Cytorad Inc., an R&D funding vehicle for Cytogen Corp., has raised$35 million in a unit offering of 3.5 million units at $10 per unit,the companies announced Friday.
The units (NASDAQ:CYTDZ) closed unchanged Friday at $11.38.
Cytorad will use the proceeds to engage Cytogen in the research anddevelopment of antibody-based delivery systems to diagnose andtreat prostate and bladder cancers.
Cytogen's OncoScint PR356 prostate imaging product is in Phase IItrials and the Princeton, N.J., company plans to enter Phase IIIs inthe first half of the year.
Cytogen has filed to begin Phase I trials this quarter of its OncoRadPR356 prostate therapeutic. The bladder imaging product is inpreclinical development and the bladder therapeutic will beginpreclinical development early this year.
Each Cytorad unit consists of one share of callable Cytorad commonstock and one warrant to buy a share of Cytogen common stock at$24.15 per share. The stock and warrants will trade only as unitsthrough Jan. 31, 1994.
Underwriters Merrill Lynch & Co. and Lehman Brothers have a525,000-unit overallotment option.
(c) 1997 American Health Consultants. All rights reserved.