Cytogen Corporation Announces Changes in Senior Management

Dec 17, 2002, 00:00 ET from Cytogen Corporation

    PRINCETON, N.J., Dec. 17 /PRNewswire-FirstCall/ --
 Cytogen Corporation (Nasdaq:   CYTO) today announced a series of changes within
 its senior management team.  Specifically:
 
     -- Cytogen's board of directors has accepted the resignation of H. Joseph
        Reiser, Ph.D. as president and chief executive officer, effective
        immediately.  Dr. Reiser is leaving the Company for personal reasons.
        Dr. Reiser will continue to serve as a director of the Company and is
        in full support of this management transition.
     -- In accordance with the Company's succession plan, the board has
        unanimously elected Michael D. Becker, effective immediately, to the
        position of president and chief executive officer.  Mr. Becker has also
        been appointed to the Company's board of directors, effective
        immediately.  Prior to this appointment, Mr. Becker served as vice
        president, business development and industry relations.
     -- In connection with such changes, Cytogen's board of directors has
        accepted the resignation of Lawrence R. Hoffman, vice president and
        chief financial officer, effective December 31, 2002.  Mr. Hoffman is
        leaving the Company to pursue other opportunities.
     -- The Company also announced that Ms. Thu Dang has been promoted to vice
        president, finance, effective December 31, 2002.  Ms. Dang is currently
        director of finance.  Ms. Dang has been with Cytogen for over fourteen
        years and is integrally involved in all aspects of the Company's
        financial reporting process.
 
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20021217/PHTU028 )
     "Joe Reiser has played a critical role in building Cytogen into a product-
 driven, oncology-focused organization over the past five years," said James A.
 Grigsby, chairman of Cytogen's board of directors.  "In reaching the decision
 to appoint Michael as president and CEO, the Board recognized the strong,
 working partnership that has evolved between Michael and Joe during a major
 transformation of the company.  We believe Michael is well-suited to be
 Cytogen's new CEO and maintain the Company's sound corporate governance
 practices."
     As president and CEO, Mr. Becker will have responsibility for all aspects
 of the Company's business and operations, including formulating, implementing,
 and monitoring the Company's strategic plan together with the chairman and the
 board of directors.  All executive officers of the Company will report to Mr.
 Becker.
     "As we look ahead to the next phase in Cytogen's evolution, I believe it
 is appropriate that Michael take on an expanded role as CEO," said H. Joseph
 Reiser, Ph.D.  "I knew when I helped recruit him, that Michael was an
 outstanding businessman with a very solid grounding in science and technology,
 and everything he has done since then validates that judgment.  With strong
 support from the senior management team, Michael has identified new business
 development opportunities and initiated the analysis needed to help make
 Cytogen a more efficient operating company.  Additionally, he has successfully
 led an intensified focus on presenting Cytogen's business model to our
 stockholders and customers.  I look forward to continued involvement with both
 Michael and the Company as a member of the board of directors."
     Michael D. Becker joined Cytogen in April 2001, and has served in
 positions of increasing responsibility, including chief executive officer of
 the Company's AxCell Biosciences subsidiary, vice president, business
 development and industry relations, and vice president, investor relations
 officer.  Prior to joining Cytogen, he was with Wayne Hummer Investments LLC,
 a Chicago-based regional brokerage firm, where he held senior positions as a
 biotechnology analyst, investment executive, and portfolio manager in addition
 to participating in sales management activities.  Mr. Becker also served on
 the board of directors for the Chicago Biotech Network, a nonprofit trade
 association for the biotechnology industry in Illinois.
     "Building on our portfolio of marketed oncology products along with our
 prostate specific membrane antigen (PSMA) technologies, Cytogen has the
 potential to create significant growth opportunities as we continue to advance
 our sales and marketing organization and drive productivity improvements,"
 said Michael D. Becker.  "Joe had the vision and commitment nearly five years
 ago to transform Cytogen from a research and development company into a
 specialty biopharmaceutical company with an internal sales force.  I look
 forward to continuing to grow and evolve this model."
 
     About Cytogen Corporation
     Cytogen Corporation of Princeton, NJ is a product-driven, oncology-focused
 biopharmaceutical company. Cytogen markets several products through its in-
 house oncology sales force: ProstaScint(R) (a monoclonal antibody-based
 imaging agent used to image the extent and spread of prostate cancer);
 BrachySeed(TM) I-125 and BrachySeed(TM) Pd-103 (two uniquely designed, next-
 generation radioactive seed implants for the treatment of localized prostate
 cancer); and NMP22(R) BladderChek(TM) (a highly accurate and convenient
 antibody-based point-of-care staging test for bladder cancer detection).
 Cytogen has also developed Quadramet(R), a skeletal targeting therapeutic
 radiopharmaceutical for the relief of bone pain in prostate and other types of
 cancer, for which the company receives royalties on product sales through
 Berlex Laboratories, the U.S. affiliate of Schering AG Germany, which markets
 the product in the United States. Cytogen's pipeline comprises product
 candidates at various stages of clinical development, including fully human
 monoclonal antibodies and cancer vaccines based on PSMA (prostate specific
 membrane antigen) technology, which was exclusively licensed from Memorial
 Sloan-Kettering Cancer Center. Cytogen also conducts research in cell
 signaling through its AxCell Biosciences subsidiary in Newtown, PA. For more
 information, please visit the Company's website at www.cytogen.com.
 
     This press release contains certain "forward-looking" statements within
 the meaning of the Private Securities Litigation Reform Act of 1995 and
 Section 21E of the Securities Exchange Act of 1934, as amended. All
 statements, other than statements of historical facts, included in this press
 release regarding our strategy, future operations, financial position, future
 revenues, projected costs, prospects, plans and objectives of management are
 forward-looking statements. The words "anticipates," "believes," "estimates,"
 "expects," "intends," "may," "plans," "projects," "will," "would" and similar
 expressions are intended to identify forward-looking statements, although not
 all forward-looking statements contain these identifying words. Such forward-
 looking statements involve a number of risks and uncertainties and investors
 are cautioned not to put any undue reliance on any forward-looking statement.
 The Company cannot guarantee that the Company will actually achieve the plans,
 intentions or expectations disclosed in any such forward-looking statements.
 The Company's actual results may differ materially from the Company's
 historical results of operations and those discussed in the forward-looking
 statements for various reasons, including, but not limited to, the Company's
 ability to carry out its business and financial plans, to successfully develop
 and commercialize acceptance of its products such as ProChart(TM), to
 determine and implement the appropriate strategic initiative for its AxCell
 Biosciences subsidiary, ability to fund development necessary for existing
 products and for the pursuit of new product opportunities, the risk of whether
 products result from development activities, protection of its intellectual
 property portfolio, ability to integrate in-licensed products such as
 BrachySeed(TM) and NMP22(R) BladderChek(TM), ability to establish and
 successfully complete clinical trials where required for product approval, the
 risk associated with obtaining the necessary regulatory approvals, shifts in
 the regulatory environment affecting sale of the Company's products such as
 third-party payor reimbursement issues, dependence on its partners for
 development of certain projects, the ability to obtain foreign regulatory
 approvals for products and to establish marketing arrangements in countries
 where approval is obtained, and other factors discussed in the Company's Form
 10-K for the year ended December 31, 2001 and from time-to-time in the
 Company's other filings with the Securities and Exchange Commission. Any
 forward-looking statements made by the Company do not reflect the potential
 impact of any future acquisitions, mergers, dispositions, joint ventures or
 investments the Company may make. The Company does not assume, and
 specifically disclaims, any obligation to update any forward-looking
 statements, and these statements represent the Company's current outlook only
 as of the date given.
 
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SOURCE Cytogen Corporation
    PRINCETON, N.J., Dec. 17 /PRNewswire-FirstCall/ --
 Cytogen Corporation (Nasdaq:   CYTO) today announced a series of changes within
 its senior management team.  Specifically:
 
     -- Cytogen's board of directors has accepted the resignation of H. Joseph
        Reiser, Ph.D. as president and chief executive officer, effective
        immediately.  Dr. Reiser is leaving the Company for personal reasons.
        Dr. Reiser will continue to serve as a director of the Company and is
        in full support of this management transition.
     -- In accordance with the Company's succession plan, the board has
        unanimously elected Michael D. Becker, effective immediately, to the
        position of president and chief executive officer.  Mr. Becker has also
        been appointed to the Company's board of directors, effective
        immediately.  Prior to this appointment, Mr. Becker served as vice
        president, business development and industry relations.
     -- In connection with such changes, Cytogen's board of directors has
        accepted the resignation of Lawrence R. Hoffman, vice president and
        chief financial officer, effective December 31, 2002.  Mr. Hoffman is
        leaving the Company to pursue other opportunities.
     -- The Company also announced that Ms. Thu Dang has been promoted to vice
        president, finance, effective December 31, 2002.  Ms. Dang is currently
        director of finance.  Ms. Dang has been with Cytogen for over fourteen
        years and is integrally involved in all aspects of the Company's
        financial reporting process.
 
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20021217/PHTU028 )
     "Joe Reiser has played a critical role in building Cytogen into a product-
 driven, oncology-focused organization over the past five years," said James A.
 Grigsby, chairman of Cytogen's board of directors.  "In reaching the decision
 to appoint Michael as president and CEO, the Board recognized the strong,
 working partnership that has evolved between Michael and Joe during a major
 transformation of the company.  We believe Michael is well-suited to be
 Cytogen's new CEO and maintain the Company's sound corporate governance
 practices."
     As president and CEO, Mr. Becker will have responsibility for all aspects
 of the Company's business and operations, including formulating, implementing,
 and monitoring the Company's strategic plan together with the chairman and the
 board of directors.  All executive officers of the Company will report to Mr.
 Becker.
     "As we look ahead to the next phase in Cytogen's evolution, I believe it
 is appropriate that Michael take on an expanded role as CEO," said H. Joseph
 Reiser, Ph.D.  "I knew when I helped recruit him, that Michael was an
 outstanding businessman with a very solid grounding in science and technology,
 and everything he has done since then validates that judgment.  With strong
 support from the senior management team, Michael has identified new business
 development opportunities and initiated the analysis needed to help make
 Cytogen a more efficient operating company.  Additionally, he has successfully
 led an intensified focus on presenting Cytogen's business model to our
 stockholders and customers.  I look forward to continued involvement with both
 Michael and the Company as a member of the board of directors."
     Michael D. Becker joined Cytogen in April 2001, and has served in
 positions of increasing responsibility, including chief executive officer of
 the Company's AxCell Biosciences subsidiary, vice president, business
 development and industry relations, and vice president, investor relations
 officer.  Prior to joining Cytogen, he was with Wayne Hummer Investments LLC,
 a Chicago-based regional brokerage firm, where he held senior positions as a
 biotechnology analyst, investment executive, and portfolio manager in addition
 to participating in sales management activities.  Mr. Becker also served on
 the board of directors for the Chicago Biotech Network, a nonprofit trade
 association for the biotechnology industry in Illinois.
     "Building on our portfolio of marketed oncology products along with our
 prostate specific membrane antigen (PSMA) technologies, Cytogen has the
 potential to create significant growth opportunities as we continue to advance
 our sales and marketing organization and drive productivity improvements,"
 said Michael D. Becker.  "Joe had the vision and commitment nearly five years
 ago to transform Cytogen from a research and development company into a
 specialty biopharmaceutical company with an internal sales force.  I look
 forward to continuing to grow and evolve this model."
 
     About Cytogen Corporation
     Cytogen Corporation of Princeton, NJ is a product-driven, oncology-focused
 biopharmaceutical company. Cytogen markets several products through its in-
 house oncology sales force: ProstaScint(R) (a monoclonal antibody-based
 imaging agent used to image the extent and spread of prostate cancer);
 BrachySeed(TM) I-125 and BrachySeed(TM) Pd-103 (two uniquely designed, next-
 generation radioactive seed implants for the treatment of localized prostate
 cancer); and NMP22(R) BladderChek(TM) (a highly accurate and convenient
 antibody-based point-of-care staging test for bladder cancer detection).
 Cytogen has also developed Quadramet(R), a skeletal targeting therapeutic
 radiopharmaceutical for the relief of bone pain in prostate and other types of
 cancer, for which the company receives royalties on product sales through
 Berlex Laboratories, the U.S. affiliate of Schering AG Germany, which markets
 the product in the United States. Cytogen's pipeline comprises product
 candidates at various stages of clinical development, including fully human
 monoclonal antibodies and cancer vaccines based on PSMA (prostate specific
 membrane antigen) technology, which was exclusively licensed from Memorial
 Sloan-Kettering Cancer Center. Cytogen also conducts research in cell
 signaling through its AxCell Biosciences subsidiary in Newtown, PA. For more
 information, please visit the Company's website at www.cytogen.com.
 
     This press release contains certain "forward-looking" statements within
 the meaning of the Private Securities Litigation Reform Act of 1995 and
 Section 21E of the Securities Exchange Act of 1934, as amended. All
 statements, other than statements of historical facts, included in this press
 release regarding our strategy, future operations, financial position, future
 revenues, projected costs, prospects, plans and objectives of management are
 forward-looking statements. The words "anticipates," "believes," "estimates,"
 "expects," "intends," "may," "plans," "projects," "will," "would" and similar
 expressions are intended to identify forward-looking statements, although not
 all forward-looking statements contain these identifying words. Such forward-
 looking statements involve a number of risks and uncertainties and investors
 are cautioned not to put any undue reliance on any forward-looking statement.
 The Company cannot guarantee that the Company will actually achieve the plans,
 intentions or expectations disclosed in any such forward-looking statements.
 The Company's actual results may differ materially from the Company's
 historical results of operations and those discussed in the forward-looking
 statements for various reasons, including, but not limited to, the Company's
 ability to carry out its business and financial plans, to successfully develop
 and commercialize acceptance of its products such as ProChart(TM), to
 determine and implement the appropriate strategic initiative for its AxCell
 Biosciences subsidiary, ability to fund development necessary for existing
 products and for the pursuit of new product opportunities, the risk of whether
 products result from development activities, protection of its intellectual
 property portfolio, ability to integrate in-licensed products such as
 BrachySeed(TM) and NMP22(R) BladderChek(TM), ability to establish and
 successfully complete clinical trials where required for product approval, the
 risk associated with obtaining the necessary regulatory approvals, shifts in
 the regulatory environment affecting sale of the Company's products such as
 third-party payor reimbursement issues, dependence on its partners for
 development of certain projects, the ability to obtain foreign regulatory
 approvals for products and to establish marketing arrangements in countries
 where approval is obtained, and other factors discussed in the Company's Form
 10-K for the year ended December 31, 2001 and from time-to-time in the
 Company's other filings with the Securities and Exchange Commission. Any
 forward-looking statements made by the Company do not reflect the potential
 impact of any future acquisitions, mergers, dispositions, joint ventures or
 investments the Company may make. The Company does not assume, and
 specifically disclaims, any obligation to update any forward-looking
 statements, and these statements represent the Company's current outlook only
 as of the date given.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X37549427
 
 SOURCE  Cytogen Corporation

RELATED LINKS

http://www.cytogen.com