CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company specializing in oncology, today announced that it is set to join the Russell 3000 ® Index, according to a preliminary list of additions posted June 11 on www.russell.com. Reconstitution of the Russell 3000, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, will occur June 25.

“We believe that membership on the Russell 3000 Index will contribute to investor awareness of CytRx and our aggressive oncology clinical development strategy,” said CytRx President and CEO Steven A. Kriegsman. “The timing of this announcement corresponds with an important inflection point in our corporate history and an opportune time to generate investor interest, as we recently initiated the first of six Phase 2 proof-of-concept oncology trials planned for this year.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. According to Russell, an industry-leading $3.9 trillion in assets currently are benchmarked to them.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development oncology company engaged in the development of high-value human therapeutics. The CytRx oncology pipeline includes three programs in clinical development for cancer indications: INNO-206, bafetinib and tamibarotene. CytRx recently announced plans to initiate three Phase 2 clinical trials with its oncology candidate INNO-206 as a treatment for pancreatic cancer, gastric cancer and soft tissue sarcomas. In May 2010, the Company announced initiation of a Phase 2 clinical trial with bafetinib as a treatment for high-risk B-cell chronic lymphocytic leukemia (B-CLL). CytRx also plans to initiate Phase 2 clinical trials in glioblastoma multiforme (a common and aggressive type of primary brain tumor) and advanced prostate cancer. In addition, CytRx is developing two drug candidates based on its industry-leading molecular chaperone technology, which aims to repair or degrade misfolded proteins associated with disease. CytRx also maintains a 28% equity interest in publicly traded RXi Pharmaceuticals, Inc. (NASDAQ:RXII). For more information on the Company, visit http://www.cytrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. 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 or uncertainties related to the outcome, timing and results of CytRx's planned Phase 2 clinical trial for bafetinib and INNO-206, uncertainties regarding regulatory approvals for current and future clinical testing of CytRx’s oncology compounds, including bafetinib and INNO-206, and the scope of the clinical testing that may eventually be required by regulatory authorities for those drug candidates, the significant time and expense that will be incurred in developing any of the potential commercial applications for those drug candidates, risks related to CytRx's ability to manufacture its drug candidates, including INNO-206 and bafetinib, in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx's need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, risks related to the future market value of CytRx's investment in RXi and the liquidity of that investment, and the 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.

Copyright Business Wire 2010