LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company specializing in oncology, today announced a reverse split of its common stock at a ratio of 1-for-7. CytRx’s common stock will begin trading on NASDAQ on a split-adjusted basis when the market opens on May 16, 2012. The Company’s Board of Directors unanimously approved the reverse split following stockholder approval, which was announced at the Company’s 2012 Annual Meeting of Stockholders held May 14, 2012.
