CytRx Announces Reverse Stock Split; 1-for-7

CytRx Corporation

today announced a reverse split of its common stock at a ratio of 1-for-7. CytRx's common stock will begin trading on NASDAQ on a split-adjusted basis when the market opens on May 16, 2012. The Company's Board of Directors unanimously approved the reverse split following stockholder approval, which was announced at the Company's 2012 Annual Meeting of Stockholders held May 14, 2012. The reverse split will reduce the number of outstanding shares of the Company's common stock from approximately 149.1 million shares to approximately 21.3 million shares. Fractional shares as a result of the reverse stock split will be rounded up to the next whole number. Proportional adjustments will be made to CytRx's outstanding warrants and stock options. The Company's authorized shares will remain unchanged.