BioCentury on BioBusiness,
Stand Off Between Cytogen And CytoRad
Tuesday, May 31, 1994
Stand-off between Cytogen
Cytogen Corp. and its CytoRad Inc. R&D partnership are at loggerheads over the
future of the R&D partnership and funding and development of OncoScint PR prostate
imaging agent and OncoRad ovarian and prostate therapeutics.
CytoRad (CYTDZ) has rejected CYTO's proposal to buy out the partnership. CYTO would
have exchanged its shares for the 4 million shares of CYTDZ stock outstanding at a premium
to the recent market price of CYTDZ stock. CYTDZ units have moved down in tandem with CYTO
shares, closing Friday at $4.75. CYTO closed at $6.125.
'No basis for negotiations'
CYTDZ's board last week said the proposal
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