CytRx Promotes Dr. Daniel Levitt to Executive Vice President

  CytRx Promotes Dr. Daniel Levitt to Executive Vice President

     Creation of EVP position reflects success in advancing the clinical
              development of promising oncology drug candidates

 Company is taking steps toward initiating a Phase 3 trial with aldoxorubicin
                            in soft tissue sarcoma

Business Wire

LOS ANGELES -- January 3, 2013

CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development
company specializing in oncology, has named Daniel Levitt, M.D., Ph.D., to the
newly created position of Executive Vice President. Dr. Levitt will continue
to serve as Chief Medical Officer.

“I am delighted to announce Dan’s well-deserved promotion and to express our
full confidence in his leadership of our clinical programs, including
preclinical research and manufacturing,” said CytRx President and CEO Steven
A. Kriegsman. “Since joining CytRx just over three years ago, Dan has
successfully implemented a strategy that has allowed us to rapidly evaluate
our drug candidates in various cancers, providing us with a cost-effective
pathway for entering into late-stage clinical development. He has also enabled
CytRx to standardize our manufacturing processes, allowing us to rapidly
advance our clinical trials. There is no doubt that we are benefiting from his
extensive senior management experience, his prior success in piloting drug
programs through the clinical and regulatory processes, seven of which have
received marketing approval, and his credibility within the scientific
community.

“We are currently making progress toward initiating our first Phase 3 pivotal
clinical trial with aldoxorubicin. We also expect to report clinical results
from additional trials with aldoxorubicin and tamibarotene this year. These
are indeed major milestones in our quest to bring new therapies to patients
with cancer and enhance shareholder value,” added Mr. Kriegsman. “Dan’s
promotion to this senior executive position reflects this significant progress
in our clinical programs that moves us closer to our ultimate goal of becoming
a leading oncology company.”

Dr. Levitt said, “I’m pleased to be appointed Executive Vice President at this
key juncture in the development of aldoxorubicin and tamibarotene, both of
which could have application in multiple cancers and offer potential
advantages over currently marketed oncology therapies. I’m excited to be
working with the CytRx team in what promises to be an eventful future.”

CytRx is working with the FDA to develop a Phase 3 clinical trial protocol
with the doxorubicin tumor-targeting conjugate aldoxorubicin as a therapy for
patients with soft tissue sarcomas whose tumors have progressed following
treatment with chemotherapy. CytRx expects to request the FDA’s agreement to
conduct this trial under a special protocol assessment (SPA). If granted, the
SPA would indicate the Agency’s agreement that the Phase 3 trial design,
statistical analysis and endpoints are acceptable to support regulatory
approval, subject to trial results.

In the second half of 2013, CytRx expects to announce clinical data from an
international Phase 2b clinical trial with aldoxorubicin as a first-line
therapy in patients with advanced soft tissue sarcoma who are ineligible for
surgery. The data from this trial will provide the first direct clinical trial
comparison of aldoxorubicin with native doxorubicin, which is dose-limited due
to toxicity. The trial is being conducted under the direction of
world-renowned expert in soft tissue sarcoma treatment Sant P. Chawla, M.D.,
F.R.A.C.P., Director of the Sarcoma Oncology Center in Santa Monica,
California, and involves over 30 oncology centers throughout the world.

In the second half of 2013, CytRx also expects to report the results of a
Phase 2b clinical trial in patients with advanced non-small-cell lung cancer
(NSCLC) with its orally available, rationally designed, synthetic retinoid
compound tamibarotene. In this randomized clinical trial, patients with
advanced NSCLC are treated with paclitaxel plus carboplatin and either
tamibarotene or placebo. The trial’s objective is to compare the objective
response rates (complete and partial responses) and progression-free survival,
as well as evaluate overall survival and quality-of-life between the two
treatment regimens, among other measures.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company
specializing in oncology. The CytRx oncology pipeline includes two programs in
clinical development for cancer indications: aldoxorubicin (formerly known as
INNO-206) and tamibarotene. With its tumor-targeted doxorubicin conjugate
aldoxorubicin, CytRx has initiated an international Phase 2b clinical trial as
a treatment for soft tissue sarcomas, has completed its Phase 1b/2 clinical
trial primarily in the same indication, and has initiated a Phase 1b
pharmacokinetics clinical trial in patients with metastatic solid tumors, a
Phase 2 trial for patients with advanced pancreatic ductal adenocarcinomas and
a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients
with advanced solid tumors. The Company has held a positive meeting with the
FDA to discuss a potential Phase 3 pivotal trial with aldoxorubicin as a
therapy for patients with soft tissue sarcomas whose tumors have progressed
following treatment with chemotherapy, and is planning to submit a special
protocol assessment related to this trial. Tamibarotene is being tested in a
double-blind, placebo-controlled, international Phase 2b clinical trial in
patients with non-small-cell lung cancer, and is in a Phase 2 clinical trial
as a treatment for acute promyelocytic leukemia (APL). The Company completed
its evaluation of a third drug candidate, bafetinib, in the ENABLE Phase 2
clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), and
plans to seek a partner for further development of bafetinib. For more
information about CytRx Corporation, visit www.cytrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended. 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 or uncertainties related to the
outcome, timing and results of CytRx's clinical trials with aldoxorubicin and
tamibarotene, including the planned Phase 3 clinical trial for aldoxorubicin
as a therapy for patients with soft tissue sarcomas whose tumors have
progressed following treatment with chemotherapy, the risk that any future
human testing of the Company’s drug candidates might not produce results
similar to those seen in earlier human or animal testing, uncertainties
regarding regulatory approvals for current and future clinical testing,
including the planned Phase 3 clinical trial for aldoxorubicin, and the scope
of the clinical testing that may eventually be required by regulatory
authorities, the significant time and expense that will be incurred in
developing any of the potential commercial applications for aldoxorubicin or
tamibarotene, risks related to CytRx's ability to manufacture its drug
candidates, including aldoxorubicin, in a timely fashion, cost-effectively or
in commercial quantities in compliance with stringent regulatory requirements,
risks related to CytRx's need for additional capital or strategic partnerships
to fund its ongoing working capital needs and development efforts, including
any future clinical development of aldoxorubicin, and the 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.

Contact:

Investor Relations
Legend Securities, Inc.
Thomas Wagner
800-385-5790 x152
718-233-2600 x152
twagner@legendsecuritiesinc.com