Cytrx releases statement in response to two recent lawsuits

CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today issued the following statement in response to two recent lawsuits filed in the name of CytRx shareholders:

"Our primary corporate objective remains to leverage our Albumin-Binding Anti-Cancer Drug Platform to advance new treatments in cancer care. Enthusiasm among our many shareholders for CytRx's lead, Phase 3 anti-cancer therapy, aldoxorubicin, has been driven first and foremost by positive clinical results and its development progress. To that end, the successful execution of our clinical programs, including the recently initiated global Phase 3 pivotal clinical trial of aldoxorubicin for the treatment of second-line soft tissue sarcoma, will remain our central focus. We believe the recent lawsuits and negative publicity are without merit, and we intend to defend ourselves vigorously against all claims, but not through the press."