UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 1, 2007
---------------
CYTOGEN CORPORATION
------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 000-14879 22-2322400
---------------------------- ------------------------ -------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
650 College Road East, CN 5308, Suite 3100, Princeton, NJ 08540
--------------------------------------------------------- -------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (609) 750-8200
--------------
--------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of
Certain Officers.
In connection with its annual performance review process, the Compensation
Committee and the Board of Directors of Cytogen Corporation (the "Company")
approved, as of January 1, 2007, the annual incentive (i.e. cash bonus) awards
for the period January 1, 2006 to December 31, 2006 and the annual salaries for
2007 for executive officers of the Company.
The annual incentive awards, as shown in the table below, were based on the
Compensation Committee's assessment of the Company's and each executive's
performance measured against previously set financial and strategic objectives.
The following table sets forth the cash bonus amounts for 2006 performance
and the annual base salaries for 2007 for the executive officers (Michael D.
Becker, Kevin J. Bratton, William F. Goeckeler, and William J. Thomas) who will
be included as the Named Executive Officers in the Company's 2007 proxy
statement.
--------------------------------------------------------------------------------
NAME TITLE 2006 BONUS 2007 SALARY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Michael D. Becker President and Chief $160,808 $383,720
Executive Officer
--------------------------------------------------------------------------------
Kevin J. Bratton Senior Vice President, $ 20,000 $225,000
Finance, and Chief
Financial Officer
--------------------------------------------------------------------------------
William F. Goeckeler Senior Vice President, $ 91,664 $277,156
Operations
--------------------------------------------------------------------------------
William J. Thomas Senior Vice President and $ 66,338 $253,386
General Counsel
--------------------------------------------------------------------------------
The Named Executive Officers do not currently have any employment
agreements with the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CYTOGEN CORPORATION
By: /s/ William J. Thomas
----------------------------
William J. Thomas
Senior Vice President and
General Counsel
Dated: January 4, 2007