CytRx (CYTR) Details INNO-206 Clinical Cancer Research Publication Findings

CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company specializing in oncology, today announced that in animal and in vitro studies, its tumor-targeting doxorubicin conjugate INNO-206 showed anti-multiple myeloma effects and enhanced the anti-tumor effects of bortezomib, which is approved for the treatment of relapsed multiple myeloma. The research was published in the May 22, 2012 online issue of peer-reviewed Clinical Cancer Research.

“Anthracyclines including doxorubicin have shown efficacy especially in combination with other therapies for the treatment of multiple myeloma; however, side effects limit their use,” said James R. Berenson, M.D., Medical & Scientific Director at the Institute for Myeloma & Bone Center Research, where the studies were conducted. “We found that, in our mouse models of human myelomas, INNO-206 alone produced marked anti-multiple myeloma effects at a dose at which doxorubicin alone was extremely toxic, and the combination of INNO-206 and bortezomib produced increased anti-multiple myeloma effects compared to either agent alone.”

Dr. Berenson presented earlier research showing that INNO-206 safely and effectively delivered doxorubicin at higher doses than conventional doxorubicin to human myeloma cancers grown in immune-deficient mice. These findings were presented at the December 2010 Annual Meeting and Exposition of the American Society of Hematology (ASH).

CytRx President and CEO Steven A. Kriegsman said, “This study provides further evidence that INNO-206 could have applicability in multiple cancer indications. We are initially conducting clinical trials with INNO-206 in soft tissue sarcoma and more recently in advanced pancreatic ductual adenocarcinomas.”

Complete results from the CytRx Phase 1b/2 clinical trial with INNO-206 in patients principally with soft tissue sarcoma will be presented at the June American Society of Clinical Oncology (ASCO) conference in Chicago, Illinois, on Sunday, June 3. CytRx will host an investor conference call accompanied by a slide presentation on Monday, June 4, at 9:00 a.m. Central time (10:00 a.m. Eastern time) to discuss the complete clinical trial data. To access the conference call, dial 888-463-4383 (U.S. and Canada) or 706-679-5355 (international callers).

The webcast and the slide presentation will be available on the Investor Relations section of the CytRx website simultaneously. A replay of the call and webcast will begin approximately two hours after the live call has ended. To access the replay, dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (international callers) and enter the conference ID number: 77958605.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The CytRx oncology pipeline includes three programs in clinical development for cancer indications: INNO-206, tamibarotene and bafetinib. With its tumor-targeted doxorubicin conjugate INNO-206, CytRx has initiated an international Phase 2b clinical trial as a treatment for soft tissue sarcomas, has completed its Phase 1b/2 clinical trial primarily in the same indication, and recently initiated a Phase 2 trial for patients with advanced pancreatic ductual adenocarcinomas. CytRx’s pipeline also includes tamibarotene, which it is testing in a double-blind, placebo-controlled, international Phase 2b clinical trial in patients with non-small-cell lung cancer, and which is in a clinical trial as a treatment for acute promyelocytic leukemia (APL). The Company completed its evaluation of bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), and plans to seek a partner for further development of bafetinib. For more information about the Company, visit www.cytrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. 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 relating to the timing, outcome or results of any future pre-clinical or clinical testing of INNO-206 as a treatment for multiple myeloma, the risk that any future human testing of INNO-206 for multiple myeloma might not produce results similar to those seen in animals, risks or uncertainties related to the outcome, timing and results of CytRx’s clinical trials with INNO-206, including the Phase 1b/2 clinical trial for INNO-206 in patients with advanced solid tumors and the Phase 2b clinical trials for INNO-206 as a treatment for soft tissue sarcomas and pancreatic cancer, uncertainties regarding regulatory approvals for current and future clinical testing, and the scope of the clinical testing that may eventually be required by regulatory authorities, the risk that INNO-206 might not show greater efficacy than doxorubicin notwithstanding the administration of higher doses than the standard of care, uncertainties regarding whether INNO-206 effectively targets doxorubicin to tumors, the significant time and expense that will be incurred in developing any of the potential commercial applications for INNO-206, including for soft tissue sarcomas, risks related to CytRx’s ability to manufacture its drug candidates, including INNO-206, in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx’s need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including any future clinical development of INNO-206, and the 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.