CytRx Reports Revenue Of $1m For Q2

CytRx has reported a net loss of $2.2m, or $0.02 per share for the second quarter ended June 30, 2009, compared with a net loss of $5.8m, or $0.06 per share for the three months ended June 30, 2008.

The company has reported a revenue of $1m for the second quarter of 2009, a decrease when compared with revenue of $1.7m in the second quarter of 2008.

Steven Kriegsman, president and CEO of CytRx, said: “We have reported considerable progress with our drug development programs, including results from a series of animal trials demonstrating that our oncology drug candidate INNO-206 produced statistically significant shrinkage of ovarian, breast and pancreatic tumors. With our lead oncology drug candidate tamibarotene, we were notified in June of a positive opinion regarding our application for orphan medicinal product status to the European Medicines Agency as a treatment for acute promyelocytic leukemia (APL).

“This announcement followed an encouraging update from our ongoing Phase 2 STAR-1 registration trial in which tamibarotene is administered to APL patients who had failed two other drug therapies. We also announced that tamibarotene had demonstrated statistically significant anti-tumor activity in an animal trial for multiple myeloma, supporting our contention that this drug candidate holds promise as a treatment for a broad range of cancers.”