NEWS BUZZ – CytRx Corporation (NASDAQ:CYTR)

CytRx Corporation (NASDAQ:CYTR) stock advanced -3.6364% and closed at $0.3763. The stock opened the session at $0.3900 and touched its highest price point at $0.3999. Its recent trading capacity is 1.74 million shares in comparison to its average trading volume of 4.61 million shares. The company’s stock’s lowest price point for the session stood at $0.3750.

CYTR traded as low as $0.3610 in the past 52 weeks, and since then the shares have changed +4.2382% or $0.0153. The recent 52 weeks high price ($0.9980) makes it one stock to watch in recent days. It’s moved -62.2946% from 52 weeks high.

CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company specializing in oncology, reported that Nasdaq has granted the Company’s request for a continued listing pending the results of  a stockholder vote on or before October 30, 2017.  CytRx participated in a hearing before a Nasdaq Hearings Panel (the “Panel”) on October 12, 2017, and received a favorable written decision from the Panel on October 16, 2017, for the continued listing consistent with the Company’s request.

The Panel granted the Company’s request for continued listing subject to the following relevant terms:

On or before October 30, 2017, the Company shall inform the Panel that is has received stockholder approval to implement a reverse stock split in a ratio of 1 for 6 shares.

On or before November 15, 2017, the Company must evidence a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days.

The Company intends to adjourn, without conducting any business, the scheduled Special Meeting of Stockholders planned for October 17, 2017.  The Special Meeting will be rescheduled for 10 a.m. Pacific Time October 27, 2017, at the same location, at which the Company will seek stockholder approval to implement a 1-for-6 reverse stock split of the Company’s common, preferred and authorized shares, along with all outstanding options and warrants.  If approved, the Company plans to implement the reverse stock split shortly after the October 27, 2017, Special Meeting in order to demonstrate a closing bid price of at least $1.00 per share soon after the Special Meeting.  In order to demonstrate compliance with Nasdaq’s $1.00 bid price standard, the Company must demonstrate a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days following the reverse stock split.  According to the terms of the panel’s decision, this must occur by no later than November 15, 2017.

CytRx Corporation operates as a biopharmaceutical research and development company specializing in oncology. The company’s product candidate is the aldoxorubicin, which is in Phase III clinical trial as a therapy for patients with soft tissue sarcomas (STS) whose tumors have progressed following treatment with chemotherapy; in Phase IIb clinical trial in small cell lung cancer; in Phase II clinical trial in HIV-related Kaposi’s sarcoma; in Phase II clinical trial in patients with late-stage glioblastoma (brain cancer); in Phase Ib trial in combination with ifosfamide in patients with STS; and in Phase Ib trial in combination with gemcitabine in subjects with metastatic solid tumors. It also has completed Phase IIb and Phase Ib/II clinical trials with aldoxorubicin as a first-line therapy for STS; a Phase Ib clinical trial of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors; and a Phase Ib pharmacokinetics clinical trial in patients with metastatic solid tumors. The company is also developing anti-cancer drug conjugates, which utilizes its Linker Activated Drug Release technology. CytRx Corporation was founded in 1985 and is headquartered in Los Angeles, California.

Richard Morris

Richard Morris has practical experience in politics and current affairs. Before going along with US Stock Journal Content Solutions Unit (CSU), he worked in a senior article part at Wall Street and Technology where he provided details regarding all viewpoints at the crossing point of politics. Connect to Richard richard@usstockjournal.com