Cytogen raises $10 million

The recent surge in publicity-and stock price-surrounding Cytogen has been accompanied by a private stock placement that has stuffed the Princeton, NJ-based company's coffers with $10 million. Investors picked up an aggregate of 1,172,332 shares of common stock at $8.53 per share. They will also receive warrants to purchase an aggregate of the same number of shares of common stock at an exercise price of $12.80 per share. Cytogen executives plan to use the proceeds to reacquire North American and Latin American marketing rights for the company's radiopharmaceutical, Quadramet.