CytRx Corp. said Monday it had added to its drug development pipeline by completing a stock-funded buyout of Innovive Pharmaceuticals Inc.

The deal gives Los Angeles-based CytRx ownership of the cancer drug tamibarotene and three other drug candidates. Shareholders of New York-based Innovive on Friday voted to accept 2.6 million CytRx shares in exchange for the company.

That would make the value of the deal less than $1.5 million, based on the Friday closing price of Cytrx shares. CytRx shares were down 1 cent to 56 cents in morning trading on the Nasdaq.

CytRx could also make up to $18.3 million in milestone payments, depending on the performance of the drug candidates in Innovive’s portfolio. Tamibarotene has been approved in Japan to treat a form of leukemia, and is being studied in the United States, Europe and Canada.

Innovive also was developing an oral anti-leukemia drug and a cancer vaccine being tested in lung cancer, leukemia, myelodysplastic syndrome (a cancer that affects bone marrow and blood) and mesothelioma, which damages the cells lining the lungs and is linked to asbestos exposure. A third drug being tested on sarcoma, breast and lung cancers.

CytRx itself is developing products to treat Lou Gehrig’s disease as well as for stroke recovery and diabetic wound healing. The company also owns approximately 49 percent of RXi Pharmaceuticals Corp. which is developing genetics-based RNA interference therapies to block the activity of genes associated with certain diseases.