Cheryl Cohen, Former Medivation Chief Commercial Officer, Joins CytRx Board of Directors

LOS ANGELES, June 24, 2015 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced the appointment of Cheryl Cohen, former Chief Commercial Officer of Medivation, Inc., to its Board of Directors.

"Cheryl brings invaluable expertise in drug commercialization to CytRx. As the former Chief Commercial Officer of Medivation, Cheryl built the company's commercial framework and led its remarkably successful launch of Xtandi® in the United States," said Steven A. Kriegsman, Chairman and CEO of CytRx. "We believe her contributions will be significant as we prepare to commercialize aldoxorubicin and other new treatments for cancer patients. It is a pleasure to welcome her to the CytRx Board of Directors."

"It is an exciting time to be joining the CytRx Board. Aldoxorubicin is a novel therapeutic that preferentially releases drug within a tumor, and it has shown impressive results in several oncology clinical trials and has noteworthy potential in various cancer types where there is a huge unmet need," said Ms. Cohen. "I am delighted to be able to bring my commercial expertise to the CytRx Board to help the company navigate the planned commercial launch of aldoxorubicin in 2017, and to create long term value for shareholders."

Ms. Cohen served as the Chief Commercial Officer of Medivation, Inc., from September 2011 to July 2014, where she was responsible for the company's U.S. launch of Xtandi (enzalutamide) for metastatic castration-resistant prostate cancer. At Medivation, Ms. Cohen established and led the company's commercial organization and oversaw a successful launch, with the product achieving nearly $400 million in U.S. revenues in the first full year. Revenues for Xtandi are currently estimated to exceed $1 billion. Ms. Cohen also worked closely on all Medivation steering committees with its commercial partner, Astellas, and was involved in life cycle and strategic planning for Xtandi and in the review of new business development opportunities. Ms. Cohen currently serves as president of CLC Consulting, a pharmaceutical and biotechnology consulting firm specializing in new product commercialization. Ms. Cohen's previous experience also includes over a decade at Johnson & Johnson, most recently as vice president, strategic commercial group, Health Care Systems, Inc., responsible for the negotiations of Johnson & Johnson's portfolio of products to ensure access and preferred positioning, and as vice president, rheumatology franchise, Centocor, Inc., where she had direct responsibility for the $1+ billion per year Remicade U.S. rheumatoid arthritis business. Ms. Cohen currently serves on the Board of Directors of Tokai Pharmaceuticals, Inc. and Protein Sciences Corporation.  She earned her B.A. from Saint Joseph's College.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology.  CytRx currently is focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its improved version of the widely used chemotherapeutic agent doxorubicin. CytRx has initiated under a special protocol assessment a pivotal Phase 3 global trial with aldoxorubicin as a therapy for patients with soft tissue sarcomas whose tumors have progressed following treatment with chemotherapy, and has announced that it has received approval from the FDA to continue dosing patients with aldoxorubicin until disease progression in that clinical trial. CytRx is currently evaluating aldoxorubicin in a global Phase 2b clinical trial in small cell lung cancer, a Phase 2 clinical trial in HIV-related Kaposi's sarcoma, a Phase 2 clinical trial in patients with late-stage glioblastoma (brain cancer), a Phase 1b trial in combination with ifosfamide in patients with soft tissue sarcoma, and a Phase 1b trial in combination with gemcitabine in subjects with metastatic solid tumors. CytRx has completed a global Phase 2b clinical trial with aldoxorubicin as a first-line therapy for soft tissue sarcomas, a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b clinical trial of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors. CytRx plans to expand its pipeline of oncology candidates at its laboratory facilities in Freiburg, Germany, based on novel linker technologies that can be utilized with multiple chemotherapeutic agents and may allow for greater concentration of drug at tumor sites.  For more information about CytRx Corporation, visit 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 outcome, timing and results of CytRx's clinical trials, the timing or FDA approval of projected commercial sales of aldoxorubicin, the risk that any future human testing of aldoxorubicin 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 need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including the Phase 3 clinical development of aldoxorubicin, risks related to other lawsuits that have been brought against the Company and its officers and/or directors for alleged violations of the securities laws, the risk that the settlement described in this press release will not be approved by the Delaware Chancery Court, 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: Argot Partners Michelle Carroll 212.600.1902 [email protected]

Legend Securities John Columbia 800-385-5790 ext 164 718-233-2677 (Direct) [email protected]

Media: Argot Partners Eliza Schleifstein 973.361.1546 [email protected]

Company Contact: CytRx Corporation David J. Haen Vice President, Business Development and Investor Relations 310-826-5648, x304 [email protected]

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SOURCE CytRx Corporation