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

To: Rod who wrote (7363)	7/28/1998 9:44:00 AM
From: Troy Suarez, Ph.D.	Respond to of 8116

New Release /// If we had a deal it would have been good for us PRINCETON, N.J., July 28 /PRNewswire/ -- CYTOGEN Corporation (NASDAQ:CYTO) today announced the status of its Cellcor subsidiary. Over the last four months, extensive negotiations for the sale of Cellcor were ongoing. Late stage negotiations have fallen through and the Board of Directors is reviewing its options for sale or closure of the Cellcor subsidiary to focus on its primary business of marketing Quadramet(R) and ProstaScint(R). Cellcor management is currently seeking potential partners for the future funding and development of autologous lymphocyte therapy (ALT), however, operations will cease in approximately 45 days, should negotiations not appear likely to be concluded promptly. Management of Cellcor has expressed interest in a buyout of the operation which the Board is considering, along with remaining open to discussions with other interested parties. The Company and its Board of Directors believe in the safety and efficacy of ALT for the treatment of metastatic renal cell carcinoma but, as previously announced, concluded that ALT is not compatible with the company's strategic direction. "We have been in extensive negotiations with a company interested in the purchase of the Cellcor subsidiary, and have continued to fund operations to date," stated John E. Bagalay, Jr., CYTOGEN's President and Chief Executive Officer. "We were disappointed when negotiations which were well along suddenly fell through. The Board has decided to commit another 45 days to a determined effort to structure either a management buyout agreement or some other partnership. However, unless this final effort is clearly on a successful track within 45 days, all Cellcor operations will cease. We believe that this decision is essential to the future success of CYTOGEN." CYTOGEN is a biopharmaceutical company engaged in the development, manufacture and commercialization of products for the targeted delivery of diagnostics and therapeutic substances directly to disease sites. CYTOGEN has demonstrated its ability to develop new technology from early discovery through clinical development, regulatory approval and commercial scale biologic manufacturing. Information in this press release, which is not historical, is forward looking and involves risks and uncertainties. Actual results may differ materially, for reasons discussed in the Company's filings with the Securities and Exchange Commission, including risks related to unanticipated expenses which may reduce the Company's ability to achieve maximum efficiencies from the change in business strategies, the ability to find a suitable partner for further development of the technology, and commercial acceptance of the Company's products. SOURCE CYTOGEN Corporation -0- 07/28/98 /CONTACT: Corporate Communications of CYTOGEN, 609-987-8221, or Angela M. Bitting of Russell-Welsh, 650-312-0700, ext. 15, for CYTOGEN/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 224650/ /Web site: cytogen.com