LOS ANGELES, Nov. 6, 2017 /PRNewswire/ -- CytRx Corporation
(NASDAQ: CYTR), a biopharmaceutical research and development
company specializing in oncology, today announced the strategic
realignment of its drug development efforts for advancing new drug
candidates based on its LADR™ (Linker Activated Drug Release)
Technology Platform. Going forward, CytRx's drug development,
manufacturing and regulatory activities will be led by Hurley
Consulting Associates Ltd., an international consulting
organization based in Summit, New
Jersey, which has been providing strategic consulting to the
Company since 2015.
"Dr. Margaret Hurley, and her
world-class team, are recognized experts in drug development and
regulatory strategy and have provided CytRx with invaluable
guidance and support for our ongoing initiatives for several
years," said Steven A. Kriegsman,
CytRx's Chairman and CEO. "This expanded relationship will
streamline fixed expenses and provide flexibility to access
functional level expertise as needed to support the advancement of
our LADR™ drug conjugates into clinical trials. We believe
this outsourced model provides an efficient and cost effective way
to build our pipeline for the future."
"With the successful license and transition of aldoxorubicin to
NantCell, Inc., CytRx is poised to file INDs with the FDA for one
or more new LADR™ drug conjugates in 2018," said Shanta Chawla, M.D., CytRx's Senior Vice
President of Drug Development. "The team at Hurley Consulting
has the expertise and ability to efficiently translate new drug
conjugates created by CytRx's scientists at our Freiburg laboratory
into clinical candidates and manage those clinical trials."
In conjunction with the expanded relationship with Hurley
Consulting Associates, Dr. Chawla retired from CytRx effective
October 31, 2017. The position
will be eliminated.
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.
About Hurley Consulting Associates
Hurley Consulting Associates Ltd. is an international consulting
company serving the health sciences industry since 1987. With
unique expertise to prepare datasets, reports, global regulatory
submission documents and dossiers, Hurley Consulting integrates
nonclinical, clinical, and manufacturing and control evaluations,
performs data analyses and develops and implements regulatory
strategies. Hurley Consulting has supported clients for the
entire IND through NDA process and is recognized within the health
sciences industry for their high level of expertise and the
excellent quality of work.
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