CytRx Announces Proposed Public Offering of Common Stock

CytRx Corporation CYTR, a biopharmaceutical research and development company specializing in oncology, announced today its intention, subject to market and other conditions, to commence a public offering of its common stock. CytRx intends to use the net proceeds from the offering to fund clinical development of its drug candidates aldoxorubicin and tamibarotene, and for general corporate purposes, which may include working capital, capital expenditures, research and development and other commercial expenditures. Aegis Capital Corp. is acting as the sole book-running manager for the offering. CytRx is offering the shares described above pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with the Securities and Exchange Commission (SEC) and that is effective. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement relating to the proposed offering will be filed with the SEC. Electronic copies of the preliminary prospectus supplement, when available, as well as the accompanying prospectus may be obtained by either contacting the representative of the underwriters (as set forth below) or by accessing the SEC's website at http://www.sec.gov.