LOS ANGELES, Oct. 27, 2017 /PRNewswire/ -- CytRx
Corporation (NASDAQ: CYTR), a biopharmaceutical research and
development company specializing in oncology, today announced the
results of the Special Meeting of Stockholders which took place
earlier today at 10100 Santa Monica Blvd., Los Angeles, CA 90067. At the meeting,
the proposed 1-for-6 reverse stock split resolution was approved by
CytRx stockholders with more than twice as many shares voting FOR
than AGAINST.
A total of 129,832,245 shares, or 78.3% of the Company's common
stock issued and outstanding as of the record date, were
represented in person or by proxy. Approval of the reverse
stock split proposal at the special meeting required a majority of
shares issued and outstanding voting affirmatively, or FOR the
proposal to be approved. 87,424,496 shares voted FOR the
proposal, which constitutes a majority of the issued and
outstanding shares. 42,039,394 shares voted against and
368,355 abstained.
CytRx plans to implement the reverse stock split next week,
subject to confirmation of the record date with Nasdaq. In
order to regain compliance with Nasdaq's $1.00 bid price standard, the Company must
demonstrate a closing bid price of at least $1.00 per share for a minimum of ten consecutive
trading days following the reverse stock split.
"Remaining listed on Nasdaq will be a valuable benefit for the
Company and its stockholders, and we are pleased that stockholders
approved the proposal," said Steven A.
Kriegsman, CytRx's Chairman and Chief Executive
Officer. "We look forward to reporting on our progress in the
coming quarters as we remain focused on creating significant
long-term value for stockholders."
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