LOS ANGELES, June 9 /PRNewswire-FirstCall/ -- CytRx Corporation today announced it has closed its deal to license its co-polymer technologies, including FLOCOR, Opti-Vax and related anti-infective products, on an exclusive basis to SynthRx, Inc., a Houston, Texas-based biopharmaceutical company. CytRx has now received a 19.9% ownership interest in SynthRx and a payment of $228,000 from SynthRx in return for exclusive rights to the technologies. CytRx will also receive significant milestone payments and royalties upon commercialization of any products developed under this alliance.
The SynthRx deal was announced by CytRx on October 23, 2003. Robert Hunter, Jr., M.D., Ph.D., a founder of CytRx and current member of its Scientific Advisory Board, is the founder, President and Chief Executive Officer of SynthRx. Dr. Hunter, a Professor and Chairman of the Department of Pathology and Laboratory Medicine at the University of Texas, Houston, discovered FLOCOR while at CytRx and supervised its development through early clinical trials. Dr. Hunter will lead the scientific research programs for co-polymer products at SynthRx.
"We are pleased to close the strategic alliance with SynthRx, and look forward to their success in the clinic with FLOCOR and Opti-Vax," said Steven A. Kriegsman, President and CEO of CytRx.
In the 1990's, clinical trials of FLOCOR were conducted in myocardial infarction and acute crisis of sickle cell disease involving more than 4,000 severely ill patients. In a phase III trial, FLOCOR showed benefit in patients 15 years or younger in treating acute vaso-occlusive crisis resulting from sickle cell disease. FLOCOR may also have applications in a wide range of clinical syndromes, including heart conditions, bypass surgery, stroke and circulatory shock.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company, based in Los Angeles with a subsidiary in Worcester, Massachusetts. The company is engaged in the development of products, primarily in the area of ribonucleic acid interference (RNAi), for the human health care market, in a variety of therapeutic categories. The company has a broad-based strategic alliance with the University of Massachusetts Medical School to develop novel compounds in the areas of obesity, type 2 diabetes, CMV and ALS using RNAi technology. CytRx also licensed from UMMS the rights to a DNA-based HIV vaccine technology. The company also 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. For more information, visit CytRx's website at http://www.cytrx.com/.
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that 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 the recent formation of SynthRx and its need to raise additional capital to continue its operations, the need to perform additional and potentially expensive clinical trials for FLOCOR, and SynthRx's need to secure sources of clinical and commercial supplies of FLOCOR. 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 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: Carolyn French, Director of Communications of CytRxCorporation, +1-310-826-5648, email@example.com; or Lisa Lindberg, or JohnNesbett, both of Investor Relations Group, +1-212-825-3210, for CytRxCorporation