The company has several significant upcoming events and, as indicated by the results of the company’s recent third-quarter earnings release, is positioned to move through these achievements and into the next couple years with a strong cash position.
CytRx ended the third quarter with $23 million in available cash. When combined with proceeds of approximately $25.9 million raised from a stock offering in the middle of October, CytRx has more than $45 million for future operating expenses. As of September 31, 2013, the company had no long-term debt.
In the fourth quarter of 2013, CytRx plans to commence a phase 2 trial with aldoxorubicin in patients with relapsed glioblastoma, the most common and aggressive brain tumor.
The company in the fourth quarter also begins to initiate a phase 2 trial evaluating the preliminary efficacy of aldoxorubicin in treating AIDS-related Kaposi’s sarcoma, subtype of the cancer caused by human herpes virus 8. KS causes abnormal lesions inside the lining of mouth, nose and throat, or in other organs.
In December, CytRx is expected to release top-line progression-free survival results from the phase 2b 1st-Line Soft Tissue Sarcoma trial. According to interim results released in October, patients treated with aldoxorubicin had a higher Overall Response Rate (22%) compared to those treated with doxorubicin (0%); patients taking aldoxorubicin also demonstrated a lower chance of showing progressive disease (32%) than those on doxorubicin (50%).
CytRx in the first quarter of 2014 is expected to start a phase 3 pivotal trial with aldoxorubicin for 2nd-Line Soft Tissue Sarcoma in patients who have failed chemotherapy. Soft tissue sarcoma is a cancer that develops from tissues like fat, muscle, nerves, blood vessels or deep skin tissues, and can be found in any part of the body. Aldoxorubicin has been granted orphan drug designation by the U.S. Food and Drug Administration (FDA) for the treatment of patients with soft tissue sarcomas and pancreatic cancer.
Collectively, CytRx’ management and its board of directors have brought numerous oncology drugs to market, and continue to advance the development of aldoxorubicin and other candidates in the company’s pipeline.
For more information, visit www.cytrx.com
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