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CYTRX CORPORATION ANNOUNCES REDEMPTION OF CLASS B WARRANTS

 CYTRX CORPORATION ANNOUNCES REDEMPTION OF CLASS B WARRANTS
 NORCROSS, Ga., Jan. 23 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR) announced today the redemption of all of its currently outstanding redeemable Class B Warrants for $.05 per warrant on Feb. 25 (the "Redemption Date").
 CytRx has elected to redeem the warrants in accordance with the terms of the Warrant Agreement between CytRx Corporation, The Citizens and Southern National Bank (now known as NationsBank), as the warrant agent, and D.H. Blair & Co., Inc., the underwriter of CytRx's initial public offering in 1986.
 Each warrant allows the holder thereof to acquire one share of CytRx Corporation common stock, upon payment of the purchase price of $5.00 per warrant, until 5 p.m. EST on Feb. 24. On or after the redemption date, a holder of a warrant will have no further rights with respect to the warrant except to receive, upon surrender of the warrant, the redemption price of $.05 per warrant.
 A formal notice of redemption will be mailed to all holders of warrants on the books of the warrant agent as of Jan. 23.
 This communication does not constitute an offer to sell securities nor is it an offer to buy securities. Securities may be sold only pursuant to a prospectus which will be issued in confirmation of the exercise of warrants. A copy of the prospectus is available in advance of the exercise of warrants upon written request to the company.
 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- 1/23/92
 /CONTACT: Mark W. Reynolds, vice president-Finance of CytRx, 404-368-9500/
 (CYTR) CO: CytRx Corporation ST: Georgia IN: MTC SU: OFR


BR-BN -- AT002 -- 2654 01/23/92 09:32 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 23, 1992
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