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CytRx Comments on Quarterly Results and Recent Strategic Initiatives
LOS ANGELES--(BUSINESS WIRE)-- CytRx Corporation (OTCQB:CYTR) (“CytRx” or the “Company”), a specialized biopharmaceutical company focused on research and
About this update from Immunitybio, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nCytRx Corporation (OTCQB:CYTR) (“CytRx” or the “Company”), a specialized biopharmaceutical company focused on research and development for the oncology and neurodegenerative disease categories, today commented on its results for the second quarter ended June 30, 2021. In addition, CytRx recapped corporate developments as well as matters pertaining to its agreements with ImmunityBio, Inc. (NASDAQ:IBRX) (“ImmunityBio”) and Orphazyme A/S (NASDAQ:ORPH) (\"Orphazyme\"). The Company’s 10-Q was filed today.\n\nSteven A. Kriegsman, Chairman and Chief Executive Officer of CytRx, commented:\n\n\"We took important steps to enhance our capital position and further strengthen our corporate governance during the second quarter. By raising gross proceeds of $10 million from our recent financing, we have obtained valuable working capital that can help us maintain stability as we efficiently manage our portfolio of licensing agreements and high-potential assets. We continue to believe in the long-term promise of our licensed drugs and Centurion Biopharma. We look forward to monitoring Orphazyme’s pursuit of European regulatory approval for arimoclomol in Q4 2021 and ImmunityBio’s Q1 2022 release of Cohort C survival data from its QUILT 88 study, which is a Phase 2 pancreatic cancer trial that includes aldoxorubicin.\"\n\nFirst Quarter Financial Overview\n\n\nCytRx concluded the quarter ended June 30, 2021 with cash on hand of approximately $8.4 million.\n\n\nThe Company recorded a net loss of $1.2 million for the quarter ended June 30, 2021, compared to a net loss of $1.3 million for the same period in 2020.\n\n\nGeneral and administrative expenses were $1.2 million for the quarter, compared with $1.4 million for the same period in 2020.\n\n\n\n\nRecent Developments\n\nCorporate Highlights\n\n\nLast month, CytRx entered into a securities purchase agreement with a healthcare-focused institutional investor, resulting in aggregate gross proceeds of approximately $10 million. The investor is independent of the Company’s Board of Directors and management team. The Company intends to use the net proceeds for working capital purposes.\n\n\nLast month, Jennifer K. Simpson, Ph.D joined the Company’s Board of Directors. Dr. Simpson is the Chief Executive Officer and a Director of Panbela Therapeutics Inc. (NASDAQ: PBLA), a...