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Biotech / Medical : CYTO -- Ignore unavailable to you. Want to Upgrade?

To: Susan Saline who wrote (7936)	9/14/2000 12:47:25 PM
From: Jim Oravetz	Respond to of 8116

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Sept. 14, 2000--DRAXIS Health Inc. (TSE:DAX.)(NASDAQ:DRAX) today announced that DRAXIMAGE, its wholly owned radiopharmaceutical subsidiary, has signed a binding letter of intent with Cytogen Corporation (NASDAQ:CYTO) to market and distribute its patented BrachySeed(TM) implant. Under the terms of the agreement DRAXIMAGE will receive both milestone payments and royalties on sales. Dr. Martin Barkin, President and CEO of DRAXIS Health, stated: "We are very pleased to initiate this business relationship with Cytogen, a company specializing in the diagnosis and treatment of prostate cancer. Cytogen has a focused marketing and selling organization for the diagnostic imaging agent, ProstaScint(R), which is now the accepted standard in most protocols for the management of prostate cancer. As Cytogen has a long established relationship with leading urologists and radiation oncologists, the same target audience as BrachySeed(TM), this makes Cytogen our ideal marketing partner in the U.S." "This is a very good strategic fit for both companies and a relationship which will generate excellent synergies," explained H. Joseph Reiser, Ph.D., President and CEO of Cytogen. "ProstaScint(R), our radiolabeled monoclonal antibody, is the leading imaging agent for determining if prostate cancer has spread beyond the prostate. With BrachySeed(TM) we will now be able to offer a technologically advanced therapeutic product to complement our diagnostic line." Brachytherapy implants are used in the treatment of localized cancers, primarily prostate, the second most common form of cancer and the second leading cause of cancer deaths in men. Brachytherapy is the fastest growing treatment for early stage prostate cancer and offers a number of advantages compared to alternative treatments, including rapid patient recovery, lower costs and reduced incidence of complications, such as impotency and incontinence. BrachySeed(TM) is a second generation brachytherapy implant which demonstrates a number of important innovations over currently available technology, including double encapsulation for additional patient safety and near perfect dosimetry. The most important advantage was reported earlier by researchers at McMaster University, Ontario, Canada, who confirmed that the dose and radiation distribution of BrachySeed(TM) exhibits excellent symmetry. Dr. Barkin concluded, "We expect that BrachySeed(TM) will be available in the U.S. late this year. The market size for brachytherapy seeds in the U.S. is approaching $200 million annually and is expected to continue to grow." Jim