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

To: harkenman who wrote (7429)	1/6/1999 2:33:00 PM
From: Rambi	Read Replies (1) \| Respond to of 8116

PRINCETON, N.J., Jan. 6 /PRNewswire/ -- CYTOGEN Corporation (Nasdaq: CYTO - news) today announced it has completed a $4.5 million sale of registered common stock to its two largest stockholders, a subsidiary of The Hillman Company, and the State of Wisconsin Investment Board. CYTOGEN issued a total of six million shares of common stock, reflecting the Company's closing price on Dec. 29, 1998. This investment reflects confidence in CYTOGEN's 1998 achievements and the Company's prospects, according to President and Chief Executive Officer H. Joseph Reiser, Ph.D. ''Clearly, 1998 was an important rebuilding year for CYTOGEN,'' Reiser said. ''We believe that this investment is a demonstration of confidence in our achievements -- and in CYTOGEN's strategic focus on core technology development and product marketing.'' Reiser added that the new funding is a step in CYTOGEN's strategy implementation. ''CYTOGEN's efforts to control expenses have brought us to the point where we now can allocate resources for growth without necessarily increasing our burn rate. Our intention is to continue to build on our 1998 achievements throughout 1999.'' CYTOGEN is a biopharmaceutical company engaged in the development, manufacture and commercialization of products for the targeted delivery of diagnostic 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 CYTOGEN described in the release, the Company's ability to carry out its business plan, and successful development and commercial acceptance of CYTOGEN's products.