LOS ANGELES, Apr 23, 2012 (BUSINESS WIRE) —
CytRx
Corporation


/quotes/zigman/59404/quotes/nls/cytr CYTR
+6.52%



, a biopharmaceutical company specializing
in oncology, today announced that it has received a favorable ruling
from the NASDAQ Hearings Panel (the “Panel”), whereby the Panel has
granted the Company’s request to remain listed on The NASDAQ
Capital Market.

CytRx’s continued listing on NASDAQ is conditioned upon the Company
demonstrating compliance with the minimum bid price requirement, as set
forth in Listing Rule 5550(a)(2), by May 30, 2012, and also remaining in
compliance on that date with NASDAQ’s other continued listing
requirements. Specifically, the Company must evidence a closing bid
price for its common stock of at least $1.00 per share for a minimum of
10 consecutive business days by the close of business on May 30, 2012.
The Panel’s favorable determination follows a hearing that took place on
April 5, 2012.

The Company has requested in its Definitive Proxy Statement filed with
the Securities and Exchange Commission on April 2, 2012 that its
stockholders approve a proposal for a reverse split of the Company’s
common stock in order to maintain the listing of its common stock on The
NASDAQ Capital Market. The stockholder vote on the reverse stock split
proposal will be announced at the Company’s 2012 Annual Meeting of
Stockholders to be held on Monday, May 14, 2012 in Los Angeles,
California.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and clinical
development company specializing in oncology. The CytRx oncology
pipeline includes three programs in clinical development for cancer
indications: INNO-206,
tamibarotene
and bafetinib.
With its tumor-targeted doxorubicin conjugate INNO-206, CytRx has
initiated an international Phase 2b clinical trial as a treatment for
soft tissue sarcomas, is completing its ongoing Phase 1b/2 clinical
trial primarily in the same indication and will report the results of
that trial at the American Society of Clinical Oncology (ASCO) meeting
in early June in Chicago, Illinois. The Company plans to initiate a
Phase 2 trial for an undisclosed solid tumor indication in the first
half of 2012. CytRx’s pipeline also includes tamibarotene, which it is
testing in a double-blind, placebo-controlled, international Phase 2b
clinical trial in patients with non-small-cell lung cancer, and which is
in a clinical trial as a treatment for acute promyelocytic leukemia
(APL). The Company has completed the ENABLE Phase 2 clinical trial with
bafetinib in high-risk B-cell chronic lymphocytic leukemia (B-CLL), and
plans to seek a partner for further development of bafetinib. For more
information about the Company, visit
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 the risk
that the Company’s common stock after the reverse stock might not rise
or remain constant in proportion to the reduction in the number of
shares of its common stock outstanding before the reverse stock split or
maintain a high enough per share trading price to maintain The NASDAQ
Capital Market listing in the future, risks related to the outcome,
timing and results of CytRx’s clinical trials, risks related to CytRx’s
need for additional capital or strategic partnerships to fund its
ongoing working capital needs and development efforts, 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.

SOURCE: CytRx Corporation

        
        Investor Relations 
        Legend Securities, Inc. 
        Thomas Wagner 
        800-385-5790 x152 
        718-233-2600 x152 
        twagner@legendsecuritiesinc.com
        

Copyright Business Wire 2012

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