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Conformed
Copy
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 8, 1998
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CYTOGEN CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 333-02015 22-2322400
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
Incorporation or
Organization)
600 College Road East, CN 5308, Princeton, New Jersey 08540-5308
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 987-8200
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Item 5. Other Events.
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On June 8, 1998, CYTOGEN Corporation issued the attached press release.
Item 7. Exhibits.
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99.1 Press release issued by CYTOGEN Corporation on June 8, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
CYTOGEN CORPORATION
By /s/ Donald F. Crane, Jr.
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Name: Donald F. Crane, Jr.
Title: Vice President General Counsel and
Corporate Secretary
Date: June 8, 1998
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EXHIBIT INDEX
Number Description Page
99.1 Press Release issued by CYTOGEN Corporation on
June 8, 1998 5
4
Contacts: Corporate Communications Angela Bitting
CYTOGEN Corporation Russell-Welsh, Inc.
(609) 987-8221 (650) 312-0700 Ext. 15
FOR IMMEDIATE RELEASE
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CYTOGEN ANNOUNCES PLANS FOR NEXT PHASE OF MARKETING FOR
QUADRAMET
--Receipt of $3.8 Million Payment from DuPont Merck--
PRINCETON, N.J., -- June 8, 1998 -- CYTOGEN Corporation (NASDAQ: CYTO)
today announced plans for the next phase of marketing for Quadramet
for the treatment of bone pain from cancer which has spread to the
bone. In addition, the Company also announced the receipt of a
payment for Quadramet, totaling $3.8 million, from DuPont Merck.
The license agreement between CYTOGEN and DuPont Merck signed in
December 1994 has now been terminated and DuPont Merck has begun
efforts to identify and select a new partner to work with CYTOGEN so
that the potential of Quadramet can be fully realized. CYTOGEN and
DuPont Merck anticipate that DuPont Merck will manufacture Quadramet
over the next two years and CYTOGEN is expanding its own sales efforts
to include Quadramet. Through their own technical specialists,
CYTOGEN will immediately inform the physicians at more than 200
clinical sites that are certified to use ProstaScint , CYTOGEN's
prostate cancer imaging agent, about the benefits of Quadramet.
CYTOGEN will also begin marketing directly to all national cancer
centers. CYTOGEN stated that near-term royalty revenues are expected
to be affected adversely since the minimum royalty arrangement is
discontinued and booked revenues will be based on actual sales rather
than minimum royalties. As previously reported, actual sales have to
date been substantially less than minimum royalties.
CYTOGEN indicated that achieving market penetration with Quadramet as
early as possible and bringing this important product to cancer
patients is essential to the success of this product. John E.
Bagalay, Jr., president and chief executive officer of CYTOGEN stated,
"Quadramet is a product with tremendous potential."
DuPont Merck is a worldwide, research-based pharmaceutical and
radiopharmaceutical company established in 1991 as a partnership
between DuPont and Merck and Co. The Company is headquartered in
Wilmington, Delaware; the Radiopharmaceuticals Division is
headquartered in North Billerica, Massachusetts. The Company markets
its products under the DuPont Pharma name.
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 CYTOGEN's filings with the
Securities and Exchange Commission, including risks related to the
ability to find a suitable partner for marketing Quadramet, and
commercial acceptance of CYTOGEN's products.
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