CytRx Corporation Announces Tax Value of Distributed Shares of RXi Pharmaceuticals Common Stock

LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical company engaged in the development and commercialization of human therapeutics, today announced that for tax purposes it has valued the shares of common stock of RXi Pharmaceuticals Corporation (NASDAQ:RXII) distributed to CytRx stockholders on March 11, 2008 at $8.84 per share. The value was based in part on the assessment of an independent third party valuation firm that considered, among other factors, the volume weighted average price of RXi common stock in the period immediately following the distribution, as well as the market value of comparable companies.