Cytogen, Elan deal

The companies created Targon Corp., an oncology products company that initially will be a wholly owned subsidiary of CYTO.

ELN made a $20 million investment in CYTO, which will fund CTYO's financial contribution to the new entity. The ELN investment included $5 million for the purchase of 932,535 shares of CYTO common at $5.41 and $15 million in a new Series A convertible stock. CYTO, which closed at $5.625 on Friday, has 49 million shares outstanding after the transaction. ...