LOS ANGELES, June 4, 2018 /PRNewswire/ -- CytRx
Corporation (Nasdaq: CYTR), a biopharmaceutical research and
development company specializing in oncology, today announced the
formation and launch of Centurion BioPharma Corporation, a private
wholly owned subsidiary that will focus on advancing the Company's
proprietary, albumin binding ultra-high potency LADR™
(Linker-Activated Drug Release) oncology drug candidates.
CytRx has transferred to Centurion BioPharma all of the
assets, liabilities and personnel associated with its laboratory
operations in Freiburg, Germany.
Administrative Offices are located in Los
Angeles, California.
Centurion BioPharma's LADR candidates, LADR-7, LADR-8, LADR-9,
and LADR-10, were developed by its team of discovery scientists at
its German laboratories and are eligible to advance into
Investigational New Drug (IND)-enabling studies. Each of the
candidates are rationally designed using Centurion BioPharma's
novel LADR™ technology, which enables drug compounds to be
molecularly bound to albumin in the body's bloodstream and controls
its release at the tumor site. LADR™ maximizes tumor cell
kill potential while minimizing systemic toxicity.
"The creation of Centurion BioPharma is a strategic endeavor
that we believe will provide a vehicle to unlock the consolidated
value of CytRx's biopharmaceutical assets by enhancing our efforts
to attract potential licensees in order to advance the pipeline of
these albumin binding ultra-high potency LADR drug candidates,"
said Eric L. Curtis, Chief Executive
Officer and President of Centurion BioPharma Corporation.
The new research and development focused venture is expected to
develop some drugs on its own while out-licensing other assets for
larger patient populations.
The decision to separate the companies underscores the strength
of its R&D portfolio. With the priority to maximize shareholder
value, the CytRx board and management team, following a strategic
review unanimously determined that a tax-free separation of the
LADR™ platform presents the best way to ultimately maximize
shareholder value.
For more information on Centurion BioPharma, visit its website
at www.centurionbiopharma.com.
About the LADR™ Technology Platform
The innovative LADR™ (Linker Activated Drug Release) technology
employs a broad portfolio of novel linker molecules that
selectively bind to circulating albumin and can be linked to a wide
variety of anti-cancer payloads. Research efforts have
centered on creating new molecules from the combination of
ultra-high potency cytotoxic payloads with tunable linkers.
The molecules currently being evaluated concentrate at the
tumor site providing targeted delivery of the cell killing
payloads.
About CytRx Corporation
CytRx Corporation (Nasdaq: CYTR) is a biopharmaceutical company
with expertise in discovering and developing new therapeutics to
treat patients with cancer. CytRx's wholly owned subsidiary,
Centurion BioPharma Corporation, is focused on advancing a
portfolio of novel, anti-cancer drug candidates that employ its
LADR™ (Linker Activated Drug Release) technology, a discovery
engine designed to leverage the Company's expertise in albumin
biology and linker technology for the development of a new class of
potential breakthrough anti-cancer therapies. A critical
element of the LADR™ platform is its ability to bind anti-cancer
molecules to albumin, the most ubiquitous protein in human blood
plasma, and then to release the highly potent cytotoxic payload at
the tumor site. This technology allows for the delivery of higher
doses of drug directly to the tumor, while avoiding much of the
off-target toxicity observed with the parent molecules.
CytRx's most advanced drug conjugate, aldoxorubicin, is an
improved version of the widely used anti-cancer drug 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.; Centurion BioPharma Corporation's ability to
develop new ultra-high potency drug candidates based on its LADR™
technology platform; our ability to attract potential licensees;
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
centurionbiopharma@argotpartners.com
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SOURCE CytRx Corporation