EXHIBIT 99.1
[PROGENICS LOGO] Progenics Pharmaceuticals, Inc.
777 Old Saw Mill River Road
Tarrytown, New York 10591
Fax: (914)789-2817
(914)789-2800
www.progenics.com
Contact: Progenics Pharmaceuticals, Inc. Cytogen Corporation
Richard W. Krawiec, Ph.D. Stacy Shearer
VP, Investor Relations Investor Relations
and Corporate Communications (609) 750-8289
(914) 789-2800 sshearer@cytogen.com
rkrawiec@progenics.com
PROGENICS PHARMACEUTICALS AND CYTOGEN CORPORATION
PROVIDE UPDATE ON JOINT VENTURE
TARRYTOWN, NY and PRINCETON, NJ - July 14, 2003 - Progenics
Pharmaceuticals, Inc. (Nasdaq: PGNX) and Cytogen Corporation (Nasdaq: CYTO)
today provided an update regarding their PSMA Development Company LLC joint
venture. In June 1999, Progenics Pharmaceuticals, Inc. and Cytogen Corporation
(collectively, the Members) formed a joint venture in the form of a mutually
owned limited liability company (the JV) for the purpose of conducting research,
development, manufacturing and marketing for products relating to
prostate-specific membrane antigen (PSMA). The product candidates currently
under development include:
- a novel therapeutic prostate cancer vaccine utilizing the PSMA
protein and an adjuvant, for which the joint venture announced
the initiation of a phase 1 clinical trial in December 2002;
- a therapeutic vaccine that utilizes a viral vector designed to
deliver the PSMA gene to immune system cells in order to generate
a potent and specific dual-immune response, eliciting both
antibodies and killer T cells directed to prostate cancer cells,
for which the joint venture anticipates initiating phase 1
clinical studies in the first half of 2004; and
- novel human monoclonal antibodies which bind to PSMA, for which
the joint venture expect to begin clinical studies in 2004.
As previously disclosed, the Members had been negotiating the 2003
annual budget for the joint venture and the terms of a new services agreement
pursuant to which the Members would provide research, development and related
services to the JV.
In July 2003, the Members:
- agreed to an updated work plan governing the activities of the JV
for the remainder of 2003, including the execution of various
third-party contracts;
- agreed to a budget for the JV's operations for 2003 and related
capital contributions of the parties; and
- agreed to an amended services agreement pursuant to which the
Members will provide research, development and related services
for the remainder of 2003.
The JV work plan, budget, and other operational and financial matters
relating to periods after 2003 will require the further agreement of the
Members.
PROGENICS PHARMACEUTICALS, INC. of Tarrytown, NY, is a
biopharmaceutical company focusing on the development and commercialization of
innovative therapeutic products to treat the unmet medical needs of patients
with debilitating conditions and life-threatening diseases. The Company applies
its expertise in immunology and molecular biology to develop biopharmaceuticals
to fight viral diseases, such as human immunodeficiency virus (HIV) infection,
and cancers, including malignant melanoma and prostate cancer. In symptom
management and supportive care, therapies are being developed to provide
patients with an improved quality of life. Progenics' most clinically advanced
-more-
product is methylnaltrexone, a compound in phase 3 clinical testing that is
designed to block the debilitating side effects of opioid analgesics without
interfering with pain palliation. The Company is conducting multi-dose phase 2
clinical trials with its lead HIV product, PRO 542, a viral-entry inhibitor and
is in preclinical development with PRO 140 and other follow-on product
candidates in HIV infection. The Company is developing cancer immunotherapies
based on PSMA (prostate-specific membrane antigen) technology and currently is
conducting phase-1 clinical studies of a therapeutic prostate cancer vaccine.
GMK is a cancer vaccine in phase 3 clinical trials for the treatment of
malignant melanoma.
CYTOGEN CORPORATION of Princeton, NJ is a product-driven, oncology-focused
biopharmaceutical company. Cytogen markets proprietary and licensed oncology
products through its in-house specialty sales force: PROSTASCINT(R) (a
monoclonal antibody-based imaging agent used to image the extent and spread of
prostate cancer) and NMP22(R) BladderChek(TM) (a point-of-care, in vitro
diagnostic test for bladder cancer). Cytogen has also developed QUADRAMET(R), a
skeletal targeting therapeutic radiopharmaceutical for the relief of bone pain
in prostate and other types of cancer. Cytogen has exclusive U.S. marketing
rights to Combidex(R), an ultrasmall superparamagnetic iron oxide contrast agent
for magnetic resonance imaging of lymph nodes that is pending clearance by the
U.S. Food and Drug Administration. 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 cellular
signaling through its AxCell Biosciences research division in Newtown, PA. For
more information, please visit the Company's website at www.cytogen.com, which
is not part of this press release.
DISCLOSURE NOTICE: The information contained in this document is
current as of July 14 , 2003. This press release contains forward-looking
statements. Any statements contained herein that are not statements of
historical fact may be forward-looking statements. When the Companies use the
words 'anticipates,' 'plans,' 'expects' and similar expressions they are
identifying forward-looking statements. Such forward-looking statements involve
risks and uncertainties which may cause the Companies' actual results,
performance or achievements to be materially different from those expressed or
implied by forward-looking statements. Such factors include, among others, the
uncertainties associated with product development, the risk that clinical trials
will not commence when or proceed as planned, the risks and uncertainties
associated with dependence upon the actions of the Companies' corporate,
academic and other collaborators and of government regulatory agencies, the risk
that products that appear promising in early clinical trials do not demonstrate
efficacy in larger-scale clinical trials, the uncertainty of future
profitability and other factors set forth more fully in the Companies' Annual
Reports on Form 10-K for the fiscal year ended December 31, 2002 and other
periodic filings with the Securities and Exchange Commission to which investors
are referred for further information. In particular, the Companies cannot assure
you that any of the their programs will result in a commercial product.
The Companies do not have a policy of updating or revising
forward-looking statements and assume no obligation to update any
forward-looking statements contained in this document as a result of the new
information or future events or developments. Thus it should not be assumed that
the Companies' silence over time means that actual events are bearing out as
expressed or implied in such forward-looking statements.
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Editor's Note:
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Additional information regarding Cytogen and Progenics is available at
www.cytogen.com and www.progenics.com.