CytRx’s (CYTR) Oncology Treatment Receives Orphan Drug Designation; Company Preps for Next Phase of Clinicals

QualityStocks would like to highlight CytRx Corporation (NASDAQ: CYTR), 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.

In the company’s news yesterday,

CytRx announced that the Office of Orphan Product Development of the U.S. Food and Drug Administration (FDA) has granted orphan drug designation for the company’s INNO-206 for the treatment of patients with soft tissue sarcomas.

CytRx holds the exclusive worldwide development and commercialization rights to INNO-206. The company’s goal is to initiate further clinical trials, which is leveraged by the FDA’s decision to grant the treatment orphan drug designation.

“Our strategy to move quickly into a phase IIb trial with INNO-206 in soft tissue sarcomas is further supported by the FDA’s approval of orphan drug designation,” Steven A. Kriegsman, president and CEO of CytRx stated in the press release. “We envision a significant opportunity in this indication due to the objective clinical responses seen with INNO-206 in patients with sarcomas in an earlier phase I trial as well as preclinical data.”

INNO-206 is a novel conjugate of the chemotherapeutic doxorubicin, which is the only FDA-approved drug on the market for soft tissue sarcoma. INNO-206 was designed to improve efficacy and reduce adverse events, and in April 2011, was granted INNO-206 orphan drug designation for treating patients with pancreatic cancer.

CytRx said it plans to commence a phase IIb clinical trial in patients with late-stage soft tissue sarcomas later this year after the company completes the ongoing open-label phase Ib clinical trial in patients with advanced solid tumors who have failed standard therapies.

About QualityStocks

QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.

To sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net

Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net

Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.