CYTRX : Awarded $735,000 Grant under the Qualifying Therapeutic Discovery Project Program
11/02/2010| 07:35am US/Eastern
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CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical company
specializing in oncology, today announced that it has been awarded a
nontaxable grant of approximately $735,000 related to its INNO-206,
tamibarotene and bafetinib programs under the Qualifying Therapeutic
Discovery Project Program included in the Patient Protection and
Affordable Care Act, H.R. 3590, signed into law in March 2010. The grant
is being allocated in two tranches, with $635,000 to be received in 2010
and $100,000 in 2011.
The grant was awarded following CytRx's submission for consideration of
its oncology research and development projects to the U.S. Secretary of
Health and Human Services. Among the determining factors used by the
Secretary in allocating funds were those projects that showed potential
to produce new therapies, address unmet medical needs, reduce the
long-term growth of healthcare costs and advance the goal of curing
cancer. Also taken into consideration were the potential for projects to
create and sustain high-quality, high-paying U.S. jobs and to advance
U.S. competitiveness in the fields of life, biological and medical
sciences.
?We are delighted to be the beneficiary of this grant, which provides us
with additional, non-dilutive capital resources to support continued
progress in developing our promising oncology drug candidates,? said
President and CEO Steven A. Kriegsman. ?This grant was allocated
following government review of our project submissions, which we believe
represents an acknowledgement of the potential of our oncology programs
and our efforts to commercialize novel, value-added drugs to treat
cancer patients.?
Qualifying Therapeutic Discovery Project Program grants or tax credits
are awarded to companies with fewer than 250 employees for projects
related to the treatment or prevention of diseases through the conduct
of pre-clinical or clinical studies.
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
plans to begin 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.
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
clinical programs for its oncology drug candidates, uncertainties
regarding regulatory approvals for current and future clinical testing
of its oncology drug candidates and the scope of the clinical testing
that may eventually be required by regulatory authorities for its
oncology drug candidates, the significant time and expense that will be
incurred in developing any of the potential commercial applications for
its oncology drug candidates, 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 its oncology drug candidates, 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.
Investor Relations
Legend Securities, Inc.
Thomas Wagner
800-385-5790
x152
718-233-2600 x152
twagner@legendsecuritiesinc.com
© Business Wire 2010
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