LOS ANGELES--(BUSINESS WIRE)-- CytRx Corporation (Nasdaq:CYTR - News), a biopharmaceutical company specializing in oncology, today announced that it has raised approximately $7 million from the sale of its remaining equity interest in publicly traded RXi Pharmaceuticals Corporation (NASDAQ:RXII - News). The funds will support the clinical advancement of CytRx's oncology pipeline.
"We are fully focused on rapidly developing highly promising oncology assets and enhancing shareholder value," said CytRx President and CEO Steven A. Kriegsman. "We now have additional funds to support our aggressive clinical development agenda. We are currently recruiting patients in clinical trials with bafetinib and tamibarotene in multiple oncology indications and intend to initiate additional clinical trials this year with INNO-206. This transaction also completes our separation from RXi and our former RNAi assets."
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: 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). For more information on the Company, visit http://www.cytrx.com.