NASDAQ notifies CytRx of non-compliance with minimum bid price requirement

CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company specializing in oncology, today announced that, as anticipated, on February 15, 2012, the Company was notified by The NASDAQ Stock Market that because the Company has not regained compliance with the $1.00 minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2), the Company's common stock would be subject to delisting from The NASDAQ Capital Market unless the Company requests a hearing before a NASDAQ Hearings Panel (the "Panel"). The notification has no effect on the listing of CytRx's common stock at this time, which will continue to trade on The NASDAQ Capital Market under the trading symbol "CYTR."

The Company intends to request a hearing before the Panel, which will stay any delisting action in connection with the NASDAQ notification and allow continued listing of the Company's common stock on The NASDAQ Capital Market until the Panel renders a decision subsequent to the hearing. At the hearing, CytRx intends to submit a plan outlining its strategy for regaining compliance with the continued listing requirements.