Company Update (NASDAQ:CYTR): CytRx Corporation Announces Reshaping of Clinical and Regulatory Executive Team

CytRx Corporation (NASDAQ:CYTR) announced that Shanta Chawla, M.D., who has served as the Company’s Vice President of Clinical Development since 2014, is being promoted to Senior Vice President of Drug Development and will assume the leadership of CytRx’s on-going clinical drug development and regulatory functions.  Additionally, CytRx is supported by Hurley Consulting Associates who has been and will continue to assist in the preparations for the aldoxorubicin New Drug Application (NDA) for soft tissue sarcomas.

“Dr. Shanta Chawla who is a Board certified physician has played a key role in the late-stage development and NDA submissions of several oncology drugs and has been involved in the day-to-day clinical development of aldoxorubicin for more than three years,” said Steven A. Kriegsman, CytRx’s Chairman and CEO. “Together with the rest of our clinical and regulatory team and external regulatory counsel Dr. Margaret Hurley, a renowned drug development strategist, we remain well-equipped to execute on the regulatory strategy for aldoxorubicin.”

Daniel Levitt, M.D., Ph.D., CytRx’s Chief Operating and Medical Officer, is stepping down effective July 7, 2017, and the position will be eliminated. Scott Wieland, Ph.D., the Company’s SVP of Drug Development, will also be stepping down effective June 30, 2017.

Dr. Shanta Chawla is not related to our Board Member Dr. Anita Chawla or Dr. Sant Chawla, the principal investigator of CytRx’s global Phase 3 clinical trial for soft tissue sarcoma.

Shares of Cytrx are currently trading at $0.558, up $0.021 or 3.87%. CYTR has a 1-year high of $2.67 and a 1-year low of $0.36. The stock’s 50-day moving average is $0.58 and its 200-day moving average is $0.47.

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.

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