Stock Update (NASDAQ:CYTR): CytRx Corporation Appoints Olivia Ware as Chief Commercial Officer

CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company specializing in oncology, today announced that it has hired Olivia Ware as its Chief Commercial Officer and a member of its senior executive team.  Ms. Ware brings more than 20 years of biotechnology and pharmaceutical experience, including thirteen years at Genentech where she was responsible for key aspects of the launches of the oncology drugs Rituxan®, Herceptin® and Avastin®.

“We are very fortunate to have Olivia join the CytRx team.  She is a seasoned veteran who has played key roles in the launching of several of the world’s largest revenue producing oncology drugs,” said Steven A. Kriegsman, Chairman and CEO.  “The creation of this new executive management position reflects our transition to a commercial organization as we prepare for the results from our pivotal Phase 3 trial with aldoxorubicin as a treatment for patients with relapsed or refractory soft tissue sarcomas.”

“I am excited to join CytRx at such an important time, and I look forward to maximizing the commercial success for our investigational drug candidate aldoxorubicin as a treatment for patients with soft tissue sarcomas and potentially other cancers,” said Ms. Ware.

While at Genentech, Ms. Ware was a Senior Director of Oncology and was responsible for the initial commercial launch of Avastin in the U.S., which reached $1 billion in sales during its first year on the market.  Prior to this, she was head of Herceptin marketing and held a number of other positions in the commercial organization.  Later, Ms. Ware was a Senior Director in the Product Portfolio Management Group, managing approximately 20 senior leaders responsible for building and leading the cross-functional drug development teams that developed and implemented strategic plans and guided the drug development processes for all oncology products at Genentech.

Since leaving Genentech, Ms. Ware has worked as an independent consultant providing strategic support and management expertise for global product launches, market assessments and coaching and mentoring for team leaders and executive teams.

Prior to Genentech, Ms. Ware worked in healthcare consulting for Baxter Healthcare; and was the western region general manager for a large national home healthcare company.  She has an MBA in Finance and Marketing, from theUniversity of North Carolina at Chapel Hill and a B.A. from Davidson College. (Original Source)

Shares of Cytrx closed last Friday at $2.05, down $0.30 or -12.77%. CYTR has a 1-year high of $5.42 and a 1-year low of $1.98. The stock’s 50-day moving average is $2.75 and its 200-day moving average is $2.85.

On the ratings front, Cytrx has been the subject of a number of recent research reports. In a report issued on January 7, Jefferies Co. analyst Chris Howerton initiated coverage with a Hold rating on CYTR and a price target of $3, which implies an upside of 46.3% from current levels. Separately, on November 5, Oppenheimer’s Christopher Marai reiterated a Buy rating on the stock and has a price target of $10.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chris Howerton and Christopher Marai have a total average return of -2.6% and 18.9% respectively. Howerton has a success rate of 40.0% and is ranked #2316 out of 3610 analysts, while Marai has a success rate of 55.2% and is ranked #18.

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.


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