CytRx Announces Compliance with NASDAQ's Minimum Bid Requirement

LOS ANGELES--(BUSINESS WIRE)-- CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical company specializing in oncology, reported that as of the close of the market on December 3, 2010, CytRx is in compliance with all NASDAQ listing qualifications after its consolidated closing bid price exceeded $1.00 for 10 consecutive days meeting the requirement of NASDAQ Marketplace Rule 4310(c)(8)(D).

“We are delighted that investors are responding positively to CytRx, which we believe reflects our aggressive actions to rapidly and efficiently move our highly promising oncology drug candidates towards potential commercialization,” said Steven A. Kriegsman, CytRx President and CEO. “Within the short span of a year, we have initiated four clinical trials with bafetinib and tamibarotene as potential treatments for various cancers. Additionally, we are making preparations to enter the clinic with our tumor-targeting pro-drug INNO-206.”

About CytRx Corporation

Los Angeles-based 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: bafetinib, tamibarotene and INNO-206. The Company is evaluating bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL) and the PROACT Phase 2 clinical trial in advanced prostate cancer, and is conducting a pharmacokinetic clinical trial in brain cancer. With its tumor-targeting pro-drug candidate INNO-206, CytRx plans to initiate Phase 2 proof-of-concept clinical trials as a treatment for pancreatic cancer and soft tissue sarcomas, following an abbreviated safety trial. CytRx's pipeline also includes tamibarotene, which it is testing in patients with non-small-cell lung cancer and which is in a registration clinical trial as a treatment for acute promyelocytic leukemia (APL). 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 17% 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 clinical trials for tamibarotene, bafetinib and INNO-206, uncertainties regarding regulatory approvals for current and future clinical testing of tamibarotene, bafetinib and INNO-206, and the scope of the clinical testing that may eventually be required by regulatory authorities for tamibarotene, the significant time and expense that will be incurred in developing any of the potential commercial applications for tamibarotene, bafetinib and INNO-206, the risk that any future human testing of tamibarotene, bafetinib and INNO-206 might not produce results similar to those seen in animals, risks related to CytRx's ability to manufacture its drug candidates 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, including any future clinical development of tamibarotene, bafetinib and INNO-206, 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.



CONTACT:

Investor Relations
Legend Securities, Inc.
Thomas Wagner
800-385-5790 x152
718-233-2600 x152
[email protected]

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:   Health  Biotechnology  Clinical Trials  Oncology  Pharmaceutical

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