Shares of CytRx rose nearly 6 percent Monday morning after the company announced positive preliminary data in tests on its cancer treatment.
The Data Safety Monitoring Board recommended continuing a clinical trial with the drug, called tamibarotene, in combination with chemotherapy drugs as a treatment for lung cancer. CytRx expects to release full data from the test in 2013.
“We've achieved a key milestone in advancing the late-stage clinical development of tamibarotene,” CytRx Chief Executive Steven Kriegsman said in a statement. “Tamibarotene in this indication could represent an important market opportunity for CytRx and our shareholders."
Based in Los Angeles, CytRx specializes in developing cancer treatments. In addition to tamibarotene, the company is testing drugs to treat soft tissue sarcomas and leukemia.
By midday on the Nasdaq, shares of CytRx traded at $5.17, a gain of 28 cents or 6 percent over Friday’s close.