Los Angeles Business Journal

EARNINGS: CytRx, Kennedy Wilson

By Andrew Edwards Wednesday, August 6, 2014

CytRx Corp. and Kennedy Wilson Holdings were among firms reporting earnings.

CYTRX CORP.

Los Angeles pharmaceutical company CytRx Corp. on Wednesday reported a deeper net loss alongside optimism that its efforts to develop drugs for cancer treatments are going well.

CytRx reported a net loss of $15.7 million (28 cents a share) for the quarter ending June 30, compared with a $3.4 million loss one year prior.

CytRx had no revenue for the past quarter, compared with $200,000 during the same three-month period in 2013. The company’s research and development expenses grew from $4.6 million to $10.4 million.

The company’s projects include Aldoxorubicin, being developed as a possible treatment for a set of diseases called soft tissue sarcoma. Testing revealed that the medication improves patients’ progression free survival and tumor shrinkage. CytRx also plans to open a laboratory in Germany on Oct. 1.

Shares on Wednesday fell 20 cents, or 6 percent, to $3.12 on the Nasdaq.

KENNEDY WILSON HOLDINGS

Kennedy Wilson Holdings of Beverly Hills beat analyst forecasts in earnings reported Wednesday.

Kennedy Wilson Holdings reported adjusted net income of $64.2 million (72 cents a share) for the quarter ending June 30, up 334 percent from $14.8 million one year prior.

Analysts expected earnings of about 1 cent a share.

Revenue increased 153 percent to $92 million.

During the second quarter, Kennedy Wilson earned fees of roughly $26 million on a sale of Dublin properties to Kennedy Wilson Europe Real Estate. The company also made an additional profit of nearly $27 million on the same deal, which was approved by the European division’s shareholders.

Before the earnings were announced Wednesday, shares of Kennedy Wilson closed at $23.75 on the NYSE.