Cytogen's 4th-qtr 2006 losses up 85.4%

USA-based biopharmaceutical firm Cytogen reported a net loss of $8.9 million, or $0.34 per diluted share, for the full year 2006, up 85.4% from the $4.8 million deficit it posted for the comparable period in 2005. It attributed the deepening losses to costs associated with its anticancer drug Soltamox (tamoxifen citrate), which was introduced in the USA last spring, as well as to expenses associated with the impending launch of the oral mucositis treatment Caphosol in the USA, which it licensed from Norwiegen group InPharma AS (Marketletter October 23, 2006).

The firm's revenues for the period, which were predominantly derived from the cancer pain medication Quadramet (samarium Sm-153 lexidronam injection) and its molecular imagining agent Prostacint (capromab pendetide), grew 7% to $4.5 million.

Cytogen also said that its selling, general and administrative expenses for the final three months of 2006 had nearly doubled, reaching $10.2 million, attributing the rise to its increased marketing activities. Conversely, the New Jersey-headquartered firm reported that it had cut is R&D expenditure 22.7% to $1.7 million. It explained that the reduction was due to higher preclinical development costs in 2005.