Company Update (NASDAQ:CYTR): CytRx Corporation Appoints Chief Medical Officer Dr. Daniel Levitt as Chief Operating Officer


CytRx Corporation (NASDAQ:CYTR) has announced the appointment of Daniel Levitt, M.D., Ph.D., the Company’s current Executive Vice President and Chief Medical Officer, to the newly created role of Chief Operating Officer. Going forward, Dr. Levitt will continue to serve as CytRx’s Chief Medical Officer, a role he has held in since joining CytRx in 2009.

“Dan has long been a valuable member of the senior leadership team and his appointment as Chief Operating Officer and Chief Medical Officer only strengthens our ability to successfully implement our strategic goals,” said Steven A. Kriegsman, CytRx’s Chairman and Chief Executive Officer. “Dan has been leading the aldoxorubicin development team which just announced positive Phase 3 results in patients with relapsed or refractory soft tissue sarcomas. His strong track record of leading programs from discovery through regulatory review, approval and launch will be key in guiding us through the U.S. Food and Drug Administration approval process for aldoxorubicin.”

“I’m honored to add the role of Chief Operating Officer at such a critical time for both aldoxorubicin and CytRx,” said Dr. Levitt. “The recently-announced Phase 3 results represent an important option for sarcoma patients and we plan on sharing the data with the FDA. Our exciting new platform technology, LADR™, that will allow us to link ultra-potent chemotherapy agents to circulating albumin, has the potential to be a breakthrough for the treatment of a number of therapeutically difficult cancers. Leading CytRx’s discovery, clinical and regulatory teams is exciting as we work to develop a valuable treatment option for patients suffering with soft tissue sarcomas, a difficult group of cancers.” (Original Source)

Shares of CytRx closed last Friday at $0.4591. CYTR has a 1-year high of $3.66 and a 1-year low of $0.40. The stock’s 50-day moving average is $0.50 and its 200-day moving average is $0.91.

On the ratings front, FBR analyst Christopher James reiterated a Buy rating on CYTR, with a price target of $3, in a report issued on November 11. The current price target implies an upside of 552% from current levels. According to TipRanks.com, James has a yearly average loss of 11.7%, a 31% success rate, and is ranked #4165 out of 4283 analysts.

CytRx Corp. operates as a biopharmaceutical research and development company specializing in oncology. It provides clinical development of aldoxorubicin oncology pipeline for the treatment of cancer. The company was founded on February 28, 1985 and is headquartered in Los Angeles, CA.