Cytogen's 3rd-qtr loss improves 11% on sales

New Jersey, USA-based pharmaceutical company Cytogen says that, for the third quarter of 2007, its loss narrowed 10.5% to $5.1 million, or $0.15 per share. The improvement, which was ahead of the $0.26 per share loss forecast by analysts surveyed by Thomson Financial, was driven by a 20% increase in sales revenue to $5.1 million, largely due to the performance of its painkiller Quadramet (capromab pendetide) and its oral mucositis drug Caphosol.

Cytogen went on to say that the reported quarter included a $5.5 million unrealized non-cash gain associated with a decline in its warrant liabilities, as well as a non-cash impairment charge of $1.8 million linked with assets related to its anticancer product Soltamo (tamoxifen citrate).

Since the results announcement, which saw Cytogen's share price increase 8.2% to $0.66, the firm received notification from the Nasdaq Stock Market that it is in breach of the $1.00 minimum bid price. In response, the company said it is identifying strategic alternatives to both regain compliance and maximize shareholder value and has hired USA-based ThinkEquity Partners to assist in this process.