CytRx Corporation (NASDAQ: CYTR) is having an overwhelmingly strong day in the market today following up on Friday’s gains. The gains are ultimately the result of a coming data release that is leading to excitement among investors. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:00), CYTR is trading at $0.75 per share after a gain of $0.14 per share (22.97%) thus far today.
CYTR To Present Clinical Data At ASCO
As mentioned above, CytRx is having a strong day in the market today, following up on Friday’s gains. At the end of the day, the gains are the result of excitement surrounding a coming data release. The company announced that an abstract describing results from the Phase 3 clinical trial of aldoxorubicin compared to the investigators’ choice treatment in relapsed and refractory soft tissue sarcomas has been selected for an oral presentation at the 2017 Americal Society of Clinical Oncology Annual Meeting. The meeting will take place in Chicago between Jun 2 and June 6, 2017. In a statement, Daniel Levitt, M.D., Ph.D., Chief Operating Officer and Chief Medical Officer at CYTR, had the following to offer:
“We look forward to presenting the more detailed and updated global Phase 3 results to the medical community at ASCO this year… The Phase 3 trial and the combination trial of aldoxorubicin with ifosfamide continue to build on our prior studies showing the utility of aldoxorubicin as a treatment for patients with STS. These trials, together with our clinical and preclinical studies of aldoxorubicin, will support our planned New Drug Application submission.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CYTR. In particular, we’re interested in both the presentation and the coming New Drug Application with the FDA. We’ll continue to follow the story closely and bring the news to you as it breaks!
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