UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CYTOGEN CORPORATION
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(Name of Registrant as Specified in its Charter)
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COMPANY Michael becker
CONTACT: CYTOGEN CORPORATION
(609) 750-8289
mbecker@cytogen.com
State of Wisconsin Investment Board Supports Cytogen's Announcement
Regarding a Reverse Stock Split
PRINCETON, N.J., (September 26, 2002) -- Cytogen Corporation (Nasdaq:CYTO), a
biopharmaceutical company with an established and growing product line in
prostate cancer and other areas of oncology, today announced that the State of
Wisconsin Investment Board, Cytogen's largest institutional investor that holds
approximately 15% of Cytogen's outstanding shares of common stock, supports the
Company's announcement regarding a reverse stock split and has verbally agreed
to vote in favor of the announced proposals.
"At this point in time, we believe that a reverse stock split represents the
most attractive solution for Cytogen to maintain its listing on the Nasdaq
National Market," said John Nelson, Investment Director for the State of
Wisconsin Investment Board.
The State of Wisconsin Investment Board manages investments of over $60 billion
on behalf of 450,000 government employees and retirees.
Additional Information and Where to Find It
Cytogen intends to file a preliminary proxy statement regarding the reverse
stock split proposals with the Securities and Exchange Commission, and it
intends to mail a definitive proxy statement to its stockholders regarding the
proposal. Investors and stockholders of Cytogen are urged to read the definitive
proxy statement when it becomes available because it will contain important
information about Cytogen and the reverse stock split proposals. Investors and
stockholders may obtain a free copy of the definitive proxy statement (when it
is available) and all of Cytogen's annual, quarterly and special reports at the
SEC's web site at WWW.SEC.GOV. A free copy of the definitive proxy statement and
all of Cytogen's annual, quarterly and special reports may also be obtained from
Cytogen by directing a request to Investor Relations at (609) 750-8289. Cytogen
and its executive officers and directors may be deemed to be participants in the
solicitation of proxies from Cytogen's stockholders in favor of the reverse
stock split proposals. Information regarding the security ownership and other
interests of Cytogen's executive officers and directors will be included in the
definitive proxy statement.
About Cytogen Corporation
Cytogen Corporation of Princeton, NJ is a biopharmaceutical company with an
established and growing product line in prostate cancer and other areas of
oncology. Currently marketed products include ProstaScint(R) (a monoclonal
antibody-based imaging agent used to image the extent and spread of prostate
cancer); BrachySeed(TM) I-125 and Pd-103 (two uniquely designed, next-
generation radioactive seed implants for the treatment of localized prostate
cancer); and Quadramet(R) (a skeletal targeting therapeutic radiopharmaceutical
marketed for the relief of bone pain in prostate and other types of cancer).
Cytogen is evolving a pipeline of oncology product candidates by developing its
prostate specific membrane antigen, or PSMA, technologies, which are exclusively
licensed from Memorial Sloan-Kettering Cancer Center. AxCell Biosciences of
Newtown, PA, a subsidiary of Cytogen Corporation, is engaged in the research and
development of novel biopharmaceutical products using its portfolio of
functional proteomics solutions and collection of proprietary signal
transduction pathway information. For more information, visit www.cytogen.com
and www.axcellbio.com.
This press release contains certain "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Information in
this press release, which is not historical, is forward-looking and involves a
number of risks and uncertainties. Investors are cautioned not to put any undue
reliance on any forward-looking statement. The Company's actual results may
differ materially from the Company's historical results of operations and those
discussed in the forward-looking statements for various reasons, including, but
not limited to the Company's ability to carry out its business plan, to
successfully develop and commercialize acceptance of its products such as
ProChart(TM), to determine and implement the appropriate strategic initiative
for its AxCell Biosciences subsidiary, ability to fund development necessary for
existing products and for the pursuit of new product opportunities, the risk of
whether products result from development activities, protection of its
intellectual property portfolio, ability to integrate in-licensed products such
as BrachySeed(TM), ability to establish and successfully complete clinical
trials where required for product approval, the risk associated with obtaining
the necessary regulatory approvals, shifts in the regulatory environment
affecting sale of the Company's products such as third-party payor reimbursement
issues, dependence on its partners for development of certain projects, the
ability to obtain foreign regulatory approvals for products and to establish
marketing arrangements in countries where approval is obtained, continued
listing of the Company's common stock on the Nasdaq National Market, and other
factors discussed in Form 10-K for the year ended December 31, 2001 and from
time-to-time in the Company's other filings with the Securities and Exchange
Commission. The Company specifically disclaims any intention or duty to update
any forward-looking statements, and these statements represent the Company's
current outlook only as of the date given.