997, the Company reported a net loss from operations of $14.2 million, and net loss per common share of $0.28.
For the equivalent period in 1996, the Company reported a net loss of $11.1 million, and net loss per common share of $0.23.
The cash, restricted cash and short term investments on June 30, 1997, totaled $19.3 million compared to the December 31,
1996, position of $34.7 million. As previously indicated, CYTOGEN expects to review its financing alternatives during the
second half of 1997 to meet its anticipated cash needs, including funding of current and new product development.
Thomas J. McKearn, President, Chief Executive Officer and Chairman of CYTOGEN, stated: ``Near the end of the second
quarter of 1997, CYTOGEN's marketing partner, The DuPont Merck Pharmaceutical Company, launched the Quadramet
product, CYTOGEN's drug for the treatment of severe chronic pain associated with cancer that spreads to the bone. The
Quadramet product launch marks a milestone event in the Company's history.''
The Quadramet drug for the relief of bone pain was made available to the marketplace in late May. Since that time hospitals
and physicians have been amending their federal and/or state licenses for radioactive products to include the Quadramet drug,
a process which involves approximately one week to six weeks, depending on each specific state.
The institution then receives a calibration standard to ensure appropriate dosage, and then it is able to order and administer the
Quadramet product. The Quadramet radiopharmaceutical product has a two day shelf life. It is therefore manufactured on an
as-needed basis and would not be stockpiled into hospital inventories.
ProstaScint non-invasive (non-surgical) imaging agent, available to prostate cancer patients considered at high risk for cancer
spread outside the prostate, showed a substantial increase in sales over the first quarter of 1997. There are now 140 PIE(TM)
(Partners in Excellence) sites which are able to offer ProstaScint agent scans. Dr. McKearn said: ``We are very pleased with
the number of PIE sites, which have exceeded our expectations. The number of scans performed at these sites increased each
month in the second quarter. Our continuing expansion of the PIE program will be within the boundaries in which ProstaScint
agent scans will generate quality images.''
CYTOGEN, in conjunction with the American College of Nuclear Physicians (ACNP) is establishing PIE sites which receive
rigorous training, proficiency testing and certification by the ACNP. ProstaScint agent scans are only available at certified PIE
sites.
For the most current news on CYTOGEN and a current listing of PIE sites, visit the Company's web site at
www.cytogen.com, or call 1-800-758-5804, extension 224650, to receive news releases by facsimile. <<
The Forbes story:
>>We did not get a research report today, but the current issue of Forbes that arrived on my doorstep today August 11 issue has an article of a very positive nature on CYTO.
Michael Gianturco on page 124 writes his entire column on Cytogen and Quadramet, with quotes from McKearn. "Quadramet is a magic bullet", for every 100 molecules injected 65 go straight to a bone tumour site and bind there.
It is recommended as "we accumulate Cytogen for customers at prices below $6.00.
The article really plays up the DuPont Merck connection.
I checked the Forbes site forbes.com , but the article is not available yet.
All in all it is a good article with only one negative quote. "It (Cytogen) is a $5.00 stock. It has three FDA approved products, but it also has a long, sorry history of losses".
Go read, we should get a nice push from this as well as earnings today, I am not sure the timing could have been better.<<
Regarding quad sales and Shannon from AOL:
>>Called Dupont/Merck today and they have a specific phone number for Quadrament info (which I left at work). Spoke with product spokesperson to verify the FOX story on Shannon and she said story was valid and that it had to be approved by Dupont/Merck's P.R. Person and they have received a flood of calls.Then asked her how QUAD sales were doing and she said "great, we're all very excited, there has been alot of interest" and then provided me with the P.R. persons phone number. I will post the QUAD information number and the P.R. number tomorrow.
This is very exciting news and verifies that FOX did run a story on Shannon and people are interested. It also verifies that QUAD IS SELLING and INTEREST IS STRONG!!!!!!!!
Please call to verify for yourself tomrrow, the more people are aware of the facts the stronger this stock will be.<<
Now if the other news services would only pick up the Fox story. Anyone know the Fox url? |
