CytRx's cancer drug meets main goal, shares soar

Wed Dec 11, 2013 8:47am EST

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Dec 11 (Reuters) - CytRx Corp said its experimental cancer drug improved survival rates in soft tissue sarcoma patients without the disease progressing, compared to chemotherapy alone, sending its shares up 75 percent before the bell.

The mid-stage trial tested the drug, aldoxorubicin, against a chemotherapy drug, doxorubicin, in 123 patients.

Aldoxorubicin combines the chemotherapeutic agent, doxorubicin, with a linker-molecule that binds to albumin in the blood, allowing for delivery of higher amounts of doxorubicin.

The treatment was found to be safe and well-tolerated, the CytRx said on Wednesday.

Soft tissue sarcoma is characterized by cancerous tumors that occur in soft tissues like muscle, fat, blood vessels and tendons that connect, support and surround other body structures. This form of cancer can arise anywhere in the body at any age.

"Aldoxorubicin is the first and only single agent to surpass doxorubicin as a first-line treatment for soft tissue sarcomas," said Sant Chawla, the study's principal investigator.

CytRx's shares were trading at $3.94 before the bell. They closed at $2.39 on the Nasdaq on Tuesday, valuing the company at about $100 million. (Reporting by Natalie Grover in Bangalore; Editing by Sriraj Kalluvila)

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