believes that the integration will bring greater efficiency and simplicity to the business structure
Notes that the company will integrate Centurion with CytRx
Dr. Louis Ignarro, Chair of the Compensation Committee, will leave the Board of Directors effective July 2022 Annual Meeting
Steven Kriegsman retires with immediate effect
LOS ANGELES, March 09, 2022–(BUSINESS WIRE)–CytRx Corporation (OTCQB: CYTR) (“CytRx” or the “Company”), a biopharmaceutical innovator focused on the research and development of life-saving cancer treatments, today announced that the Company is acquiring its wholly owned subsidiary Centurion BioPharma Corporation (“Centurion”). All assets of Centurion will be absorbed into the Company through a merger agreement. Centurion’s assets consist of the LADR platform with high potential for the concentration and localized delivery of cancer treatments. Centurion’s board of directors will also be terminated.
Additionally, CytRx today announced that Chairman Louis Ignarro, Ph.D. will be stepping down from the Company’s Board of Directors (the “Board”) effective at the 2022 Annual Meeting of Shareholders in July, and that Steven Kriegsman has stepped down from the board effective immediately. CytRx thanks Dr. Ignarro and Mr. Kriegsman for their many years of service and wishes them well in their future endeavours. A new independent director will be added to the board no later than the 2022 annual meeting of shareholders.
Stephen Snowdy, Ph.D., Chief Executive Officer, said, “CytRx’s binding-activated drug delivery system has the potential to save lives by improving the efficacy of cancer drugs with an improved safety profile. . First-generation LADR drug aldoxorubicin has been licensed to ImmunityBio for royalties from sales and up to $343 million in milestone payments and has obtained positive Phase II preliminary data on the pancreatic cancer. Through the merger with Centurion, next-generation LADR drugs are now integrated with CytRx and ready for the final steps required for first-in-human studies, an achievement that is expected to generate significant shareholder value. The Company will continue to seek partners and explore the least dilutive routes possible for LADR drugs. Additionally, the Company expects changes to the Board will result in a Board well equipped for the future development and activities of the Company. »
Additional information regarding the developments announced today can be found on Form 8-K that CytRx will file with the Securities and Exchange Commission.
This press release may contain certain statements regarding future results that are forward-looking statements. These statements are not historical facts, but rather represent CytRx’s belief regarding future events, many of which, by their nature, are inherently uncertain and beyond CytRx’s control. Forward-looking statements include those relating to the offering of CytRx securities, including with respect to the completion of the offering described above, the expected proceeds of the offering, the intended use of proceeds and the timing of the closing of the offering, which may be affected by, among other things, delays in the satisfaction or non-satisfaction of the closing conditions of the registered direct offer and the simultaneous private placement and by adverse changes in the general conditions economy and market. Forward-looking statements also include statements relating to the potential receipt of EMA and FDA approval for arimoclomol, the potential receipt by CytRx of future milestone and royalty payments from Orphazyme and the achievement of long-term value for CytRx shareholders. These 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 and uncertainties related to Orphazyme’s ability to obtain regulatory approval to manufacture and market its products. and therapies that use arimoclomol; results of clinical trials involving arimoclomol; the amount, if any, of future milestone and royalty payments we may receive from Orphazyme; and other risks and uncertainties described in CytRx’s most recent annual and quarterly reports filed with the SEC, including disclosures under “Risk Factors”, and current reports filed since the date of the annual report. the latest from CytRx. All forward-looking statements are based on information available to CytRx on the date the statements are first made public. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CytRx Corporation (OTCQB: CYTR) is a biopharmaceutical company focused on the discovery and development of novel therapies primarily to treat cancer patients. CytRx’s newest advanced drug conjugate, aldoxorubicin, is an improved version of the widely used cancer drug doxorubicin, and has been licensed to ImmunityBio, Inc. Additionally, CytRx’s drug candidate, l arimoclomol, was sold to Orphazyme A/S in exchange for milestone payments and royalties. Orphazyme is developing arimoclomol in two indications, including Niemann-Pick type C (NPC) disease and Gaucher disease. The CytRx Corporation website is www.cytrx.com.
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