Stand-off between Cytogen and CytoRad

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