CytRx Corporation (NASDAQ: CYTR) is having a relatively strong start in the market this morning after announcing management changes. After bringing a new President and CEO on board, CYTR excited investors and the stock is headed for the top. Today, we’ll talk about:
- The announcement;
- what we’re seeing from CYTR; and
- what we’ll be watching for ahead.
CYTR Heads Up On Management Changes
As mentioned above, CytRx Corporation is having a relatively strong start to the trading session this morning after appointing a President and CEO. In a press release issued early this morning, the company announced that its Board of Directors has approved the appointment of Eric L. Curtis, MBA, to the company’s executive management team. Effective today, Mr. Curtis is now the President and CEO of the company.
In the release, CYTR explained that Mr. Curtis holds 25 years of experience in life science leadership and has a proven track record in oncology and orphan diseases. In fact, he was a key player in the development and commercialization of several approved and marketed cancer drugs. Some of these include Votrient®, Doxil®, Velcade®, Benlysta® and Tykerb®. In a statement, Mr. Curtis, President, and CEO at CYTR, had the following to offer:
Over the past few months I have witnessed the transformative capability of CytRx’s LADRTM technology to redesign current cancer treatment paradigms… As President and Chief Operating Officer, I will dedicate my attention to the partnering of the LADR™ technology and assets, advancing the Company’s current programs and future drug candidate discoveries for the benefit of all of our shareholders. I intend to utilize my significant professional experience and relationships to maximize the success of our scientific programs and execute on CytRx’s mission of bringing new treatment options to patients battling cancer.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news proved to be positive. Not only has CytRx appoint a new President and CEO, but the appointed party has incredible industry experience. So, it’s no surprise that excited investors are sending the stock toward the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:30), CYTR is trading at $1.84 per share after a gain of $0.05 per share (2.79%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CYTR. In particular, we’re interested in following the company to see the early moves that Mr. Curtis makes as the company’s top dog. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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