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Thread: CytRx Reports Second Quarter and First Half Financial Results; Revenues For First Half Increased by 350% and Net Loss Decreased by Over 50%

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    CytRx Reports Second Quarter and First Half Financial Results; Revenues For First Half Increased by 350% and Net Loss Decreased by Over 50%

    CytRx Reports Second Quarter and First Half Financial Results; Revenues For First Half Increased by 350% and Net Loss Decreased by Over 50%
    LOS ANGELES, Aug. 15 /PRNewswire-FirstCall/ -- CytRx Corporation (Nasdaq: CYTR - News) today reported a net loss of $931,000 ($.08/share) for the quarter ended June 30, 2002 and a net loss of $1,110,000 ($.10/share) for the six-month period ended June 30, 2002. For the three and six month periods of 2001 the Company reported a net loss of $1,220,000 ($.12/share) and $2,377,000 ($.23/share), respectively. The Company noted that results for the first quarter of 2002 included a $1,000,000 milestone payment from Merck & Co., Inc. pursuant to Merck's license of CytRx's TranzFect technology. CytRx reported cash balances at June 30, 2002 of $4,295,000. ADVERTISEMENT




    CytRx previously announced the completion of the merger with Global Genomics Capital, Inc. (Global Genomics), which occurred on July 19, 2002 following approval by the CytRx and Global Genomics stockholders. Under the terms of the merger agreement, CytRx acquired all outstanding shares, and rights to acquire shares, of capital stock of Global Genomics in return for the issuance of a maximum of approximately 9,963,000 shares of CytRx common stock and Global Genomics survived as a wholly owned subsidiary of CytRx and was renamed GGC Pharmaceuticals, Inc.

    Steven A. Kriegsman, Chief Executive Officer, commented, "We are very pleased that for the six months ending June 30, 2002, our revenue increased by 350% as compared with the June 30, 2001 period. Also, our net loss decreased by more than 50%, which was also a substantial improvement. During the quarter ended June 30, 2002, although our revenue was down by approximately 50%, we were able to reduce our net loss for the for the quarter ended June 30, 2002 by approximately $300,000 as compared with last year's same period."

    The Company's second quarter results were filed yesterday with the SEC in a Form 10-Q report that was certified by Mr. Kriegsman as the Company's Chief Executive Officer.

    About CytRx Corporation

    CytRx Corporation is a biopharmaceutical company focused on the development and commercialization of high-value human therapeutics. The company's current research and development activities include CRL-5861, an intravenous agent for treatment of sickle cell disease and other acute vaso- occlusive disorders, and TranzFect, a delivery technology for DNA-based vaccines. CytRx has licensed TranzFect to Merck & Co., Inc. for use in Merck's efforts to develop DNA-based vaccines for HIV and three other infectious diseases. All other uses of TranzFect for enhancement of viral or non-viral delivery of polynucleotides (such as DNA and RNA) have been licensed to Vical, Incorporated. CytRx has a portfolio of potential products and technologies in the areas of muscular dystrophy, cancer, spinal cord injury, vaccine delivery, gene therapy and animal feed additives.

    CytRx's wholly owned subsidiary, GGC Pharmaceuticals, Inc., is a genomics holding company that currently has a forty percent ownership interest in Blizzard Genomics, Inc. in Minneapolis, Minnesota, and a five percent ownership interest in Psynomics, Inc., a central nervous system genomics company in San Diego, Calif. Blizzard Genomics, Inc. is developing instrumentation, software, and consumable supplies (including patent-pending "T-Chip" and "Contact" technologies) for the genomics industry. GGC expects that DNA chips will significantly impact a broad range of biomedical and agricultural businesses. These include drug development, diagnostic testing, forensics, environmental testing and plant biotechnology. Psynomics, Inc. is a genomics company developing technology for the diagnosis and treatment of neuropsychiatric diseases and has rights to access a significant database of patient data and corresponding tissue samples.

    CAUTIONARY NOTICE ABOUT FORWARD-LOOKING STATEMENTS

    This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that 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 or uncertainties related to the integration of CytRx and GGC, the potential need for financing for continued operations and CytRx's ability to successfully develop and market its products and technologies through strategic alliances or licensing arrangements. Additional uncertainties and risks are described in CytRx's most recently filed SEC documents, such as its most recent annual report on Form 10-K, all quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last Form 10-K. 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.


    For Additional Information, Please Contact:

    With the Company: Broker Relations:
    Steven A. Kriegsman Loren Brown
    Chief Executive Officer Madison & Wall Worldwide
    310/826-5648 407/682-2001
    steven@kriegsmangroup.com Loren@insidewallstreet.com


    This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those discussed in this release, due to, among other things, the research, development, and market risks which could adversely affect the Company's timeline for clinical trials, regulatory approval, and if such approval is received, time to market thereafter. Additional uncertainties and risks are described in the Company's most recently filed SEC documents, such as its Form 10-K and its most recent 10-Q.

    CYTRX CORPORATION
    CONDENSED CONSOLIDATED FINANCIAL SUMMARY
    (amounts in thousands, except per share data)
    (Unaudited)


    Three Months Ended Six Months Ended
    June 30, June 30,
    2002 2001 2002 2001
    Statement of Operations
    Revenues:
    Net sales $ --- $10 $22 $36
    License fees --- --- 1,000 ---
    Interest income 30 44 62 105
    Grant and other income 45 100 132 195
    75 154 1,216 336

    Expenses:
    Cost of sales --- 7 11 19
    Research and development 357 488 676 937
    Selling, general and administrative 649 879 1,639 1,757
    1,006 1,374 2,326 2,713

    Net loss $(931) $(1,220) $(1,110) $(2,377)

    Basic and diluted loss per common
    share $(0.08) $(0.12) $(0.10) $(0.23)


    Balance Sheet Highlights
    Cash & investments $4,295 $2,063
    Total current assets $4,507 $2,146
    Total assets $6,776 $4,791
    Total liabilities $704 $664
    Common shares outstanding 11,715 10,200

    SOURCE: CytRx Corporation


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    CytRx Date for Compliance With Nasdaq Minimum Bid Price Extended

    CytRx Date for Compliance With Nasdaq Minimum Bid Price Extended
    LOS ANGELES, Aug. 16 /PRNewswire-FirstCall/ -- CytRx Corporation (Nasdaq: CYTR - News) announced today that the Nasdaq Stock Market has extended the date by which the Company must comply with the $1.00 minimum closing bid price requirement from August 13, 2002 until February 10, 2003. ADVERTISEMENT




    The extension for compliance with the minimum closing bid price requirement was provided to the Company by Nasdaq, pursuant to Nasdaq's rule affording an additional 180 days to comply for those companies who otherwise satisfy Nasdaq's core requirements for initial listing on the Nasdaq Small Cap Market (including stockholders' equity of at least $5,000,000).

    If at any time before February 10, 2003 the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days, the Company will be in compliance with Nasdaq's minimum bid price rule. If the Company's common stock does not satisfy this closing bid price requirement by February 10, 2003, it will be subject to delisting from the Nasdaq Small Cap Market.

    About CytRx Corporation

    CytRx Corporation is a biopharmaceutical company focused on the development and commercialization of high-value human therapeutics. The company's current research and development activities include CRL-5861, an intravenous agent for treatment of sickle cell disease and other acute vaso-occlusive disorders, and TranzFect, a delivery technology for DNA-based vaccines. CytRx has licensed TranzFect to Merck & Co., Inc. for use in Merck's efforts to develop DNA-based vaccines for HIV and three other infectious diseases. All other uses of TranzFect for enhancement of viral or non-viral delivery of polynucleotides (such as DNA and RNA) have been licensed to Vical, Incorporated. CytRx has a portfolio of potential products and technologies in the areas of muscular dystrophy, cancer, spinal cord injury, vaccine delivery, gene therapy and animal feed additives.

    CytRx's wholly owned subsidiary, GGC Pharmaceuticals, Inc., is a genomics holding company that currently has a forty percent ownership interest in Blizzard Genomics, Inc in Minneapolis, Minnesota and a five percent ownership interest in Psynomics, Inc., a central nervous system genomics company in San Diego, CA. Blizzard Genomics, Inc. is developing instrumentation, software, and consumable supplies (including patent-pending "T-Chip" and "Contact" technologies) for the genomics industry. GGC expects that DNA chips will significantly impact a broad range of biomedical and agricultural businesses. These include drug development, diagnostic testing, forensics, environmental testing and plant biotechnology. Psynomics, Inc. is a genomics company developing technology for the diagnosis and treatment of neuropsychiatric diseases and has rights to access a significant database of patient data and corresponding tissue samples.

    CAUTIONARY NOTICE ABOUT FORWARD-LOOKING STATEMENTS

    This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that 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 or uncertainties related to the integration of CytRx and GGC, the potential need for financing for continued operations and CytRx's ability to successfully develop and market its products and technologies through strategic alliances or licensing arrangements. Additional uncertainties and risks are described in CytRx's most recently filed SEC documents, such as its most recent annual report on Form 10-K, all quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last Form 10-K. 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.

    SOURCE: CytRx Corporation


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