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CytRx (CYTR) Stock Rose 29%. How Did That Happen?

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On Friday, CytRx Corporation (OTCQB: CYTR) closed up 29.06 percent at $1.710 and has been trading between $1.310 and $1.710 in the recent week. CYTR stock gained 212.80% in the past year, setting a record high of $5.0000 with a $62.38M market capitalization. CYTR stock rose when there was no new information, so there is reason to believe that recent developments will offer additional insight regarding CYTR.

Have there been any recent developments?

In addition to discovering and developing new treatments for cancer and neurodegenerative diseases, CytRx is a biopharmaceutical company with expertise in doing so. To earn milestone payments and royalties, CYTR sold its drug candidate, arimoclomol, to Orphazyme. In Niemann-Pick disease Type C (“NPC”) and Gaucher disease, Orphazyme is developing arimoclomol.

CytRx recently shared updates about its agreements with Orphazyme and ImmunityBio along with plans for collaborative research.

  • As a result of its agreement with Orphazyme, CYTR can expect milestone payments of up to $100 million as well as future single-digit royalties paid on Arimoclomol sales.
  • Based on the possibility that arimoclomol could be approved by the U.S. and European Commissions as a treatment for Niemann-Pick disease Type C (“NPC”), CYTR is likely to receive up to $10 million in milestone payments in 2021.
  • In addition to announcing MIPLYFFA as the global brand name for arimoclomol, Orphazyme recently expanded its NPC Early Access Program in the U.S. and opened similar programs in France and Germany.
  • The ImmunityBio and NantKwest recently announced that the ongoing Phase 2 clinical trials of a novel combination immunotherapy – which includes aldoxorubicin – had produced early evidence of improved survival rates for patients with previously untreated pancreatic cancer.

CYTR’s Next Steps:

CytRx (CYTR) sought third-party financing for clinical testing of its high-potential assets and strategic partnerships. There are ongoing discussions with prospective partners, including Centurion Biopharma.

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