Good News Continues to Roll in for CytRx
One of the hottest biotechnology stocks continues to get hotter. Investors in CytRx Corporation (NASDAQ:CYTR) have enjoyed an incredible run over the past month. Since December 10, the company’s share price has risen by roughly 240 percent on several positive news announcements.
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The company is developing an improved version of doxorubicin, a widely used chemotherapeutic agent. Doxorubicin’s use is limited due to toxic, painful, and damaging side effects to patients. CytRx is conducting clinical trials with aldoxorubicin, an optimized version that allows the patient to receive 3.5 times the standard dose of doxorubicin at each cycle with reduced side effects.
By now, many investors are already familiar with the positive clinical trial data announced on December 11, 2013. In that announcement, CytRx reported highly statistically significant results from its global Phase 2b trial with aldoxorubicin in advanced soft tissue sarcomas. The data showed that aldoxorubicin was vastly superior to the current standard of care, doxorubicin.