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CytRx Announces Pricing Of Public Offering Of 8 Million Shares Of Common Stock

CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, announced today the pricing of its previously announced underwritten public offering. CytRx is offering 8,000,000 shares of common stock at a public offering price of $2.50 per share for gross proceeds of $20 million, prior to deducting the underwriting discount and estimated offering expenses payable by CytRx.

CytRx intends to use the net proceeds of the offering to fund the clinical development of its drug candidates aldoxorubicin and tamibarotene, and for general corporate purposes, which may include working capital, capital expenditures, research and development expenditures and other commercial expenditures. CytRx has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 1,200,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about October 23, 2012, subject to satisfaction of customary closing conditions.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

CytRx is offering the shares described above pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with the Securities and Exchange Commission (SEC) and that is effective. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement related to the offering was filed with the SEC on October 17, 2012 and a final prospectus supplement related to the offering will be filed with the SEC today. Electronic copies of the preliminary prospectus supplement and, when available, the final prospectus supplement, as well as the accompanying prospectus may be obtained by either contacting the representative of the underwriters (as set forth below) or by accessing the SEC’s website at http://www.sec.gov.

Aegis Capital Corp.Prospectus Department810 Seventh Avenue, 18 th FloorNew York, New York 10019Telephone: 212-813-1010E-mail: prospectus@aegiscap.com

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of CytRx Corporation, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale is not permitted.

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