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CYTRX CORPORATION ANNOUNCES 1991 EARNINGS

 CYTRX CORPORATION ANNOUNCES 1991 EARNINGS
 NORCROSS, Ga., Feb. 18 /PRNewswire/ -- CytRx Corporation


(NASDAQ-NMS: CYTR) announced earnings of $.12 per share for the year ended Dec. 31, 1991, and a loss of ($.01) per share for the fourth quarter then ended, vs. losses of ($.05) and ($.01) for the year and quarter ended Dec. 31, 1990, respectively.
 Financial highlights for 1991 and 1990 are as follows (all amounts except per share data are rounded to the nearest thousand):
 12 mos. 4th quarter
 1991 1990 1991 1990
 Revenues $5,091,000 $1,161,000 $792,000 $343,000
 Net inc. (loss) 2,519,000 (915,000) (167,000) (163,000)
 Earnings (loss)
 per share .12 (.05) (.01) (.01)
 A CytRx spokesman said that 1991 earnings are due primarily to milestone payments and other license fees paid to the company by Burroughs Wellcome Co. pursuant to Wellcome's exclusive license of CytRx's RheothRx(R) copolymer, interest income from the investment of excess cash, and sales of Hunter's TiterMax(TM) which was launched in December 1990 and continues to gain market share. Net sales of TiterMax(TM) were approximately $282,000 vs. $7,600 in 1990.
 The loss incurred during the fourth quarter of 1991 was due entirely to several nonrecurring items including an application fee to have the company's stock listed on NASDAQ's National Market System, provision for the company's 1991 federal income tax liability, and the prepayment of amounts due to a former officer under a consulting contract.
 CytRx Corporation is a biopharmaceutical company engaged in the research and development of therapeutics incorporating copolymers. The company is developing human pharmaceutical products intended for use in the treatment of vascular, immune system and infectious diseases as well as burns. The company is also developing feed additives intended for growth enhancement in food animals, adjuvants for use in both human and veterinary vaccines and is currently marketing Hunter's TiterMax(TM), an immunoadjuvant for use by the basic research community.
 -0- 2/18/92
 /CONTACT: CytRx Corporation public relations, 404-368-9500/
 (CYTR) CO: CytRx Corporation ST: Georgia IN: MTC SU: ERN


BR-BN -- AT003 -- 9805 02/18/92 09:56 EST
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Date:Feb 18, 1992
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