LOS ANGELES, Nov. 17, 2017 /PRNewswire/ -- CytRx
Corporation (NASDAQ: CYTR), a biopharmaceutical research and
development company specializing in oncology, today announced that
it received written notification on November
16, 2017, from the NASDAQ Listing Qualifications Department
that it has regained compliance with the minimum bid price
requirement set forth in NASDAQ Listing Rule Section 5550(a)(2) for
continued listing of its common stock on The NASDAQ Capital
Market.
Separately, CytRx has engaged the services of a third party firm
to conduct an in-depth investigation to determine the extent of
short-selling (both institutional and naked) in the Company's
common stock. The investigation firm will also look into the
possible intent to manipulate the value of CytRx shares, including
information concerning erroneous statements from bloggers, postings
to CytRx message boards and other questionable practices. CytRx's
investigators are already in possession of detailed shareholder
records, including information on trading in the Company's
stock.
Any CytRx shareholder or individual who has any relevant
information concerning institutions or individuals who may be
behind these matters, can provide information anonymously to Ms.
Cara Birardi, CytRx's Corporate
Secretary. Ms. Birardi can be reached by phone at (310) 826-5648
ext. 305, by email at cbirardi@cytrx.com or by mail at 11726 San
Vicente Blvd., Suite 650, Los Angeles,
CA 90049. CytRx does not intend to make any further
disclosures updating investors on the progress or status of
the investigation into short seller activity or any possible
manipulative trading or activities in its common stock, unless
required under SEC rules. Results from the audit will then be
sent to the United States Department of Justice, the United States
Securities and Exchange Commission and Nasdaq.
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. 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. 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.
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 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