Bridge Technology Group LLC Announces Investment Opinion on Cytrx Corp.NEW YORK--(BUSINESS WIRE)--May 4, 1999-- Bridge Technology Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Reiterates Buy Recommendation On Cytrx Corp. Following Positive Results of an Independent Data and Safety Monitoring Safety Monitoring of a clinical trial is conducted by an independent physician with relevant expertise. This is accomplished by review of adverse event, immediately after they occur, with timely follow-up through resolution. Board Please Visit Bridge's Web Site at www.BridgeNYC.com for Detailed Report Bridge Technology Group LLC announced today that it has reiterated its BUY recommendation on CytRx Corporation. The full text of this report can be accessed at Bridge's web site, at www.BridgeNYC.com. Excerpts from the report follow: CYTR CYTR Canadian Yorkshire Terrier Rescue CYTR Constant Yield Tax Rate (property tax) announced yesterday that its independent Data and Safety Monitoring Board (DSMB DSMB Data & Safety Monitoring Board Clinical research A committee of independent clinical research experts who review data in ongoing clinical trials, ensuring that participants are not exposed to undue risk, and look for any differences in effectiveness ) had examined the efficacy and safety results from the first 112 patients enrolled in the Pivotal Phase III clinical trial Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the of FLOCOR for the treatment of acute sickle cell crisis sickle cell crisis, n an acute, episodic condition that occurs in children with sickle cell anemia. The crisis may be vasoocclusive, resulting from the aggregation of misshapen erythrocytes, or anemic, resulting from bone marrow aplasia. . As we anticipated, the DSMB recommended that CYTR continue with enrolling the remainder of the patients in the trial as planned. The Company also announced that 147 patients, out of a planned 224, had been enrolled as of yesterday, which puts them on track to complete the trial and the statistical analysis by year end 1999. We view this interim result as very positive from a few perspectives: o First, enrollment is on schedule, which is particularly important in this clinical trial, as it has been difficult in other sickle cell trials to encourage patients to enroll in trials of new treatments. o Second, we believe this puts the safety concerns associated with prior trials to rest. o Third, we continue to believe that FLOCOR is the most promising drug in development for the treatment of sickle cell crisis, and believe that it could be first-to-market based on its current clinical timetable. Investors should note that CYTR applied for fast track approval status at the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for FLOCOR, approval for which is expected sometime in the third quarter. o Fourth, we believe this positive interim analysis will allow CYTR to push into other indications for FLOCOR, including the initiation in the near future of a Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II of FLOCOR in Acute Lung Injury/Acute Respiratory Distress Syndrome respiratory distress syndrome or hyaline membrane disease Common complication in newborns, especially after premature birth. Symptoms include very laboured breathing, bluish skin tinge, and low blood oxygen levels. (ALI/ARDS). o Lastly, we believe that this positive development will be beneficial in CYTR's ongoing discussions with potential corporate partners for the commercialization of FLOCOR. Conclusion: We continue to believe that CYTR trades at a significant discount to valuation levels typical for biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. with promising products in pivotal Phase III clinical trials. We also believe the investment case for CYTR, and the opportunity for FLOCOR, is not widely understood or appreciated by the investment community. In addition, CYTR is actively pursuing partnerships with large pharmaceutical companies on additional indications for FLOCOR and other pipeline technologies, which we believe are not currently reflected in the stock valuation. For these reasons, we are reiterating our BUY recommendation on CYTR and raising our 12-month price target of $8 to $10 per share. -0- Bridge Technology Group LLC is focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies. -0- The information in this press release has been obtained from sources that Bridge Technology Group LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by Bridge Technology Group LLC for the purchase or sale of any securities. Bridge Technology Group LLC has performed investment banking, consulting or other services for CYTR and may solicit investment banking, consulting or other business from, any company mentioned in this release. Bridge Technology Group LLC or persons associated with Bridge Technology Group LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the Bridge Technology Group LLC web site at www.BridgeNYC.com. This material, or any portion thereof, may not be reproduced without prior permission from Bridge Technology Group LLC. Bridge Technology Group LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering tampering The adulteration of a thing. See Drug tampering. or alteration. Copyright (c) 1999 by Bridge Technology Group LLC. All rights reserved. |
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