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CytRx Issues Statement Regarding Recent Lawsuits

Stocks in this article: CYTR

CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today issued the following statement in response to two recent lawsuits filed in the name of CytRx shareholders:

“Our primary corporate objective remains to leverage our Albumin-Binding Anti-Cancer Drug Platform to advance new treatments in cancer care. Enthusiasm among our many shareholders for CytRx’s lead, Phase 3 anti-cancer therapy, aldoxorubicin, has been driven first and foremost by positive clinical results and its development progress. To that end, the successful execution of our clinical programs, including the recently initiated global Phase 3 pivotal clinical trial of aldoxorubicin for the treatment of second-line soft tissue sarcoma, will remain our central focus. We believe the recent lawsuits and negative publicity are without merit, and we intend to defend ourselves vigorously against all claims, but not through the press.”

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. CytRx currently is focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its improved version of the widely used chemotherapeutic agent doxorubicin. CytRx has completed a global Phase 2b clinical trial with aldoxorubicin as a first-line therapy for soft tissue sarcomas, a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors. CytRx has initiated under a special protocol assessment a pivotal Phase 3 global trial with aldoxorubicin as a therapy for patients with soft tissue sarcomas whose tumors have progressed following treatment with chemotherapy, and recently announced that it has received approval from the FDA to continue dosing patients with aldoxorubicin until disease progression in that clinical trial. CytRx has initiated a Phase 2 clinical trial with aldoxorubicin in patients with late-stage glioblastoma (brain cancer), and a Phase 2 clinical trial in HIV-related Kaposi’s sarcoma. CytRx plans to expand its pipeline of oncology candidates based on a linker platform technology that can be utilized with multiple chemotherapeutic agents and may allow for greater concentration of drug at tumor sites. CytRx also has rights to two additional drug candidates, tamibarotene and bafetinib. CytRx completed its evaluation of bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), and plans to seek a partner for further development of bafetinib. For more information about CytRx Corporation, visit www.cytrx.com.

Copyright Business Wire 2010

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