CytRx Announces the Appointment of Dr. Stephen Snowdy as Chief Executive Officer - Seite 2

Dr. Ignarro, Chairman of the Board, said:

“On behalf of the Board, I want to thank Steven for his visionary leadership and relentless dedication to CytRx. Steven turned the Company around at the most critical time and we all appreciate the progress he has made. We wish him nothing but success in any future endeavors.”

Dr. Snowdy added:

“I appreciate the confidence that Steven and the Board of Directors have placed in me. This is the beginning of a new day at CytRx, and I am happy to bring to CytRx my leadership philosophy which is built on the core values of integrity, communication, strong corporate governance and rigorous science. I believe my relationships in the capital markets and broader biopharmaceutical sector can help open new doors for the Company. I look forward to engaging with our existing shareholders, partners and other stakeholders to chart new paths to innovation and value creation. Thanks to CytRx’s licensing agreements and Centurion BioPharma’s promising assets, we have a strong foundation on which to build value for shareholders.”

About CytRx

CytRx Corporation (OTCQB: CYTR) is a biopharmaceutical company with expertise in discovering and developing new therapeutics principally to treat patients with cancer and neurodegenerative diseases. CytRx’s most recent advanced drug conjugate, aldoxorubicin, is an improved version of the widely used anti-cancer drug doxorubicin and has been out-licensed to ImmunityBio, Inc. In addition, CytRx’s drug candidate, arimoclomol, was sold to Orphazyme A/S in exchange for milestone payments and royalties. Orphazyme is developing arimoclomol in two indications, including Niemann-Pick disease Type C (NPC), and Gaucher disease. CytRx Corporation’s website is www.cytrx.com.

Forward-Looking Statements

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 ImmunityBio, Inc., to obtain regulatory approval for its products that use aldoxorubicin; the ability of ImmunityBio, 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 ImmunityBio, Inc.; Centurion BioPharma Corporation’s ability to develop new ultra-high potency drug candidates based on its LADR technology platform; our ability to attract potential licensees; 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.

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