CytRx Added to Russell 3000® and Russell 2000® Indexes
LOS ANGELES -- June 30, 2014
CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development
company specializing in oncology, today announced that it was added to the
Russell 3000^® and Russell 2000^® Indexes when the Russell Investment Group
reconstituted its family of U.S. indexes after the stock market close on June
Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest
U.S. stocks as of the end of May, ranking them by total market capitalization.
Membership in the Russell 3000^®, which remains in place for one year, means
automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell
2000^® Index as well as the appropriate growth and value style indexes.
Russell determines membership for its equity indexes primarily by objective,
market-capitalization rankings and style attributes.
"We continue to build meaningful value at CytRx and this addition to the
Russell 2000 and Russell 3000 Indexes creates an opportunity to increase our
overall visibility and broaden our shareholder base," said Steven A.
Kriegsman, CytRx President and Chief Executive Officer. “Our addition to these
widely recognized indices could add important liquidity to our stock and
enhance overall shareholder value.”
The Russell 3000^® also serves as the U.S. component to the Russell Global
Index, which Russell launched in 2007.
Russell indexes are widely used by investment managers and institutional
investors for index funds and as benchmarks for both passive and active
investment strategies. Approximately $5.2 trillion in assets are benchmarked
to the Russell Indexes. Russell calculates more than 700,000 benchmarks daily
covering approximately 98 percent of the investable market globally, more than
80 countries and 10,000 securities. These investment tools originated from
Russell’s multi-manager investment business in the early 1980s when the
company saw the need for a more objective, market-driven set of benchmarks in
order to evaluate outside investment managers.
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 has
completed a global Phase 2b clinical trial with aldoxorubicin as a first-line
therapy for soft tissue sarcomas, a Phase 1b/2 clinical trial primarily in the
same indication, a Phase 1b study of aldoxorubicin in combination with
doxorubicin in patients with advanced solid tumors and a Phase 1b
pharmacokinetics clinical trial in patients with metastatic solid tumors.
CytRx recently initiated, under a special protocol assessment, a pivotal Phase
3 global trial with aldoxorubicin as a therapy for patients with soft tissue
sarcomas whose tumors have progressed following treatment with chemotherapy.
The Company also recently announced that it has received approval from the FDA
to continue dosing patients with aldoxorubicin until disease progression in
that clinical trial. CytRx has initiated a Phase 2 clinical trial with
aldoxorubicin in patients with late-stage glioblastoma (brain cancer), and a
Phase 2 clinical trial in HIV-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. For more information about CytRx
Corporation, visit www.cytrx.com.
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 relating to the outcome, timing
and results of CytRx's clinical trials, the risk that any future human testing
of aldoxorubicin might not produce results similar to those seen in past human
or animal testing, risks related to CytRx's ability to manufacture its drug
candidates 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 the Phase 3 clinical
development of aldoxorubicin, risks related to lawsuits that have been brought
against the Company and its officers and/or directors for alleged violations
of the securities laws, 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.
Michelle Carroll, 212-600-1902
Eliza Schleifstein, 973-361-1546
David J. Haen
Vice President, Business Development
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