CytRx Corporation Reports First Quarter Financial Results

Apr 24, 2001, 01:00 ET from CytRx Corporation

    ATLANTA, April 24 /PRNewswire Interactive News Release/ --
 CytRx Corporation (Nasdaq:   CYTR) today announced its financial performance for
 the three-month period ended March 31, 2001.  For the quarter, the Company
 reported a loss of $1,157,000, or $0.11 loss per share, versus a loss of
 $900,000, or $0.11 loss per share, for the comparable quarter of 2000.  The
 Company noted that results for the first quarter of 2001 include non-cash
 charges of $479,000 related to stock purchase warrants issued to certain
 consultants.
     Jack J. Luchese, CytRx's President & CEO, commented, "The first quarter of
 2001 was a busy and productive time for CytRx.  We began two new important
 pre-clinical programs with our CRL-5861 compound, investigating its use for
 treatment of spinal cord injury and for treatment of cancer.  We also
 announced our collaboration with the University of Cincinnati Medical Center,
 funded by the Muscular Dystrophy Association, to study CRL-5861 in the
 treatment of Duchenne Muscular Dystrophy."
     "On the corporate partnering front, we signed a license agreement with Ivy
 Animal Health, Inc. for CRL-8761," Luchese continued.  "This compound is a
 non-antibiotic feed additive that enhances growth performance in food animals
 such as poultry and swine.  And, most recently, we were pleased to see very
 positive results presented by Merck & Co., Inc. utilizing our TranzFect
 technology in their efforts to develop an HIV-1 vaccine."
 
     About CytRx Corporation
     CytRx Corporation is a biopharmaceutical company focused on the
 development and commercialization of high-value human therapeutics.  The
 Company's current research and development activities include CRL-5861, an
 intravenous agent for treatment of sickle cell disease and other acute vaso-
 occlusive disorders, and TranzFect, a delivery technology for DNA-based
 vaccines.  CytRx has a research pipeline with opportunities in the areas of
 muscular dystrophy, cancer, spinal cord injury, vaccine delivery, gene therapy
 and food animal feed additives.
     This press release may contain forward-looking statements that involve
 risks and uncertainties.  Actual results may differ materially from those
 discussed in this release, due to, among other things, the research,
 development, and market risks which could adversely affect the Company's
 timeline for clinical trials, regulatory approval, and if such approval is
 received, time to market thereafter.  Additional uncertainties and risks are
 described in the Company's most recently filed SEC documents, such as its Form
 10-K and its most recent 10-Q.
 
     For Additional Information, Please Contact:
     With the Company:
     Mark Reynolds
     Vice President, Finance
     770-453-0121
     reynoldm@cytrx.com
 
     Broker Relations:
     Loren Brown / Jill Stephenson
     Madison & Wall Worldwide, Inc.
     407-682-2001
     cytr@insidewallstreet.com
 
                               CYTRX CORPORATION
                          CONDENSED FINANCIAL SUMMARY
                 (amounts in thousands, except per share data)
 
                                                         Three Months Ended
                                                              March 31,
 
                                                        2001            2000
     STATEMENT OF OPERATIONS
     Revenues:
       Net sales                                          $26           $100
       Interest income                                     61             31
       Grant and other income                              96            219
                                                          183            350
 
     Expenses:
       Cost of sales                                       13             52
       Research and development                           448            675
       Selling, general and administrative                879 *          563
                                                        1,340          1,290
 
     Loss from continuing operations                   (1,157)          (940)
 
     Income from discontinued operations                  ---             40
 
     Net loss                                         $(1,157)         $(900)
 
     Basic and diluted income (loss)
      per common share:
       Continuing operations                           $(0.11)        $(0.12)
       Discontinued operations                            ---           0.01
       Net income (loss)                               $(0.11)        $(0.11)
 
     *Includes non-cash charges of $479,000 related to issuance of warrants to
     consultants
 
 
     BALANCE SHEET HIGHLIGHTS
       Cash & cash equivalents                         $2,845         $3,219
       Total current assets                            $2,967         $3,746
       Property & equipment, net                       $2,185         $2,616
       Total assets                                    $5,785         $6,424
       Total liabilities                                 $814         $2,023
       Common shares outstanding                       10,138          9,580
 
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SOURCE CytRx Corporation
    ATLANTA, April 24 /PRNewswire Interactive News Release/ --
 CytRx Corporation (Nasdaq:   CYTR) today announced its financial performance for
 the three-month period ended March 31, 2001.  For the quarter, the Company
 reported a loss of $1,157,000, or $0.11 loss per share, versus a loss of
 $900,000, or $0.11 loss per share, for the comparable quarter of 2000.  The
 Company noted that results for the first quarter of 2001 include non-cash
 charges of $479,000 related to stock purchase warrants issued to certain
 consultants.
     Jack J. Luchese, CytRx's President & CEO, commented, "The first quarter of
 2001 was a busy and productive time for CytRx.  We began two new important
 pre-clinical programs with our CRL-5861 compound, investigating its use for
 treatment of spinal cord injury and for treatment of cancer.  We also
 announced our collaboration with the University of Cincinnati Medical Center,
 funded by the Muscular Dystrophy Association, to study CRL-5861 in the
 treatment of Duchenne Muscular Dystrophy."
     "On the corporate partnering front, we signed a license agreement with Ivy
 Animal Health, Inc. for CRL-8761," Luchese continued.  "This compound is a
 non-antibiotic feed additive that enhances growth performance in food animals
 such as poultry and swine.  And, most recently, we were pleased to see very
 positive results presented by Merck & Co., Inc. utilizing our TranzFect
 technology in their efforts to develop an HIV-1 vaccine."
 
     About CytRx Corporation
     CytRx Corporation is a biopharmaceutical company focused on the
 development and commercialization of high-value human therapeutics.  The
 Company's current research and development activities include CRL-5861, an
 intravenous agent for treatment of sickle cell disease and other acute vaso-
 occlusive disorders, and TranzFect, a delivery technology for DNA-based
 vaccines.  CytRx has a research pipeline with opportunities in the areas of
 muscular dystrophy, cancer, spinal cord injury, vaccine delivery, gene therapy
 and food animal feed additives.
     This press release may contain forward-looking statements that involve
 risks and uncertainties.  Actual results may differ materially from those
 discussed in this release, due to, among other things, the research,
 development, and market risks which could adversely affect the Company's
 timeline for clinical trials, regulatory approval, and if such approval is
 received, time to market thereafter.  Additional uncertainties and risks are
 described in the Company's most recently filed SEC documents, such as its Form
 10-K and its most recent 10-Q.
 
     For Additional Information, Please Contact:
     With the Company:
     Mark Reynolds
     Vice President, Finance
     770-453-0121
     reynoldm@cytrx.com
 
     Broker Relations:
     Loren Brown / Jill Stephenson
     Madison & Wall Worldwide, Inc.
     407-682-2001
     cytr@insidewallstreet.com
 
                               CYTRX CORPORATION
                          CONDENSED FINANCIAL SUMMARY
                 (amounts in thousands, except per share data)
 
                                                         Three Months Ended
                                                              March 31,
 
                                                        2001            2000
     STATEMENT OF OPERATIONS
     Revenues:
       Net sales                                          $26           $100
       Interest income                                     61             31
       Grant and other income                              96            219
                                                          183            350
 
     Expenses:
       Cost of sales                                       13             52
       Research and development                           448            675
       Selling, general and administrative                879 *          563
                                                        1,340          1,290
 
     Loss from continuing operations                   (1,157)          (940)
 
     Income from discontinued operations                  ---             40
 
     Net loss                                         $(1,157)         $(900)
 
     Basic and diluted income (loss)
      per common share:
       Continuing operations                           $(0.11)        $(0.12)
       Discontinued operations                            ---           0.01
       Net income (loss)                               $(0.11)        $(0.11)
 
     *Includes non-cash charges of $479,000 related to issuance of warrants to
     consultants
 
 
     BALANCE SHEET HIGHLIGHTS
       Cash & cash equivalents                         $2,845         $3,219
       Total current assets                            $2,967         $3,746
       Property & equipment, net                       $2,185         $2,616
       Total assets                                    $5,785         $6,424
       Total liabilities                                 $814         $2,023
       Common shares outstanding                       10,138          9,580
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X72662862
 
 SOURCE  CytRx Corporation