CytRx Corporation (Nasdaq:CYTR) President and CEO Steven A. Kriegsman and Chief Medical Officer Daniel Levitt, MD, Ph.D., shared their views on potential advantages of the Company and its oncology pipeline, and expanded on the commercialization strategy in an interview published in OncLive online.

In discussing CytRx's attributes, Mr. Kriegsman stated, "I think it's rare among publicly traded oncology companies and biotechs that are smaller in size that you have a management team that has had a hand in 6 oncology drugs coming to market."

Dr. Levitt commented on pipeline drug candidates INNO-206, tamibarotene and bafetinib, stating, "I think that each of our drugs, for their specific indications, has a great deal of promise." He noted that INNO-206, CytRx's tumor-targeting conjugate of the commonly prescribed chemotherapy agent doxorubicin, creates the potential for a much more destructive impact at the site of the tumor compared with doxorubicin alone, potentially "increasing the tumor's exposure to the drug by 300 to 400%." Regarding tamibarotene, he explained, "We believe that its potential to improve overall survival, progression free survival and tumor response for patients with stage IV lung cancer is the real opportunity here, based on very encouraging preliminary results with a far less potent drug in the same class as tamibarotene." About bafetinib, he noted its ability to specifically target certain enzymes that are expressed in high levels in certain leukemias and brain cancer.

Mr. Kriegsman also shared the board of directors' view that CytRx should undertake commercialization worldwide, including developing a sales force and marketing team, if possible. "But with INNO-206, it might be hard for us to do justice to that significant of a platform without possibly leveraging the resources of a partner due to the costs involved. It's too big for a company our size or even a company probably with an extra $100 million in cash."

Access to the full interview is available online at http://www.onclive.com/publications/Oncology-live/2011/july-2011/Building-Blocks-of-a-Biotech-CytRx-Executives-Talk-About-3-Agents-for-Multiple-Tumors/. OncLive is a connection to interviews and videos from oncology thought leaders, as well as cutting-edge articles and resources. It is the official website for the Oncology Specialty Group, which publishes Oncology & Biotech News, Oncology Fellows, OncLive, OncNurse and Contemporary Oncology. The mission of OncLive and these publications is to provide oncology professionals with the resources and information they need to provide the best patient care.

INNO-206

CytRx holds the exclusive worldwide rights to INNO-206, a tumor-targeted doxorubicin conjugate. INNO-206 was designed to reduce adverse events by controlling drug release and preferentially targeting solid tumors. The Company recently announced the delivery of INNO-206 at doses more than 4-times higher than the standard doxorubicin dose in its open-label Phase 1b safety and dose escalation clinical trial in soft tissue sarcomas. CytRx plans to initiate a Phase 2b clinical trial as a treatment for soft tissue sarcomas in 2011, following the Phase 1b dose escalation safety trial. Previous studies have shown INNO-206 efficacy in tumor models of breast, ovarian, small cell lung cancer, renal cell cancer and pancreatic cancers. Additionally, a recently announced study showed that low doses of INNO-206 and doxorubicin combined achieved complete remission in aggressively growing in vivo ovarian cancer tumors. Several other chemotherapy agents have been attached to the linker used for INNO-206, including paclitaxel, camptothecin, cisplatin and methotrexate, and may be incorporated into future clinical development by the Company.

Bafetinib

CytRx holds rights to bafetinib (formerly known as INNO-406) in all territories except Japan. Bafetinib is a potent, orally available, rationally designed, Bcr-Abl, Lyn and Fyn kinase inhibitor, which was being developed as a third-line treatment for patients with CML and certain forms of acute myeloid leukemia (AML) that are refractory or intolerant of other approved treatments. In November 2008, CytRx announced that bafetinib demonstrated clinical responses in patients with CML in an international, open-label Phase 1 dose-ranging clinical trial conducted in patients with CML and other leukemias that have a certain mutation called the Philadelphia Chromosome (Ph+) and are intolerant of or resistant to Gleevec® and, in some cases, second-line tyrosine kinase inhibitors such as dasatinib and nilotinib. In April 2010, the Company announced that bafetinib had received official notification from the Committee for Orphan Medicinal Products (COMP) of the European Medicines Agency (EMEA) that a positive opinion was made regarding the application for orphan medicinal product status for the treatment of chronic myeloid leukemia (CML). Bafetinib also has been granted Orphan Drug Status for the treatment of Ph+ CML by the U.S. Food and Drug Administration (FDA).

Tamibarotene

CytRx holds the North American and European rights to tamibarotene as a treatment for certain cancers. Tamibarotene is an orally available, rationally designed, synthetic retinoid compound designed to potentially avoid toxic side effects by binding to its molecular target more selectively than all-trans retinoic acid (ATRA), the current first-line treatment for APL. The Company has initiated a Phase 2b clinical trial of tamibarotene as a treatment for stage IIIb and IV non-small-cell lung cancer. Tamibarotene is also being evaluated for efficacy and safety in a Phase 2 trial as a third-line treatment for APL. The U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation for APL and Fast Track Designation for the treatment of adult patients with relapsed or refractory APL following treatment with ATRA and ATO. Tamibarotene also has been granted orphan medicinal product status by the European Medicines Agency for the treatment of APL. The estimated annual market potential in the U.S. and Europe for tamibarotene as a treatment for refractory, maintenance and front-line therapy in APL is up to $100 million.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development oncology company engaged in the development of high-value human therapeutics. The CytRx oncology pipeline includes three programs in clinical development for cancer indications: INNO-206, tamibarotene and bafetinib. With its tumor-targeted doxorubicin conjugate INNO-206, CytRx plans to initiate a Phase 2b clinical trial as a treatment for soft tissue sarcomas in 2011, following the Phase 1b dose escalation safety trial. The Company is evaluating bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL) and the PROACT Phase 2 clinical trial in advanced prostate cancer, and is conducting a pharmacokinetic clinical trial in brain cancer. CytRx's pipeline also includes tamibarotene, which it is testing in a double-blind, placebo-controlled Phase 2 clinical trial in patients with non-small-cell lung cancer, and which is in a registration clinical trial as a treatment for acute promyelocytic leukemia (APL). For more information on the Company, visit http://www.cytrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks relating to the ability to obtain regulatory approval for clinical testing of INNO-206, bafetinib or tamibarotene, the scope of clinical testing that may be required by regulatory authorities and the timing and outcome of further clinical trials, the risk that any future human testing of INNO-206, bafetinib, or tamibarotene might not produce results similar to those seen in past human or animal testing, risks related to CytRx's ability to manufacture its drug candidates in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx's ability to enter into one or more transactions to advance development of its molecular chaperone assets, risks related to CytRx's need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including any future clinical development of INNO-206, Bafetinib or tamibarotene, and the risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx's most recent annual report. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations
Legend Securities, Inc.
Thomas Wagner
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