LOS ANGELES, Aug. 1, 2018 /PRNewswire/ -- CytRx Corporation
(Nasdaq: CYTR), a biopharmaceutical research and development
company specializing in oncology, today announced that it has made
the final scheduled payment under a long-term loan facility
agreement with Hercules Technology Growth Capital, Inc. and
Hercules Technology III, L.P. As of, August 1, 2018, the Hercules loan was paid in
full.
"We are extremely pleased to complete our obligations under the
Hercules loan agreement as it removes all of the Company's
outstanding debt," said John Y.
Caloz, Chief Financial Officer of CytRx. "Paying off
this debt provides CytRx with greater financial flexibility."
"Our current focus is on securing strategic partnerships for our
wholly owned subsidiary Centurion BioPharma Corporation. A
strategic partnership will enable our subsidiary to continue its
work to bring to the bedside its albumin binding ultra high potency
LADR drug candidates and unique companion diagnostic, ACDx, which
will offer patients a personalized medicine approach to their
treatment," concluded Mr. Caloz.
In February 2016, CytRx entered
into a loan and security agreement with Hercules Technology Growth
Capital, Inc. and Hercules Technology III, L.P., pursuant to which
the lenders made long-term loans to the Company in the aggregate
principal amount of $25 million. In
July 2017, CytRx entered into a first
amendment to the loan and security agreement with Hercules to amend
the existing long-term loan facility providing for a principal
payment in July 2017 of $5.0 million and for repayment, on or prior to
September 2017, of an additional
$5.0 million outstanding principal
under the loan agreement. CytRx also agreed to an updated schedule
of monthly payments and a new maturity date of August 1, 2018.
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 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. CytRx's website
is www.cytrx.com.
About Centurion BioPharma Corporation
CytRx's wholly owned subsidiary, Centurion BioPharma
Corporation, is focused on the development of personalized medicine
that will transform solid tumor treatment. This transformational
strategy combines a portfolio of novel, anti-cancer drug candidates
that employ LADR™ (Linker Activated Drug Release) technology, a
discovery engine designed to leverage Centurion's expertise in
albumin biology and linker technology for the development of a new
class of breakthrough anti-cancer therapies with a unique albumin
companion diagnostic (ACDx) that can help identify patients who are
most likely to benefit from treatment with the LADR™-derived
therapies. A critical element of the LADR™ platform is its ability
to bind anti-cancer molecules to circulating 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. Centurion BioPharma Corporation's website is
www.centurionbiopharma.com.
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
cytrx@argotpartners.com
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SOURCE CytRx Corporation