CytRx Announces Closing of Public Offering of Common Stock

  CytRx Announces Closing of Public Offering of Common Stock

Business Wire

LOS ANGELES -- October 15, 2013

CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development
company specializing in oncology, today announced the closing of its
previously announced underwritten public offering. The gross proceeds to CytRx
from the offering, including the previously announced exercise of the
over-allotment option by the underwriters, are approximately $25.9 million,
before deducting underwriting discounts and commissions and other offering
expenses payable by CytRx.

CytRx intends to use the net proceeds of the offering to fund its clinical
trials of its drug candidate aldoxorubicin and for general corporate purposes,
which may include working capital, capital expenditures and research and
development and other commercial expenditures.

Aegis Capital Corp. acted as the sole book-running manager for the offering.

H.C. Wainwright & Co., LLC acted as the co-lead manager for the offering.

A shelf registration statement on Form S-3 and accompanying base prospectus
relating to the shares was filed with the Securities and Exchange Commission
and is effective. Copies of the final prospectus supplement related to the
offering has been filed with the SEC. Electronic copies of the final
prospectus supplement, as well as the accompanying prospectus may be obtained
by either contacting the representative of the underwriters (as set forth
below) or by accessing the SEC’s website at http://www.sec.gov.

Aegis Capital Corp.
Prospectus Department
810 Seventh Avenue, 18th Floor
New York, New York 10019
Telephone: 212-813-1010
E-mail: prospectus@aegiscap.com

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company
specializing in oncology. CytRx currently is focused on the clinical
development of aldoxorubicin (formerly known as INNO-206), its improved
version of the widely used chemotherapeutic agent doxorubicin. CytRx is
conducting a global Phase 2b clinical trial with aldoxorubicin as a treatment
for soft tissue sarcomas, has completed its Phase 1b/2 clinical trial
primarily in the same indication and a Phase 1b study of aldoxorubicin in
combination with doxorubicin in patients with advanced solid tumors, and has
completed a Phase 1b pharmacokinetics clinical trial in patients with
metastatic solid tumors. CytRx plans to initiate under a special protocol
assessment a potential pivotal Phase 3 global trial with aldoxorubicin as a
therapy for patients with soft tissue sarcomas whose tumors have progressed
following treatment with chemotherapy. CytRx also is initiating Phase 2
clinical trials with aldoxorubicin in patients with late-stage glioblastoma
(brain cancer) and AIDS-related Kaposi’s sarcoma. CytRx plans to expand its
pipeline of oncology candidates based on a linker platform technology that can
be utilized with multiple chemotherapeutic agents and may allow for greater
concentration of drug at tumor sites. CytRx also has rights to two additional
drug candidates, tamibarotene and bafetinib. CytRx completed its evaluation of
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 statements relating to the proposed offering that
are forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements involve risks and
uncertainties. 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:

CytRx Corporation
David J. Haen
Vice President, Business Development
310-826-5648 x304
dhaen@cytrx.com
or
Legend Securities, Inc.
John M. Columbia
718-233-2677
jcolumbia@legendsecurities.com