Source: CytRx Corporation
Tuesday September 5, 8:30 am ET
LOS ANGELES--(BUSINESS WIRE)--Sept. 5, 2006--CytRx Corporation (NASDAQ: CYTR - News) today announced that an investment-community conference call has been scheduled for Wednesday, September 6, 2006, beginning at 4:15 p.m. Eastern Time (1:15 p.m. Pacific Time) to discuss CytRx's August 29 announcement of its receipt of $24.5 million in a non-dilutive royalty agreement with the privately funded ALS Charitable Remainder Trust to fund continued development of CytRx's lead small molecule drug candidate arimoclomol for the treatment of amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease). The ALS Charitable Remainder Trust, under which The Greater Los Angeles Chapter of The ALS Association (ALSA-GLAC) is the charitable remainder beneficiary, will receive a one percent royalty payment from potential worldwide sales of arimoclomol for the treatment of ALS. A copy of the press release can be found on the CytRx Web site at www.cytrx.com.
Participating on the call will be CytRx President and CEO Steven A. Kriegsman; CytRx Senior Vice President of Drug Development Jack Barber, Ph.D.; and ALSA-GLAC President and CEO Fred Fisher. Individuals interested in participating in the conference call may do so by dialing 888-803-7396 for domestic callers, or 706-634-1052 for international callers. Those interested in listening to the conference call live via the Internet may do so by visiting the Company's Web site at www.cytrx.com.
A telephone replay will be available for 48 hours following the conclusion of the call by dialing 800-642-1687 for domestic callers, or 706-645-9291 for international callers, and entering reservation code 5410705. A webcast replay will be available for 90 days by visiting the CytRx Web site.
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 previously announced that a novel polyvalent HIV DNA + protein vaccine exclusively licensed to CytRx and developed by researchers at 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 www.cytrx.com.
About The ALS Association, Greater Los Angeles Chapter (ALS-GLAC)
The ALS Association, Greater Los Angeles Chapter is an affiliate of The ALS Association (ALSA), the only not-for-profit health organization solely dedicated to the fight against ALS. The Chapter provides movement to those who have lost the ability to walk; communication to those who have lost the ability to speak; support to those who have lost the ability to cope; and a voice and role in the fight against Lou Gehrig's disease. All services are provided free of charge. The Chapter relies on the generous contributions of concerned foundations, corporations, and community members.
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 related to the outcome and timing of CytRx's Phase II clinical trial for arimoclomol, including the open-label extension of that trial, uncertainties regarding regulatory approvals for future clinical testing of arimoclomol and the scope of the clinical testing that may be required by regulatory authorities for arimoclomol, uncertainties regarding the timing and amount of revenues, if any, that will be realized by CytRx from the commercialization of arimoclomol, the significant time and expense that will be incurred in developing any of the potential commercial applications for arimoclomol and the need for additional capital to fund the development of arimoclomol, risks relating to the enforceability of any patents covering CytRx's products and to the possible infringement of third party patents by those products, and the impact of third party reimbursement policies on the use of and pricing for CytRx's 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 Director of Corporate Communications eumali@cytrx.com or CEOcast, Inc. Investor Contacts: Kevin Theiss (ktheiss@ceocast.com) Cormac Glynn (cglynn@ceocast.com) 212-732-4300