LOS ANGELES, Sept. 21,
2017 /PRNewswire/ -- CytRx Corporation (Nasdaq: CYTR), a
biopharmaceutical research and development company specializing in
oncology, today announced that Glass Lewis & Co. has
recommended that CytRx stockholders vote "FOR" the proposed reverse
stock split at the upcoming special meeting of stockholders
scheduled for October 17, 2017 at
10:00 a.m. PT.
Glass Lewis is widely recognized as one of the leading
independent proxy voting and corporate governance advisory firms,
and its recommendations are relied upon by thousands of major
institutional investment firms, mutual funds and other fiduciaries
throughout the United States.
In its report dated September 20,
2017, Glass Lewis stated, "We agree with the board that it
is in the best interest of the Company to reduce the number of
shares of common stock outstanding and thereby attempt to
proportionally raise the per share price of the Company's common
stock.... A higher stock price may help to increase investor
interest, attract and retain
employees."1
In response to the favorable recommendation, Dr. Louis Ignarro, Nobel Laureate and Lead Director
of CytRx said, "We are pleased that Glass Lewis, a highly regarded,
independent, leading proxy advisory firm understands the importance
of maintaining a NASDAQ Global Market listing and increasing our
common stock price to a level that allows us to attract a broader
and more diverse shareholder base."
CytRx stockholders are urged to vote as Glass Lewis recommends
by voting "FOR" the proposed reverse stock split.
Stockholders with questions may call Saratoga Proxy Consulting LLC
at (888) 368-0379 or (212) 257-1311 or by email at
info@saratogaproxy.com.
1Permission to use quotation was neither sought nor
obtained.
How to Vote
If you are a stockholder of record at the close of business on
August 28, 2017, you can vote your
shares in one of two ways: either by proxy or in person at the
special meeting. If you chose to submit a proxy, you may do so by
telephone, via the internet or by mail. If you hold shares of CytRx
common stock in multiple accounts, you should vote your shares as
described in each set of proxy materials you receive. CytRx
highly recommends stockholders vote electronically or by phone
without delay. Please have your proxy card with you while
voting.
You may transmit your proxy voting instructions via the Internet
by accessing www.proxyvote.com and following the
instructions. You may also transmit your proxy voting instructions
by calling the telephone number specified on the proxy card. If you
chose to vote via the Internet or phone, you do not have to return
the proxy card.
For stockholders who still need assistance voting their shares,
or have questions regarding the special meeting, please contact
CytRx's proxy solicitation firm, Saratoga Proxy Consulting, either
by telephone: (888) 368-0379 or (212) 257-1311 or by email:
info@saratogaproxy.com.
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed reverse stock split. STOCKHOLDERS ARE
URGED TO READ CAREFULLY AND IN ITS ENTIRETY THE DEFINITIVE PROXY
STATEMENT AND ANY AMENDMENTS FILED WITH THE SEC, AND OTHER RELEVANT
MATERIALS, BECAUSE THEY DO AND WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE COMPANY AND THE PROPOSED REVERSE STOCK SPLIT. The
definitive proxy statement was mailed to stockholders of record as
of August 28, 2017. The amended
definitive proxy statement will be mailed to shareholders on or
about September 13, 2017.
Stockholders may obtain free copies of the Company's definitive
proxy statement, any amendments to the proxy statement and its
other SEC filings electronically by accessing the SEC's home page
at http://www.sec.gov. Copies can also be obtained, free of
charge, upon written request to CytRx Corporation, Attn: Corporate
Secretary, 11726 San Vicente Blvd., Suite 650, Los Angeles, CA 90049.
Participation in Solicitation
This press release may constitute soliciting material under SEC
Rule 14a-12, and CytRx and its directors, executive officers, and
advisors may be deemed to be participants in the solicitation of
proxies from the holders of CytRx common stock in respect of the
proposed reverse stock split. Investors may obtain additional
information regarding the interest of those participants by reading
the Company's definitive proxy statement, any amendments to the
definitive proxy statement and other relevant proxy materials, and
the Company's annual reports on Form 10-K and quarterly reports on
Form 10-Q, as filed with the SEC.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical company specializing in
research and clinical development of novel anti-cancer drug
candidates that employ linker technologies to enhance the
accumulation and release of drug at the tumor. Aldoxorubicin,
CytRx's most advanced drug conjugate, is an improved version of the
widely used chemotherapeutic agent doxorubicin and has been
out-licensed to NantCell, Inc. CytRx is also rapidly
expanding its pipeline of ultra-high potency oncology candidates at
its laboratory facilities in Freiburg, Germany, through its
LADR™ (Linker Activated Drug Release) technology platform, a
discovery engine designed to leverage CytRx's expertise in albumin
biology and linker technology for the development of a new class of
potential breakthrough anti-cancer therapies.
Forward-Looking Statements
This press release contains forward-looking statements. Such
statements involve risks and uncertainties that could cause actual
events or results to differ materially from the events or results
described in the forward-looking statements, including risks and
uncertainties relating to plans for regaining compliance with the
NASDAQ rules and higher share price of our common stock; the
ability of NantCell, Inc., to obtain regulatory approval for its
products that use aldoxorubicin; the ability of NantCell, Inc., to
manufacture and commercialize products or therapies that use
aldoxorubicin; the amount, if any, of future milestone and royalty
payments that we may receive from NantCell, Inc.; our ability to
develop new ultra-high potency drug candidates based on our
LADRTM technology platform; and other risks and
uncertainties described in the most recent annual and quarterly
reports filed by CytRx with the Securities and Exchange Commission
and current reports filed since the date of CytRx's most recent
annual report. All forward-looking statements are based upon
information available to CytRx on the date the statements are first
published. CytRx undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Relations Contact:
Argot Partners
Michelle Carroll
(212) 600-1902
michelle@argotpartners.com
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SOURCE CytRx Corporation