Dallas, Texas 01/29/2014 (FINANCIALSTRENDS) – The pharmaceutical industry witnessed a gloomy day on Monday and CytRx Corporation (NASDAQ:CYTR) had too factored in the mood of the market. Besides, the daily movements, the fundamental of this bio-pharmaceutical firms look enticing.
What Is Unique About CytRx?
While most of the pharma companies are focused on immunotherapy, CytRx stands out of the crowd because of its modified approach, which is based on how the chemotherapy drug’Dox’ functions. Dox has been widely used in cancer therapies as it blocks the key enzyme which is responsible for growth of the tumor. And, CytRx has hit the same idea in its ‘Aldoxorubicin’ drug, and further enhanced it with a molecule which binds the drug to blood’s key component, albumin.
The key takeaways from the company’s one of the ambitious drug are that firstly, it aims at reducing the toxin effect caused by doxorubicin, Secondly, it concentrates the drug around the area of the tumor and lastly, unlike doxorubicin, aldoxorubicin can cross the blood brain barrier.
FDA’s Approval AndPhaseIII Trial
Recently, the company had announced strong performance results of the aldoxorubicin drug in the second phase IIB trial.Moreover, the company has also got an approval from the FDA to continue to treat patients in the ongoing phase 3 clinical trial, with the drug till the disease progression.Aldoxorubicin is underway phase III trial for treatment of soft tissue sarcoma. As per the company’s analysis, the aldoxorubucin is expected to achieve $1.1 billion sales mark. Although the drug has come a step forward from being pushed into the market, the company also has the backing of $23 million cash and other equivalents as well as $24.1 million net proceeds lined up in a follow-on offering .This all indicates that the company can continue to focus on the development of its drugs comfortably for the next couple of years, without fearing the cash crunch.