LOS ANGELES, Nov. 13, 2017 /PRNewswire/ -- CytRx
Corporation (NASDAQ: CYTR), a biopharmaceutical research and
development company specializing in oncology, today provided a
business update and announced new shareholder relations
initiatives.
Recent Corporate Highlights
Prior to and since implementing a reverse stock split on
November 1, 2017, CytRx has been
diligently working on various initiatives to advance and grow the
company and create long-term shareholder value. The Company
has selected four lead compounds from its LADR™ technology platform
and presently plans to file patent applications during the fourth
quarter of 2017 and nominate at least one candidate for human
clinical trials during the first quarter of 2018. The CytRx
development team was recently streamlined and the Company is
leveraging renowned drug development strategist Dr. Margaret Hurley and her world-class team at
Hurley Consulting Associates Ltd. to advance our future drug
candidates into clinical trials. CytRx believes it has the
right team, resources and strategic focus to achieve its corporate
goals and facilitate future growth.
Going forward, CytRx will be implementing a number of
initiatives designed to enhance transparency and increase the
frequency of communication with its shareholders. First, the
Company plans to conduct quarterly conference calls, starting with
the filing of its year end 2017 financials (Form 10-K) in
March 2018 and then for subsequent
quarterly filings. The Company will also be making more
frequent updates to its corporate website. CytRx will continue to
provide updates on the progress of both aldoxorubicin (by its
licensee NantCell) and the discovery laboratory activities around
its innovative LADR candidates. In addition, CytRx is focused
on rebuilding its institutional shareholder base, and to that end,
will be increasing its participation in both industry and investor
conferences, non-deal roadshows, and face-to-face meetings with
certain prospective shareholders.
"Working in oncology brings with it a unique set of rewards and
challenges, including the ability and privilege to positively
impact the lives of cancer patients and their families," said
Steven A. Kriegsman, CytRx's
Chairman and CEO. "While pharmaceutical research and
development is difficult, lengthy and costly, we recognize that our
goals need the support of shareholders who believe in our projects
and objectives. Thank you for your continued support of CytRx and
we look forward to keeping you updated on our progress."
For more information about all of the ongoing CytRx projects,
download the new corporate presentation which can be accessed
here.
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