Source: CytRx Corporation
CytRx Corporation Scheduled to Be Listed on Russell Microcap Index
Tuesday June 20, 8:30 am ET
LOS ANGELES--(BUSINESS WIRE)--June 20, 2006--CytRx Corporation (Nasdaq: CYTR - News), a biopharmaceutical company engaged in the development and commercialization of human therapeutics, today announced that it is scheduled to join the Russell Microcap(TM) Index when the Russell Investment Group reconstitutes its family of U.S. indexes on June 30th, 2006, according to a preliminary membership list posted on Friday, June 16th, 2006 on www.russell.com.
"We believe addition to the Russell Microcap Index reflects our significant progress during the past year in our amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease) and HIV clinical programs, as well as the potential for our RNAi therapeutic and drug discovery programs," said Steven A. Kriegsman, President and CEO of CytRx. "We welcome inclusion to the Russell Indexes as we believe that membership will increase CytRx's visibility with investors and institutions that rely on the Russell indexes as part of their investment strategy."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $3.8 trillion in assets currently are benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company engaged in the development of high value human therapeutics. The Company owns three clinical-stage compounds based on its small molecule "molecular chaperone" co-induction technology (CCI), as well as a targeted library of 500 small molecule CCI analogs. CytRx has initiated a Phase IIa clinical trial with its lead CCI small molecule product candidate arimoclomol for the treatment of ALS. Arimoclomol has received Orphan Drug status and Fast Track designation from the U.S. Food and Drug Administration (FDA). CytRx has previously announced that a novel polyvalent HIV DNA + protein vaccine exclusively licensed to CytRx and developed by researchers at the University of Massachusetts Medical School (UMMS) and Advanced BioScience Laboratories, and funded by the National Institutes of Health, demonstrated very promising interim Phase I clinical trial results that indicate its ability to produce potent antibody responses with neutralizing activity against multiple HIV viral strains. CytRx also has a broad-based strategic alliance with UMMS to develop novel compounds in the areas of ALS, obesity, type 2 diabetes and cytomegalovirus (CMV) using RNAi technology. The Company has a research program with Massachusetts General Hospital, Harvard University's teaching hospital, to use RNAi technology to develop a drug for the treatment of ALS. CytRx Drug Discovery division, located in Worcester, Mass., focuses on the use of RNAi technologies to develop small molecule and RNAi therapeutics to treat obesity and type 2 diabetes. For more information, visit CytRx's Web site at www.cytrx.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Examples of such statements include, but are not limited to, statements relating to the expected timing, scope and results of our clinical development and research programs, including the initiation of clinical trials, and statements regarding the potential benefits of our drug candidates and potential drug candidates. 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 regarding whether CytRx will be included in the final membership list for the Russell Microcap(TM) Index, which will be announced on July 3, 2006, the scope of the clinical testing that may be required by regulatory authorities for our molecular chaperone co-induction drug candidates, including with respect to arimoclomol for the treatment of amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease), our HIV vaccine candidate and our other product candidates, and the outcomes of those tests; uncertainties related to the early stage of our diabetes, obesity, cytomegalovirus, or CMV, and ALS research; the need for future clinical testing of any small molecules and products based on ribonucleic acid interference, or RNAi, that may be developed by us; the significant time and expense that will be incurred in developing any of the potential commercial applications for our small molecules or RNAi technology; risks or uncertainties related to our ability to obtain capital to fund our ongoing working capital needs, including capital required to fund the RNAi development activities to be conducted by our planned new subsidiary; and risks relating to the enforceability of any patents covering our products and to the possible infringement of third-party patents by those products. Additional uncertainties and risks are described in CytRx's most recently filed SEC documents, such as its most recent annual report on Form 10-K, all quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last Form 10-K. 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.
Contact:CytRx Corporation Ed Umali, 310-826-5648, ext. 309 eumali@cytrx.com or CEOcast, Inc. Kevin Theiss or Cormac Glynn, 212-732-4300 ktheiss@ceocast.com cglynn@ceocast.com