Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of CytRx Corporation Investors and Encourages Investors to Contact the Firm

LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased CytRx Corporation (“CytRx” or the “Company”) (NASDAQ: CYTR) securities between November 18, 2014 and July 11, 2016, inclusive (the “Class Period”). CytRx investors have until September 23, 2016 to file a lead plaintiff motion.

Investors suffering losses on their CytRx investments are encouraged to contact Casey Sadler of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the clinical hold placed on the Phase 3 trial of aldoxorubicin for soft tissue sarcomas ("STS") would prevent sufficient follow-up for patients involved in the study; (2) that, as a result, nearly half of all patients would be censored (excluded) from the progression free survival evaluation; (3) that, in response, CytRx would likely conduct a second analysis; (4) that, as such, the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed; and (5) that, as a result of the foregoing, Defendants' statements about CytRx's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On July 11, 2016, CytRx released the results of its Phase 3 clinical trial of aldoxorubicin, a product candidate designed for patients with soft tissues sarcomas (“STS”), which did not show noticeable improvement over other widely used cancer drugs. Additionally, the Company announced that nearly half of the patients in the Phase 3 trial were excluded from the data due to a partial clinical hold back in November 2014. Following this disclosure, shares of CytRx were down over 63% during intraday trading on July 12, 2016.

If you purchased shares of CytRx during the Class Period you may move the Court no later than September 23, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160826005065/en/

Glancy Prongay and Murray LLP, Los Angeles
Casey Sadler, 310-201-9150 or 888-773-9224
https://www.glancylaw.com
[email protected]

Source: Glancy Prongay & Murray LLP

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