Cytogen shuts down Cellcor division
After months of unsuccessful searching for a buyout candidate for its Cellcor subsidiary, Cytogen closed the division on Sept. 18. Cytogen bought Cellcor in 1995 in hopes of bringing to market that company’s autolymphocyte therapy (ALT) cancer
After months of unsuccessful searching for a buyout candidate for its Cellcor subsidiary, Cytogen closed the division on Sept. 18. Cytogen bought Cellcor in 1995 in hopes of bringing to market that companys autolymphocyte therapy (ALT) cancer therapy technology in development. That effort apparently didnt go as planned, however, and Cytogen early this spring put Cellcor on the block. Cytogen reported in July that unless the company was able to find a buyer by September, Cellcors operations would cease.
Shutting Cellcor down is part of the Princeton, NJ, companys attempt to reduce operating expenses and focus its corporate efforts on marketing radiopharmaceutical agents OncoScint, ProstaScint, and Quadramet. Cytogen tightened its belt further last month when it sold its interest in its subsidiary Targon back to the original owner, pharmaceutical firm Elan of Dublin, Ireland, after only two years of ownership. In addition to closing Cellcor and divesting its Targon interest, Cytogen expects to cut its workforce by 30%, according to Joseph Reiser, president and CEO. Cytogen anticipates a special charge in the third quarter of 1998 for severance and other closure-related expenses.
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