CytRx Corporation Pays Off Balance of Outstanding Debt
LOS ANGELES, Aug. 1, 2018 /PRNewswire/ -- CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced that it has made the final scheduled payment under a long-term loan facility agreement with Hercules Technology Growth Capital, Inc. and Hercules Technology III, L.P. As of, August 1, 2018, the Hercules loan was paid in full.
"We are extremely pleased to complete our obligations under the Hercules loan agreement as it removes all of the Company's outstanding debt," said John Y. Caloz, Chief Financial Officer of CytRx. "Paying off this debt provides CytRx with greater financial flexibility."
"Our current focus is on securing strategic partnerships for our wholly owned subsidiary Centurion BioPharma Corporation. A strategic partnership will enable our subsidiary to continue its work to bring to the bedside its albumin binding ultra high potency LADR drug candidates and unique companion diagnostic, ACDx, which will offer patients a personalized medicine approach to their treatment," concluded Mr. Caloz.
In February 2016, CytRx entered into a loan and security agreement with Hercules Technology Growth Capital, Inc. and Hercules Technology III, L.P., pursuant to which the lenders made long-term loans to the Company in the aggregate principal amount of $25 million. In July 2017, CytRx entered into a first amendment to the loan and security agreement with Hercules to amend the existing long-term loan facility providing for a principal payment in July 2017 of $5.0 million and for repayment, on or prior to September 2017, of an additional $5.0 million outstanding principal under the loan agreement. CytRx also agreed to an updated schedule of monthly payments and a new maturity date of August 1, 2018.
About CytRx Corporation
CytRx Corporation (Nasdaq: CYTR) is a biopharmaceutical company with expertise in discovering and developing new therapeutics to treat patients with cancer. CytRx's most advanced drug conjugate, aldoxorubicin, is an improved version of the widely used anti-cancer drug doxorubicin and has been out-licensed to NantCell, Inc. CytRx's website is www.cytrx.com.
About Centurion BioPharma Corporation
CytRx's wholly owned subsidiary, Centurion BioPharma Corporation, is focused on the development of personalized medicine that will transform solid tumor treatment. This transformational strategy combines a portfolio of novel, anti-cancer drug candidates that employ LADR™ (Linker Activated Drug Release) technology, a discovery engine designed to leverage Centurion's expertise in albumin biology and linker technology for the development of a new class of breakthrough anti-cancer therapies with a unique albumin companion diagnostic (ACDx) that can help identify patients who are most likely to benefit from treatment with the LADR™-derived therapies. A critical element of the LADR™ platform is its ability to bind anti-cancer molecules to circulating albumin, the most ubiquitous protein in human blood plasma, and then to release the highly potent cytotoxic payload at the tumor site. This technology allows for the delivery of higher doses of drug directly to the tumor, while avoiding much of the off-target toxicity observed with the parent molecules. Centurion BioPharma Corporation's website is www.centurionbiopharma.com.
This press release contains forward-looking statements. Such statements 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 and uncertainties relating to the ability of NantCell, Inc., to obtain regulatory approval for its products that use aldoxorubicin; the ability of NantCell, Inc., to manufacture and commercialize products or therapies that use aldoxorubicin; the amount, if any, of future milestone and royalty payments that we may receive from NantCell, Inc.; Centurion BioPharma Corporation's ability to develop new ultra-high potency drug candidates based on its LADR™ technology platform; our ability to attract potential licensees; and other risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx's most recent annual report. 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.
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Company Codes: NASDAQ-SMALL:CYTR