CytRx Slips to Loss

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CytRx Corp., a Los Angeles biotech with no products on the market, moved to a loss in the third quarter, which year-ago recorded some non-sales revenue.

The company on Monday reported a net loss of $4.41 million (- 4 cents a share), compared with net income of $3.86 million (4 cents) a year earlier. Analysts surveyed by Thomson Reuters on average expected the company to report a per-share loss of 5 cents.

In the 2009 quarter, Cytrx sold some shares of a spin-off company and received money from a charitable trust focused on a cure for amyotrophic lateral sclerosis, or Lou Gehrig’s Disease. The company has an experimental drug called tamibarotene in clinical trials for both that disease and lung cancer.

“We are firmly focused on advancing development of our highly promising oncology portfolio,” Chief Executive Steven Kriegsman said in a statement, noting that the company last week was awarded a $735,000 federal grant to further commercialize tamibarotene and two other cancer drugs.

Shares were down 1 cent, or less than a percent, to 85 cents in midday trading on the Nasdaq.

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