Volume Alert: CytRx Corp. (CYTR)

Posted in General 
June 30th, 2009

CytRx Corp. (Nasdaq: CYTR) shares are up 8%, near $1 a share, and have traded a day’s average daily volume in the first two hours of trading after the company filed a report with the FDA offering data to support continuation of one of its key Phase II clinical trials.

“We are confident that the information included in this report, including results from a detailed animal toxicology study, sufficiently addresses the agency’s concerns,” said Steven A. Kriegsman, CytRX CEO, in a statement.

The company expects the FDA to review its report supporting continuation of the Phase II trial for dr candidate arimoclomol in Lou Gherig’s disease. The FDA had placed a partial hold on the trial in January 2009 — Mike Tarsala

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