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CytRx Announces Exercise Of Underwriters’ Over-Allotment Option

CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced the sale of an additional 1.5 million shares of common stock pursuant to the exercise in full by the underwriters of the over-allotment option granted to the underwriters in connection with CytRx's recently announced public offering of 10.0 million shares of common stock at a price to the public of $2.25 per share. The gross proceeds to CytRx from the offering, including the exercise of the over-allotment option, will be approximately $25.9 million, before deducting underwriting discounts and commissions and other offering expenses payable by CytRx. The offering is expected to close on October 15, 2013, subject to satisfaction of customary closing conditions.

CytRx intends to use the net proceeds of the offering to fund its clinical trials of its drug candidate aldoxorubicin and for general corporate purposes, which may include working capital, capital expenditures and research and development and other commercial expenditures.

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

H.C. Wainwright & Co., LLC is acting as a co-lead 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 has been filed with the SEC on October 8, 2013 and a final prospectus supplement related to the offering was filed with the SEC. 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, 18th 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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