CytRx Announces Integration of Wholly Owned Subsidiary Centurion BioPharma and Corporate Governance Updates
-CytRx Corporation (“CytRx” or the “Company”), a biopharmaceutical innovator focused on research and development of life-saving cancer therapeutics, announced that the Company is absorbing its wholly-owned subsidiary Centurion BioPharma Corporation (“Centurion”). All of Centurion’s assets will be absorbed by the Company via a merger agreement. Centurion’s assets consist of the high-potential LADR platform for the concentration and localized delivery of cancer therapeutics. The Centurion board of directors will also be terminated.
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In addition, CytRx announced today that Chairman Louis Ignarro, Ph.D. will retire from the Company’s Board of Directors (the “Board”) as of the 2022 Annual Meeting of Shareholders in July, and that Steven Kriegsman has retired from the Board effective immediately. CytRx thanks Dr. Ignarro and Mr. Kriegsman for their many years of service and wishes them well in their future pursuits. A new independent director will be added to the Board at or before the 2022 Annual Meeting of Shareholders.
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Stephen Snowdy, Ph.D., Chief Executive Officer, commented: “CytRx’s Linker Activated Drug Release system has the potential to save lives by making cancer drugs work better with an improved safety profile. The first-generation LADR drug, Aldoxorubicin, has been out-licensed to ImmunityBio for royalties on sales and up to $343 million in milestone payments and has experienced positive preliminary Phase II data in pancreatic cancer. Through the merger with Centurion, the next-generation LADR drugs are now within CytRx and poised for the last steps required for first-in-human studies, an achievement that could be expected to generate significant value for shareholders. The Company will continue to seek partners and explore the least dilutive pathways possible for the LADR drugs. Additionally, the Company expects that changes to the Board will result in a Board that is well-equipped for the Company’s evolution and activities going forward.”
Additional information pertaining to the developments announced today will be found on the Form 8-K that CytRx will file with the Securities and Exchange Commission.
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