Dallas, Texas 03/17/2014 (FINANCIALSTRENDS) – CytRx Corporation (NASDAQ:CYTR) a biopharmaceutical research and development which specializes in oncology reported positive results from Global Phase 2b Clinical Trial of Aldoxorubicin which is used as First-Line Treatment for soft tissue sarcoma. According to the company reports, Aldoxorubicin confirmed 80-100% effective over doxorubicin in median progression-free survival (PFS), 6-month PFS and overall response rates (ORR). The company’s President and CEO also mentioned that the company has started Phase 2 clinical trials in glioblastoma and Kaposi’s sarcoma. For the continuing Phase 2 clinical trial of aldoxorubicin in glioblastoma, detailed data readouts is expected by mid year. Once the Aldoxorubicin Results were announced, the company’s shares jumped by 65%.
CytRx Corporation (NASDAQ:CYTR) Focus During 2014
With positive results during phase 2 trails of aldoxorubicin, the company plans to initiate global Phase 3 pivotal trial of aldoxorubicin during 1Q2014. During second half of the year, the company plans to share Phase 2 clinical trial of aldoxorubicin in Glioblastoma Multiforme preliminary results; Initiate a global Phase 2b clinical trial of aldoxorubicin for small cell lung cancer (SCLC) as second line treatment and share OS results from its ongoing global Phase 2b clinical trial of aldoxorubicin.
CytRx Corporation (NASDAQ:CYTR) Declares 2013 Financial Report
According to the company’s reports, the cash equivalents and short-term investments are reported at $38.5 million as of December 31, 2013. This February, the company completed $86.0 million underwritten public offering, with 13.2 million shares of common stock issued at a price of $6.50 per share. The company received proceeds of approximately $80.5 million from underwriting discounts, legal, accounting and other offering expenses. It reported Net loss of $47.5 million, or $1.44 per share compared to previous year of $18.0 million, or $0.78 per share. The license revenue reported was $300k compared to 100k previous year. The expenses towards Research and development were $17.5 million compared to $12.7 million during 2012.