CytRx Shares Rise on Cancer Drug DataWednesday, January 8, 2014
Shares of CytRx Corp. rose 6 percent on Wednesday after the biotech company released additional data from a human study of its highly anticipated experimental cancer treatment.
The West L.A. company’s Aldoxorubicin combines an established chemotherapy drug called doxorubicin with CytRx's “linker molecule” that enables higher levels of doxorubicin to be safely given to patients without endangering healthy tissue.
In early data released last month, CytRx said patients treated with Aldoxorubicin in the mid-stage clinical trial had significantly better outcomes than those treated with doxorubicin alone. Additional analysis released Wednesday indicated a reduction of 41 to 63 percent in the risk of disease progression, the company said.
The analysis “reinforces our confidence in the ability of our linker technology to target the release of doxorubicin directly at the site of cancer,” Chief Executive Steven A. Kriegsman said in a statement.
Shares have soared 158 percent over the past month since CytRx announced the preliminary findings on Aldoxorubicin.If approved by federal regulators, the drug would be its first product on the market.
Shares closed up 39 cents, or 6 percent, to $6.82 on the Nasdaq.