CytRx Corporation Completes Acquisition of INNOVIVE Pharmaceuticals

LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (Nasdaq:CYTR), a biopharmaceutical research and development company engaged in the development of high-value human therapeutics, today announced the completion of its acquisition of Innovive Pharmaceuticals, Inc. CytRx purchased Innovive for total consideration of approximately 2.6 million shares of CytRx common stock, approximately $18.3 million of future performance-based milestone earn-outs, and the assumption of Innovive’s liabilities. The acquired Innovive portfolio includes four clinical-stage oncology drug candidates, including North American and European rights to develop tamibarotene, which is already approved for the treatment of relapsed Acute Promyelocytic Leukemia (APL) in Japan. Innovive shareholders approved the acquisition at a special meeting held on Friday, September 19, 2008. The CytRx drug development pipeline now includes six drug candidates in diverse stages of clinical development.