Altamira Therapeutics Ltd (CYTO)

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Cytogen Announces Executive Management Changes
Monday November 12, 7:11 am ET
Kevin Lokay appointed as President and Chief Executive Officer; Company to host conference call today at 4:30 pm ET

PRINCETON, N.J.--(BUSINESS WIRE)--Cytogen Corporation (NASDAQ: CYTO - News) today announced that Kevin G. Lokay will immediately assume the position of President and Chief Executive Officer. Mr. Lokay, a member of Cytogen’s Board of Directors for the past six years, replaces Michael D. Becker who resigned as an officer and director to pursue another executive position. Mr. Lokay brings more than 26 years of pharmaceutical industry experience to Cytogen’s executive management team. Importantly, Mr. Lokay’s background includes a strong concentration in the successful sales and marketing of oncology therapeutics and supportive care products.

Mr. Lokay most recently served as Vice President and Business Unit Head, Oncology and Acute Care Business Unit at GlaxoSmithKline Pharmaceuticals (GSK). While at GSK, he successfully launched three oncology and two acute care products and grew the business to over $2.3 billion in sales. He joined SmithKline Beecham Corp (GSK’s predecessor) in 1997, as Vice President and Director, Oncology and Specialty Products, to lead the formation of the integrated oncology business unit. Prior to joining GSK, Mr. Lokay spent 16 years with Merck & Co., where his most recent assignment was Vice President, Worldwide Sales, Marketing and Development in Merck’s Vaccine Division. At Merck he gained experience in a wide variety of therapeutic areas as he progressed through positions of increasing responsibilities in sales, market research, advertising, product management, and business development. Mr. Lokay is a member of the Board of Governors of the Sarah Cannon Research Institute Holdings LLC and a Director of the University of Sciences, Philadelphia, Pennsylvania. Mr. Lokay received a Master of Business of Administration with a concentration in Marketing from the Krannert School of Management at Purdue University, and a Bachelor of Arts degree in Economics from Lafayette College.

“We are extraordinarily pleased to have a skilled executive of Kevin’s caliber assume the leadership of Cytogen,” said James A. Grigsby, chairman of Cytogen. “We appreciate Michael’s commitment and many contributions to Cytogen, particularly in building the infrastructure of a commercially focused company. We wish him well in his future endeavors. Given Kevin’s expertise in the marketing and launch of supportive care and therapeutic products while at GSK and Merck, the Board has great confidence he will provide critical industry experience that the Company needs to implement its strategic and operational goals going forward.”

Mr. Lokay commented: “Based on my experience with Cytogen and my knowledge of the oncology marketplace, I am excited about the opportunity to lead this company. CAPHOSOL® has the promise to meet the serious unmet needs of many cancer patients suffering from oral mucositis. I look forward to working closely with Cytogen’s management team, including my former colleague Steve Ross, senior vice president of sales and marketing for Cytogen, who joined the Company this past July from GSK. I am encouraged with the recent progress the sales team has made these past few months based on the implementation of a new focused approach for CAPHOSOL. I will work with the team to ensure that Cytogen has the resources to fully exploit our market opportunities, target these resources effectively to maximize success, and efficiently capture promotional synergies across our product lines.”

Cytogen also announced today the resignation of William J. Thomas, the Company’s General Counsel, which will become effective November 16, 2007. Mr. Thomas has resigned from Cytogen to pursue another general counsel position and his resignation is unrelated to Mr. Becker’s resignation. The Company does not currently intend to replace Mr. Thomas’ position and will direct the responsibilities to its outside counsel, Morgan, Lewis & Bockius LLP.

Cytogen will host an investor update call this afternoon, November 12, 2007, at 4:30 pm eastern time (ET). To listen to the call please dial 866-831-6272 and enter the access code 18511465. International dialers may call 617-213-8859 and enter the same access code.

A webcast is also accessible through the following link:

http://phx.corporate-ir.net/ phoenix.zhtml?p=irol-eventDetails&c=97538&eventID=1694493

(Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

A replay of the conference call will be available approximately one hour after the call and for one week thereafter. To access the replay, please dial 888-286-8010 and enter the access code 45328770. International dialers may dial 617-801-6888 and enter the same access code.