CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company specializing in oncology, has named Daniel Levitt, M.D., Ph.D., to the newly created position of Executive Vice President. Dr. Levitt will continue to serve as Chief Medical Officer.
“I am delighted to announce Dan’s well-deserved promotion and to express our full confidence in his leadership of our clinical programs, including preclinical research and manufacturing,” said CytRx President and CEO Steven A. Kriegsman. “Since joining CytRx just over three years ago, Dan has successfully implemented a strategy that has allowed us to rapidly evaluate our drug candidates in various cancers, providing us with a cost-effective pathway for entering into late-stage clinical development. He has also enabled CytRx to standardize our manufacturing processes, allowing us to rapidly advance our clinical trials. There is no doubt that we are benefiting from his extensive senior management experience, his prior success in piloting drug programs through the clinical and regulatory processes, seven of which have received marketing approval, and his credibility within the scientific community.
“We are currently making progress toward initiating our first Phase 3 pivotal clinical trial with aldoxorubicin. We also expect to report clinical results from additional trials with aldoxorubicin and tamibarotene this year. These are indeed major milestones in our quest to bring new therapies to patients with cancer and enhance shareholder value,” added Mr. Kriegsman. “Dan’s promotion to this senior executive position reflects this significant progress in our clinical programs that moves us closer to our ultimate goal of becoming a leading oncology company.”
Dr. Levitt said, “I’m pleased to be appointed Executive Vice President at this key juncture in the development of aldoxorubicin and tamibarotene, both of which could have application in multiple cancers and offer potential advantages over currently marketed oncology therapies. I’m excited to be working with the CytRx team in what promises to be an eventful future.”