Biopharmaceutical innovator focusing on research and development of life-saving cancer therapeutics, CytRx Corporation (OTCMKTS:CYTR), on September 23, 2022, announced relaunching of the LadRx Corporation.
Trading Data
On Friday, CYTR stock slid 21.57% to $0.1000 with more than 90.12K shares, compared to its average volume of 68.32K shares. The stock moved within a range of $0.1000 – 0.1275 after opening trading at $0.1003.
CytRx Corporation Relaunches as LadRx Corporation
Chief Executive Officer Stephen Snowdy, PhD said that the firm has taken a number of steps for change and renewal since January 2022.
Snowdy added that the firm commenced by bringing in board member Dr. Jennifer Simpson in 2021 and then new leadership in early 2022. The CEO added that the company then consolidated its structure by merging subsidiary Centurion into CytRx.
The firm witnessed more changes to the board of directors with the departure of two incumbent board members as well as a new director, Mr. Cary Claiborne. Snowdy further stated that the company’s website will be www.ladrxcorp.com, reflecting the novel product platform.
CytRx notes that LADR stands for Linker Activated Drug Release, which is a small organic backbone that can be attached to chemotherapeutics. The firm is anticipating that the targeting and delivery method will result in lower toxicity.
Aldoxorubicin, a first-gen LADR-based drug, is in a registrational Phase II clinical trial for pancreatic cancer. It has been licensed to Immunity Bio for about $330 million in sales milestones and royalties. Published data on LADR7 has been seen as a highly effective anti-cancer agent in pre-clinical animal studies in non-small cell lung as well as ovarian cancers.
Key Quote
Chief Executive Officer Stephen Snowdy, PhD commented, “Since January of 2022, the Company has taken several steps towards change and renewal. We started by bringing in new board member Dr. Jennifer Simpson in 2021, and bringing new leadership into the CEO position early in 2022.”
Technical Data
CYTR stock is trading above the 20-Day and 50-Day Moving averages of $0.10 and $0.10 respectively. However, the stock is trading below the 200-Day moving average of $0.26.
