LOS ANGELES, Nov. 21 /PRNewswire-FirstCall/ -- CytRx Corporation said today that its subsidiary, Araios Inc., has partnered with 3rd Millennium, Inc. to implement a scientific computing platform for RNAi-based development programs focused on type II diabetes and obesity therapeutics. The system will be used by CytRx scientists to generate focused libraries of compounds for major targets for these diseases.
"Our partnership with 3rd Millennium should significantly enhance our molecular based drug discovery platform in obesity and diabetes," said Steven A. Kriegsman, CEO of CytRx. "In tandem with our strategic relationships with world renowned researchers in RNAi treatment for ALS (Lou Gehrig's Disease), our rapidly expanding efforts in RNAi therapies for obesity and diabetes position CytRx as a leader in the race to prevent, treat or cure these epidemic diseases through the use of exciting new genomic-based technologies."
Mark A. Tepper, Ph.D., President of CytRx's diabetes and obesity subsidiary commented, "Through our partnership with 3rd Millennium, we establish the scientific computing and informatics infrastructure necessary to conduct state-of-the-art molecular based drug discovery more rapidly and efficiently than we could do on our own."
"This partnership allows CytRx to conserve resources and reach its business and scientific objectives faster than if they were to build in-house resources," said Richard Dweck, president of 3rd Millennium Inc. "Partnering with 3rd Millennium to establish the informatics infrastructure, as well as the optimum modeling and in silico screening approaches, is the most effective way for CytRx to move rapidly toward its goal of developing obesity and diabetes therapies for the marketplace."
To accelerate CytRx's structure-based small molecule discovery program, 3rd Millennium will work with CytRx to establish their informatics infrastructure, virtual library construction, homology modeling and virtual screening workflow.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical company engaged in the development and commercialization of large-market opportunity products in a variety of therapeutic categories. The company formed a broad-based strategic alliance with the University of Massachusetts Medical School to develop novel compounds for obesity, type II diabetes and ALS, including using a promising new technology known as RNA interference (RNAi). Araios, a subsidiary of CytRx, is located in Worcester, Massachusetts, and uses RNAi based technology in combination with structure-based medicinal chemistry for the discovery and development of new therapeutics to treat, cure and prevent type II diabetes and obesity. For more information, visit CytRx's website at http://www.cytrx.com/ .
About 3rd Millennium
3rd Millennium Inc., a privately held company, located in Waltham, MA, is a leading life science informatics consultancy, integrator, and developer of information systems to support biopharmaceutical research and discovery. Additional information about 3rd Millennium's services can be obtained by visiting the company's website at http://www.3rdmill.com/ or by calling 1-888-3rdmill.
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 and obesity 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.
CONTACT: Steven A. Kriegsman, Chief Executive Officer, +1-310-826-5648,email@example.com, or Carolyn French, Director of Communications,+1-310-826-5648, firstname.lastname@example.org, both of CytRx Corporation; or RichardDweck, President of 3rd Millennium Inc., +1-781-890-4440, email@example.com