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PRNewswire 15-May-2019 9:00 AM
LOS ANGELES, May 15, 2019 /PRNewswire/ -- CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company specializing in oncology, today announced financial results for the first quarter ended March 31, 2019, and provided an overview of recent accomplishments and plans for its research and development programs.
"2019 has been off to a successful start for CytRx," said Eric Curtis, CytRx's President and Chief Operating Officer. "While we continue to work diligently and determinedly to secure a strategic partnership for our albumin binding ultra-high potency LADR™ (Linker Activated Drug Release) assets and the accompanying albumin companion diagnostic (ACDx), we are pleased to see that our licensing partners, NantCell, Inc. (NantCell) and Orphazyme A/S (Orphazyme), are fully committed to developing aldoxorubicin and arimoclomol, respectively, and to exploring their utility in novel indications of high unmet need."
First Quarter 2019 and Recent Highlights
Centurion BioPharma Corporation
CytRx Corporation
First Quarter 2019 Financial Results
CytRx reported cash, cash equivalents and short-term investments of $20.1 million as of March 31, 2019.
Net loss for the quarter ended March 31, 2019, was $1.4 million, or $(0.04) per share, compared with a net loss of $4.1 million, or $(0.15) per share, for the quarter ended March 31, 2018, a reduction of $2.7 million.
Research and development (R&D) expenses were $6,000 for the first quarter of 2019, compared to $656,000 for the first quarter of 2018, a reduction of $650,000.
General and administrative (G&A) expenses were $1.7 million for the first quarter of 2019, compared with $2.5 million for the first quarter of 2018, including non-cash stock-compensation expense of $0.2 million for the first quarter of 2019 as compared to $0.4 million for the first quarter of 2018. G&A expenses decreased by approximately $0.8 million, or 32%, primarily due to a decrease in legal fees and a reduction in head count.
Based on our currently projected expenditures for the next 13 months, our monthly cash burn rate is estimated at approximately $400,000 per month.
About CytRx Corporation
CytRx Corporation (NASDAQ:CYTR) is a biopharmaceutical company with expertise in discovering and developing new therapeutics to treat patients with cancer. CytRx's most advanced drug conjugate, aldoxorubicin, is an improved version of the widely used anti-cancer drug doxorubicin and has been out-licensed to NantCell, Inc. In addition, CytRx's other drug candidate, arimoclomol, has been out-licensed to Orphazyme A/S (Nasdaq Copenhagen exchange: ORPHA). Orphazyme is testing arimoclomol in four indications including amyotrophic lateral sclerosis (ALS), Niemann-Pick disease Type C (NPC), Gaucher disease and sporadic Inclusion Body Myositis (sIBM). CytRx Corporation's website is www.cytrx.com.
About Centurion Corporation
CytRx's wholly owned subsidiary, Centurion BioPharma Corporation, is focused on the development of personalized medicine that is designed to transform solid tumor treatment. This transformational strategy combines a portfolio of novel, anti-cancer drug candidates that employ LADR™ (Linker Activated Drug Release) technology, a discovery engine designed to leverage Centurion's expertise in albumin biology and linker technology for the development of a new class of breakthrough anti-cancer therapies with a unique albumin companion diagnostic (ACDx) that can help identify patients who are most likely to benefit from treatment with the LADR™-derived therapies. A critical element of the LADR™ platform is its ability to bind anti-cancer molecules to circulating albumin, the most ubiquitous protein in human blood plasma, and then to release the highly potent cytotoxic payload at the tumor site. This technology allows for the delivery of higher doses of drug directly to the tumor, while avoiding much of the off-target toxicity observed with the parent molecules. Centurion BioPharma Corporation's website is www.centurionbiopharma.com.
Forward-Looking Statements
This press release contains forward-looking statements. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks and uncertainties relating to the continued use and growth of immunotherapy drugs by Big Pharma; the ability of NantCell, Inc., to obtain regulatory approval for its products that use aldoxorubicin; the ability of NantCell, Inc., to manufacture and commercialize products or therapies that use aldoxorubicin; the amount, if any, of future milestone and royalty payments that we may receive from NantCell, Inc.; risks and uncertainties relating to the ability of Orphazyme A/S to obtain regulatory approval for its products that use arimoclomol; the ability of Orphazyme A/S to manufacture and commercialize products or therapies that use arimoclomol; the amount, if any, of future milestone and royalty payments that we may receive from Orphazyme A/S; Centurion BioPharma Corporation's ability to develop and finance new ultra-high potency drug candidates based on its LADR™ technology platform; our ability to attract potential licensees; and other risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx's most recent annual report.
All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Argot Partners
Michelle Carroll/Maghan Meyers
(212) 600-1902
cytrx@argotpartners.com
CYTRX CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(Unaudited) |
|||
March 31, 2019 |
December 31, 2018 |
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 9,015,779 |
$ 21,373,273 |
|
Short-term investments |
11,036,102 |
— |
|
Receivables |
158,280 |
148,527 |
|
Prepaid expenses and other current assets |
845,950 |
913,162 |
|
Current assets held for sale |
402,045 |
81,182 |
|
Total current assets |
21,458,156 |
22,516,144 |
|
Equipment and furnishings, net |
33,450 |
44,326 |
|
Other assets |
15,179 |
40,642 |
|
Non-current assets held for sale |
— |
324,853 |
|
Total assets |
$ 21,506,785 |
$ 22,925,965 |
|
LIABILITIES AND STOCKHOLDERS' |
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Current liabilities: Accounts payable |
$ 1,308,810 |
$ 1,234,762 |
|
Accrued expenses and other current liabilities |
942,025 |
726,191 |
|
Current liabilities for sale |
109,137 |
602,713 |
|
Total liabilities |
2,359,972 |
2,563,666 |
|
Commitments and contingencies |
|||
Stockholders' equity: |
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Preferred Stock, $0.01 par value, 833,334 shares authorized, including 4,167 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding |
— |
— |
|
Preferred Stock, $1,000 stated value, 650 shares authorized, no shares issued and outstanding |
— |
— |
|
Common stock, $0.001 par value, 41,666,667 shares authorized; 33,637,501 shares issued and outstanding at March 31, 2019 and December 31, 2018 |
33,637 |
33,637 |
|
Additional paid-in capital |
477,403,249 |
477,192,747 |
|
Accumulated deficit |
(458,290,073) |
(456,864,085) |
|
Total stockholders' equity |
19,146,813 |
20,362,299 |
|
Total liabilities and stockholders' equity |
$ 21,506,785 |
$ 22,925,965 |
CYTRX CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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Three Months Ended |
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2019 |
2018 |
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Revenue: |
||||
License revenue |
$ — |
$ — |
||
Expenses: |
||||
Research and development |
5,834 |
656,266 |
||
General and administrative |
1,731,718 |
2,463,559 |
||
1,737,552 |
3,119,825 |
|||
Loss before other income (expense) |
(1,737,552) |
(3,119,825) |
||
Other: |
||||
Interest income |
88,310 |
82,934 |
||
Interest expense |
— |
(692,787) |
||
Other (expense) income, net |
(17,290) |
562 |
||
Gain on warrant derivative liabilities |
— |
453,412 |
||
Net loss from continuing operations |
$ (1,666,532) |
$ (3,275,704) |
||
Gain (loss) from discontinued operations |
240,544 |
(799,870) |
||
Net loss |
$ (1,425,988) |
$ (4,075,574) |
||
Basic and diluted loss per share |
||||
Continuing operations |
$ (0.05) |
$ (0.12) |
||
Discontinued operations |
$ 0.01 |
$ (0.03) |
||
Total basic and diluted loss per share |
$ (0.04) |
$ (0.15) |
||
Basic and diluted weighted-average shares outstanding |
33,249,904 |
27,391,506 |
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SOURCE CytRx Corporation