CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company specializing in oncology, announced the appointment of Cheryl Cohen, former Chief Commercial Officer of Medivation, Inc., to its Board of Directors.
“Cheryl brings invaluable expertise in drug commercialization to CytRx. As the former Chief Commercial Officer of Medivation, Cheryl built the company’s commercial framework and led its remarkably successful launch of Xtandi® in the United States,” said Steven A. Kriegsman, Chairman and CEO of CytRx. “We believe her contributions will be significant as we prepare to commercialize aldoxorubicin and other new treatments for cancer patients. It is a pleasure to welcome her to the CytRx Board of Directors.”
“It is an exciting time to be joining the CytRx Board. Aldoxorubicin is a novel therapeutic that preferentially releases drug within a tumor, and it has shown impressive results in several oncology clinical trials and has noteworthy potential in various cancer types where there is a huge unmet need,” said Ms. Cohen. “I am delighted to be able to bring my commercial expertise to the CytRx Board to help the company navigate the planned commercial launch of aldoxorubicin in 2017, and to create long term value for shareholders.”
Ms. Cohen served as the Chief Commercial Officer of Medivation, Inc., from September 2011 to July 2014, where she was responsible for the company’s U.S. launch of Xtandi (enzalutamide) for metastatic castration-resistant prostate cancer. At Medivation, Ms. Cohen established and led the company’s commercial organization and oversaw a successful launch, with the product achieving nearly $400 million in U.S. revenues in the first full year. Revenues for Xtandi are currently estimated to exceed $1 billion. Ms. Cohen also worked closely on all Medivation steering committees with its commercial partner, Astellas, and was involved in life cycle and strategic planning for Xtandi and in the review of new business development opportunities. Ms. Cohen currently serves as president of CLC Consulting, a pharmaceutical and biotechnology consulting firm specializing in new product commercialization. Ms. Cohen’s previous experience also includes over a decade at Johnson & Johnson, most recently as vice president, strategic commercial group, Health Care Systems, Inc., responsible for the negotiations of Johnson & Johnson’s portfolio of products to ensure access and preferred positioning, and as vice president, rheumatology franchise, Centocor, Inc., where she had direct responsibility for the $1+ billion per year Remicade U.S. rheumatoid arthritis business. Ms. Cohen currently serves on the Board of Directors of Tokai Pharmaceuticals, Inc. and Protein Sciences Corporation. She earned her B.A. from Saint Joseph’s College. (Original Source)
Shares of Cytrx closed yesterday at $4.03 . CYTR has a 1-year high of $5.42 and a 1-year low of $2.08. The stock’s 50-day moving average is $4.04 and its 200-day moving average is $3.49.
On the ratings front, Cytrx has been the subject of a number of recent research reports. In a report issued on May 22, Imperial analyst Ashok Kumar maintained a Buy rating on CYTR, with a price target of $6, which implies an upside of 48.9% from current levels. Separately, on May 5, Oppenheimer’s Christopher Marai reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ashok Kumar and Christopher Marai have a total average return of 15.0% and 49.5% respectively. Kumar has a success rate of 63.8% and is ranked #262 out of 3640 analysts, while Marai has a success rate of 77.4% and is ranked #6.
CytRx Corp is a biopharmaceutical research and development company specializing in oncology. Its oncology pipeline includes three clinical-stage drug candidates in various stages of development: Aldoxorubicin, Tamibarotene, and Bafetinib.