LOS ANGELES, Feb. 28, 2018 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced its entry into a definitive agreement with Destum Partners, Inc., a leading strategic advisory firm serving companies in the life sciences industry, to assist in its pharma partnering activities. Destum will be the exclusive advisor to CytRx for the identification of partnership opportunities for CytRx's LADR™ (Linker Activated Drug Release) ultra-high potency drug conjugates. At the upcoming American Association for Cancer Research (AACR) 2018 Annual Meeting, April 14-18, 2018, CytRx will be presenting three posters highlighting significant data relating to the LADR™ drug conjugates, and Destum will be introducing the CytRx team to potential strategic partners.
"The LADR™ platform is a discovery engine combining CytRx's expertise in linker chemistry and albumin biology to create a pipeline of anti-cancer molecules that will avoid unacceptable systemic toxicity while delivering highly potent agents directly to the tumor," said Steven A. Kriegsman, CytRx's Chairman and CEO. "In 2018, we launched a comprehensive business development initiative designed to identify and secure new LADR™ technology partnerships and we believe our relationship with Destum Partners will connect us with major pharmaceutical and biotech strategic partners."
About the LADR™ Technology Platform
CytRx's innovative LADR™ (Linker Activated Drug Release) technology platform employs a broad portfolio of novel linker molecules that selectively bind to circulating albumin and can be linked to a wide variety of anti-cancer payloads. The Company's research efforts currently center on creating new molecules from the combination of ultra-high potency cytotoxic payloads with tunable linkers. The molecules that CytRx is currently evaluating concentrate at the tumor site providing targeted delivery of the cell killing payloads.
About CytRx Corporation
CytRx Corporation (NASDAQ: CYTR) is a biopharmaceutical company specializing in research and clinical development of novel anti-cancer drug candidates that employ linker technologies to enhance the accumulation and release of drug at the tumor. CytRx is rapidly expanding its pipeline of ultra-high potency oncology candidates at its laboratory facilities in Freiburg, Germany, through its LADR™ (Linker Activated Drug Release) technology platform, a discovery engine designed to leverage CytRx's expertise in albumin biology and linker technology for the development of a new class of potential breakthrough anti-cancer therapies. Aldoxorubicin, CytRx's most advanced drug conjugate, is an improved version of the widely used anti-cancer drug doxorubicin and has been out-licensed to NantCell, Inc.
About Destum Partners, Inc.
Destum Partners is an advisory and consulting services firm to the biopharmaceutical and life sciences industries. For more than 10 years their focus has been on facilitating transactions involving licensing, strategic partnerships and mergers and acquisitions for companies at all stages of product development. Destum clients range from multinational fortune 500 companies to midsized and early stage publicly- and privately-held companies.
This press release contains forward-looking statements. 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 and uncertainties relating to the ability of NantCell, Inc., to obtain regulatory approval for its products that use aldoxorubicin; the ability of NantCell, Inc., to manufacture and commercialize products or therapies that use aldoxorubicin; the amount, if any, of future milestone and royalty payments that we may receive from NantCell, Inc.; our ability to develop new ultra-high potency drug candidates based on our LADR™ technology platform; and other 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 Contact:
Michelle Carroll/Sean Augustine-Obi
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SOURCE CytRx Corporation