European Patent Office Awards CytRx Key Patent

Patent Protects the LADR Platform and Drugs Employing LADR

LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (OTCQB: CYTR) (“CytRx” or the “Company”), a biopharmaceutical innovator focused on research and development of life-saving cancer therapeutics, today announced it has been awarded a key patent by the European Patent Office, and that the period for parties to oppose the patent has lapsed without opposition.

European Patent No. 3310800 covers the incorporation of the LADR backbone in a variety of drug compounds. The LADR backbone is attached to active pharmaceutical agents in order to target the agents to the diseased tissue, which the Company expects to reduce off-target side effects and allow for higher dosing of the active pharmaceutical ingredient. Dose-limiting toxicities are key limitations to untargeted pharmaceuticals.

CytRx notes that a US patent – US Patent No. 11,384,104 – covering the LADR platform has also recently been issued, which when combined with the European patent results in broad international protection of this important new technology.

In addition to intellectual property to protect the LADR platform, CytRx has also pursued patent protection covering certain specific drugs that incorporate the LADR backbone. For example, the Company recently received US patent number 11,377,473, a patent covering one of its lead pre-clinical candidates, which is based on derivatives of auristatin-E attached to the LADR backbone.

CytRx CEO Dr. Stephen Snowdy commented:

“We are pleased that the United States and European patent offices have granted these patents relating to the LADR system and of drugs incorporating the LADR system. We use a 2-tiered approach to protect the value of LADR and the drugs that result from combining LADR and an active pharmaceutical agent. The first tier protects the LADR backbone, while the second tier layers on additional protection by covering the composition resulting from the combination of the active pharmaceutical agent and LADR. We are busily preparing to take our next LADR-based cancer drug through its final pre-clinical hurdles and can do so with the comfort that these key patents are now in place.”

Forward-Looking Statements

This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only CytRx’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside of CytRx’s control. Forward-looking statements include those relating to the offering of CytRx’s securities, including as to the consummation of the offering described above, the expected proceeds from the offering, the intended use of proceeds and the timing of the closing of the offering, which may be affected by, among others, delays in satisfying or failure to satisfy closing conditions for the registered direct offering and the concurrent private placement and adverse changes in general economic and market conditions. 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; and other risks and uncertainties described in the most recent annual and quarterly reports filed by the CytRx with the SEC, including disclosures under the heading “Risk Factors”, and current reports filed since the date of the CytRx’s most recent annual report. All forward-looking statements are based upon information available to the CytRx on the date the statements are first published. The CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About CytRx

CytRx Corporation (OTCQB: CYTR) is a biopharmaceutical company with expertise in discovering and developing new therapeutics principally to treat patients with cancer. 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 KemPharm Inc. in exchange for milestone payments and royalties. KemPharm is developing arimoclomol in two indications, including Niemann-Pick disease Type C (NPC), and Gaucher disease. CytRx Corporation’s website is www.cytrx.com.