Cytogen sells Targon interest to Elan

After only two years of ownership, biotechnology company Cytogen announced last month that it sold its interest in its subsidiary Targon back to the original owner, pharmaceutical firm Elan of Dublin, Ireland. Elan purchased Targon for $2 million, according to Cytogen. The subsidiary was formed in September 1996 to accelerate the two companies' development of cancer agents (SCAN 10/9/96), and to move Cytogen's work-in-progress agents Prostatec, Oncotec, and prostate-specific membrane antigen (PSMA) toward commercialization.

The Princeton, NJ, company also announced second-quarter results (end-June), posting revenue of $2.5 million, up slightly from $2.2 million for the same period in 1997. The company attributed its increased revenue to sales of ProstaScint, a prostate cancer imaging agent, and Quadramet, a bone pain palliative. ProstaScint earned $1.5 million in the second quarter, and Quadramet earned $253,000, the company reported. Net losses for the quarter were $4.7 million, as compared with $6.4 million in the previous year.

In other Cytogen news, the company named Joseph Reiser to the post of president and CEO, replacing interim chief executive John Bagalay.