FBR Affirms CytRx (CYTR) at 'Outperform' Following Strong Aldoxorubicin Phase 1b/2 Data

FBR & Co. affirms CytRx Corporation (Nasdaq: CYTR) at Outperform with a price target of $3 after the company presented results from its on-going Phase 1b/2 trial of aldoxorubicin in combination with ifosfamide/mesna in patients with advanced sarcomas.

Analyst Christopher James commented today, Today's data demonstrated that more than one-third of evaluable patients achieved a partial response for the target lesion and 61% had prolonged stable disease. While there were nine treatment-associated serious adverse events (SEAs), we point out that no cardiotoxic signals were observed. We believe the final results could represent a positive catalyst for the stock, and reiterate our Outperform rating.

Phase Ib/II study evaluated 36 patients dosed with either 170mg/m2 or 250mg/m2 of aldoxorubicin in combination with ifosfamide/mesna. Interim data demonstrated partial response of the target lesion in 36% of patients, and stable disease in 61% of patients. Six patients, who previously did not qualify for resection were able to achieve over 50% tumor shrinkage over the course of the study, and only one patient showed progressive disease. There were nine SEAs and no treatment-related deaths reported for the study. Importantly, no significant cardiac or dose-limiting toxicities were observed. The company announced that the study will enroll additional patients in the 250mg/m2 dose group.

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Shares of CytRx Corp closed at $0.54 yesterday.

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