December 02, 2009 11:05 ET

CytRx Corporation (NASDAQ: CYTR) Looking More Like a Solid Rebound Play

LOS ANGELES, CA--(Marketwire - December 2, 2009) - BioMedReports.Com, the news portal which covers Wall Street's biomedical sector and delivers financial and investment intelligence to a community of highly informed investors, has issued a special report on CytRx Corporation (NASDAQ: CYTR).

As anticipated and reported by BioMedReports on Novermber 23rd, CytRx appears to be shaping up into quite a rebound story. The FDA has just lifted a clinical hold on the company's molecular chaperone drug candidate Arimoclomol as a therapeutic treatment for amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease).

Just yesterday, the company took a very telling step in the direction which has been rumored to be a new focus for the company: a headstrong march into the very hot oncology sector of the market. Cytrx named industry veteran Scott Geyer Senior Vice President of Manufacturing. Geyer brings Cytrx more than 28 years of manufacturing and technical operations knowledge overseeing all aspects of product manufacturing in oncology and other fields, including direct experience with small molecules, biologics and topicals.

BiomedReports has been hearing rumors that the company has been considering acquiring "a company or two" with oncology drugs in Phase II and III of development.

Company officials would not comment specifically about those rumors, but industry sources say that CEO Steve Kreigsman and his team have been "kicking tires and looking closely under the hood" of dozens of companies which may either be in need of capital or seeking partnerships. Cytrx announced surprise earnings last quarter and are well equipped to go out and make such a deal given their healthy stash of cash.

"Going on record very conservatively, after spending some time speaking to insiders and studying the company closely, we see this as an $8 to $10 stock in twelve to fifteen months," writes M.E. Garza of BioMedReports. "We continue to look for a very positive news flow from Cytrx and some key developments ahead."

The complete report is available now at BioMedReports.Com:

Biotech investors interested in accessing the news portal's complete database of clinical trials and upcoming FDA decisions can access that information here:

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