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Investors Pay Lip Service

Around the State – Central JerseyPRINCETON Biopharma Cytogen announced last week that it hopes to raise about $20 million by selling its stock and warrants to buy additional shares. The company plans to use the cash to fund an early 2007 launch of Caphosol, a prescription device to help moisten the mouths and throats of cancer patients who have received radiation or chemotherapy.

Cytogen’s three products on the market—Quadramet, Prostascint and Soltamox—are used to treat, diagnose or control pain in various cancers. The company also has a prostate-cancer drug in development.

During the stock offering, Cytogen will sell institutional investors around 7.1 million shares of its stock and about 3.5 million warrants to buy its stock at a price of $2.82 per share. The warrants have a term of five years and an exercise price of $3.32 per share. Cytogen’s shares were trading at around $2.58 Thursday afternoon.

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