CytRx, a biopharmaceutical company that specializes in oncology, recently announced that it had closed its previously announced underwritten public offering of 9,200,000 shares of common stock, including the exercise of over-allotment option by the underwriters covering 1,200,000 shares, at a public offering price of $2.50 per share.
CytRx has stated that it intends to use the net proceeds of the offering to fund the clinical development of its drug candidates aldoxorubicin and tamibarotene, as well as for general corporate purposes, which may likely include working capital, capital expenditures, research and development expenditures, and other commercial expenditures.
Following the success of its Phase 1b/2 trial, CytRx recently announced that it initiated an open-label single-center Phase 1b clinical trial to evaluate the pharmacokinetics of its tumor-targeting doxorubicin conjugate aldoxorubicin (formerly known asINNO-206) in patients with metastatic solid tumors who have either relapsed or not responded to treatment with standard therapies. The goal of this study is to obtain data that will help identify the duration of exposure after infusion of aldoxorubicin as well as define the peak drug levels reached after treatment with different doses of the drug.
Dr. Monica Mita at Cedars Sinai Medical Center in Los Angeles, California, will oversee the single-center Phase 1b clinical trial. Dr. Mita will also evaluate the pharmacokinetics and safety of a new formulation of aldoxorubicin administered at doses of 230 mg/m2 and 350 mg/m2 every 21 days for up to 8 consecutive cycles. CytRx plans to use data collected from the study to further future regulatory submissions and partnership discussions.
CytRx had previously announced favorable results from its aldoxorubicin Phase 1b/2 clinical trial, stating that the data showed "clinical benefit" (defined as partial response and stable disease of more than four months following up to eight cycles of treatment) for those patients that received the maximum tolerated dose of aldoxorubicin. Of evaluable patients, all of whom suffer from relapsed or refractory soft tissue sarcoma, 10 in 13 (77%) exhibited signs of clinical benefit.
For more information on CytRx Corporation, visit www.cytrx.com
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