November 23, 2009 10:39 ET

Pending Key Developments Ahead for CytRx Corporation (NASDAQ: CYTR)

LOS ANGELES, CA--(Marketwire - November 23, 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).

The stock, which has traded as low as $.24 earlier this year, appears to be on the rebound with at least two key developments on the horizon.

On Friday, after seeing the stock gap up on heavy volume, rumors began to swirl throughout cyberspace and on message boards about pending good news. Earlier in the week, shares of the company, whose drug development pipeline includes two product candidates in clinical development for cancer indications and treatments for neurodegenerative and other disorders based on its small-molecule molecular chaperone amplification technology, had barely registered a blip on the radar screen.

In fact the last significant spike (to $1.29) came in late July when CytRx announced that results demonstrating that their cancer drug candidate, INNO-206, had caused statistically significant tumor shrinkage in an animal model of ovarian cancer had been accepted for publication in the peer reviewed journal Investigational New Drugs.

By contrast, nearly 8 million shares traded and sent the stock up 25% to $1.14 from a previous close of $.91.

Could it be that investors are anticipating good news for the stock that fell out of grace on the day the FDA placed a clinical hold on their Phase IIb clinical trial for Arimoclomol -- a treatment for amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease)?

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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