Is CytRx Corporation the Next Pharmacyclics?
The biggest story this week in biotechnology has been the explosion seen in shares of CytRx Corporation (NASDAQ:CYTR). In fact, the recent move catapults CytRx to one of the top performing biotechnology stocks of 2013, and what’s really interesting is that based on the recent news, CytRx may be on the verge of altering the cancer landscape — much like Pharmacyclics (NASDAQ:PCYC) has done over the past couple of years.
CytRx Corporation is a development-stage biotechnology company developing a potential replacement for doxorubicin, the current standard of care in cancer treatment. The company has developed an improved version of doxorubicin, called aldoxorubicin, which it hopes can be used to treat a variety of cancers including first-line soft tissue sarcoma, second-line soft tissue sarcoma, glioblastoma multiforme, and Kaposi’s sarcoma.
Earlier this week, CytRx announced results from its on-going Phase 2b clinical trial that was evaluating the efficacy and safety of aldoxorubicin in patients with first-line metastatic, locally advanced, or unresectable soft tissue sarcoma. Data from the trial indicated that aldoxorubicin demonstrated between 80 and 100 percent superiority over doxorubicin in progression-free survival as a first-line therapy in advanced soft tissue sarcoma. The median progression-free survival, 6-month progression-free survival and overall response rates all significantly favor aldoxorubicin treatment over doxorubicin. Additionally, there were no serious safety issues seen in the patients.