LOS ANGELES, May 31, 2019 /PRNewswire/ -- CytRx
Corporation (Nasdaq: CYTR), a biopharmaceutical research and
development company specializing in oncology, today announced that
it will commence trading on the OTCQB Venture Market as of
Tuesday, June 4, 2019, under the same
ticker symbol "CYTR". Investors can find current financial
disclosure and real-time Level 2 quotes for the Company on
www.otcmarkets.com/stock/CYTR/quote.
"Following extensive due diligence and careful consideration,
the CytRx management team and Board of Directors have elected to
commence trading of our common stock on the OTCQB, a recognized
U.S. securities trading platform," said John Caloz, Chief Financial Officer of
CytRx. "As previously reported, the Company will no longer be
listed on NASDAQ, effective June 4,
2019 due to its stock price being under $1.00 for the required NASDAQ time period.
The OTCQB is a top Venture Market exchange which will enable us to
continue engaging with current and potential shareholders, while
maintaining liquidity and exposure to both institutional and retail
investors in the U.S. and around the world."
The OTCQB is recognized as an established public financial
market and is a leading market for many healthcare and technology
companies. The OTCQB Venture Market offers companies the
opportunity to raise awareness and visibility, expand their
liquidity and diversify their shareholder base on an established,
public market without the rigid procedures common with other U.S.
exchange listings. The OTCQB Venture Market quality standards
provide a strong baseline for transparency, as well as the
technology and regulation to improve the information and trading
experience for investors.
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. In addition, CytRx's other drug candidate, arimoclomol,
has been out-licensed to Orphazyme A/S (Nasdaq Copenhagen exchange:
ORPHA). Orphazyme is testing arimoclomol in four indications
including amyotrophic lateral sclerosis (ALS), Niemann-Pick disease
Type C (NPC), Gaucher disease and sporadic Inclusion Body Myositis
(sIBM). CytRx Corporation's website is www.cytrx.com.
About Centurion Corporation
CytRx's subsidiary, Centurion BioPharma Corporation, is focused
on the development of personalized medicine that is designed to
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 trading activity and liquidity of our
shares on OTCQB; the continued use and growth of immunotherapy
drugs by Big Pharma; 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.; risks and uncertainties relating to the
ability of Orphazyme A/S to obtain regulatory approval for its
products that use arimoclomol; the ability of Orphazyme A/S to
manufacture and commercialize products or therapies that use
arimoclomol; the amount, if any, of future milestone and royalty
payments that we may receive from Orphazyme A/S; Centurion
BioPharma Corporation's ability to develop and finance 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/Maghan Meyers
(212) 600-1902
cytrx@argotpartners.com
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SOURCE CytRx Corporation