CytRx Corporation (NASDAQ:CYTR) reported that net loss came at for $18.3 million in 2Q2016 against a net loss of $11.7 million in the comparable period, a year earlier. The non-cash profit on warrant derivative liability amounted to $0.9 million against a non-cash profit of $2.4 million in the same quarter, a year ago. License revenue came at $0.1 million compared to $0 in 2Q2015.
The management speaks
Steven A. Kriegsman, the CEO and Chairman of CytRx, said that the mission is to bring new treatments to cancer patients by applying unique Linker Activated Drug Release technology to offer cytotoxic payloads. As they await the second report for Phase 3 study of ‘Aldoxorubicin’ in second-line STS in 4Q2016, the team will continue to narrowly manage spending.
The underway single-agent aldoxorubicin studies, along with the combination studies in metastatic solid tumors and STS are fully enrolled. In addition, Phase 2b second-line study for small cell lung cancer is 90% enrolled, and they currently anticipate releasing top-line data in 4Q2016.
The future plans
CytRx expects to report results of second analysis of Phase III aldoxorubicin clinical study in enrollments with second-line STS, covering longer patient follow-up and enabling for greater maturation of set endpoints, in the fourth quarter of 2016. The company intends to plan an end-of-Phase III meeting with the U.S. FDA in 4Q2016 regarding aldoxorubicin as a cure for subjects with advanced soft tissue sarcomas.
CytRx expects reporting top-line data from the global Phase IIb clinical study assessing aldoxorubicin in subjects with second-line SCLC in the fourth quarter of 2016. As per the last update, the cash and cash equivalents in 2Q2016 came at $55.9 million. The company also completed a public offering of warrants and common stock that terminate one year from issuance for net proceeds of almost $18.3 million.