LOS ANGELES, April 27 /PRNewswire-FirstCall/ -- CytRx Corporation announced today that it has changed the name of its subsidiary, Araios, Inc., to CytRx Laboratories, Inc. to reflect its broadened mission of developing RNAi therapeutics in addition to small molecule drugs in the areas of obesity and diabetes.
CytRx Laboratories, located in Worcester, Massachusetts, directly adjacent to the University of Massachusetts Medical School, currently occupies 7000 square feet of prime chemistry and biology laboratory space in the Worcester Biotechnology Park. Headed by Mark A. Tepper, Ph.D., President, CytRx Laboratories has mobilized powerful new RNAi gene silencing technology in combination with structure-based medicinal chemistry for the discovery and development of molecular based medicines to prevent, treat and cure obesity and type 2 diabetes. Michael P. Czech, Ph.D., Professor and Chair of Molecular Medicine, and Professor of Biochemistry and Molecular Pharmacology at the University of Massachusetts Medical School, has teamed with prominent scientists to form the company's scientific advisory board. In addition to Dr. Czech, the scientific advisory board includes:
* Ronald Kahn, M.D. -- President and Director of the Joslin Diabetes
Center, and the Mary K. Iacocca Professor of Medicine at Harvard
* Craig Mello, Ph.D. -- Jack and Shelly Blais Professor of Molecular
Medicine and a Howard Hughes Medical Institute Investigator at the
University of Massachusetts Medical School
* Tariq Rana, Ph.D -- Director of the Program in Chemical Biology and
Professor of Biochemistry & Molecular Pharmacology at the University
of Massachusetts Medical School
* Luciano Rossetti, M.D. -- Professor and Director, Albert Einstein
College of Medicine, Diabetes Research and Training Center
* Bruce Spiegelman, Ph.D. -- Professor of Cell Biology, Dana Farber
Cancer Institute, Harvard Medical School
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 for 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 prevention, treatment or cure of ALS. The company has licensed its TranzFect delivery technology for DNA-based vaccines for certain diseases. 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 to the early stage of CytRx's diabetes, obesity, CMV and ALS research, the need for future clinical testing of any RNAi-based products that may be developed by CytRx, the significant time and expense that will be incurred in developing any of the potential commercial applications for CytRx's RNAi technology, CytRx's potential need for additional capital, risks relating to the enforceability of any patents covering CytRx's products and to the possible infringement of third party patents by those products, and the impact of third party reimbursement policies on the use of and pricing for CytRx's products. 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 quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last 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.