CytRx Drug Candidate Arimoclomol Ranks Among R&D Directions' ''100 Great Investigational Drugs''.

LOS ANGELES -- CytRx Corporation (Nasdaq: CYTR) today announced that its small molecule drug candidate arimoclomol was cited in the fifth annual report on "100 Great Investigational Drugs in Development," published in the March 2006 issue of the pharmaceutical industry magazine R&D Directions. According to the publication, compounds on this list distinguish themselves as "innovative, first-in-class or clearly advanced compared with those on the market." CytRx is currently conducting a Phase II clinical trial at ten centers across the U.S. with arimoclomol in amyotrophic lateral sclerosis, also known as ALS or Lou Gehrig's disease, a devastating neurodegenerative disease with no effective treatment.

"It is an honor that arimoclomol was selected by the editors of R&D Directions to be among the 'best and brightest of the future's new medicines' from the thousands of drugs currently in development worldwide," said Steven Kriegsman, CytRx President and CEO. "We certainly agree with the selection of arimoclomol as an innovative, first-in-class drug candidate based on what we believe is its unique 'molecular chaperone' co-induction mechanism. The focus of our current clinical development program is to prove that arimoclomol is indeed clearly advanced compared with drugs currently on the market."

A copy of the report can be viewed at www.rddirections.com.

About Arimoclomol

Arimoclomol is one of CytRx's three orally-administered, small molecule compounds. This small molecule drug candidate is believed to function by stimulating a normal cellular protein repair pathway through the activation of "molecular chaperones." Since damaged proteins called aggregates are thought to play a role in many diseases, CytRx believes that activation of molecular chaperones could have therapeutic efficacy for a broad range of diseases.

About ALS

ALS is a progressive degeneration of the brain and spinal column nerve cells that control the muscles that allow movement. Over a period of months or years, ALS causes increasing muscle weakness, inability to control movement and problems with speaking, swallowing and breathing. According to the ALS Survival Guide, 50% of ALS patients die within 18 months of diagnosis and 80% die within five years. In the U.S., an estimated 30,000 people are living with ALS and nearly 6,000 new cases are diagnosed annually, according to the ALS Association. There are more than 120,000 people living with ALS worldwide.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company engaged in the development of high value human therapeutics. The Company owns three clinical-stage compounds based on its small molecule "molecular chaperone" co-induction technology (CCI), as well as a targeted library of 500 small molecule CCI analogs. CytRx has initiated a Phase II clinical trial with its lead CCI small molecule product candidate arimoclomol for the treatment for amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease). Arimoclomol has received Orphan Drug status and Fast Track designation from the U.S. Food and Drug Administration. CytRx has previously announced that a novel polyvalent HIV DNA + protein vaccine exclusively licensed to CytRx and developed by researchers at UMMS and Advanced BioScience Laboratories, and funded by the National Institutes of Health, demonstrated very promising interim Phase I clinical trial results that indicate its ability to produce potent antibody responses with neutralizing activity against multiple HIV viral strains. CytRx also has a broad-based strategic alliance with UMMS to develop novel compounds in the areas of ALS, obesity, type 2 diabetes and cytomegalovirus (CMV) using RNAi technology. The Company has a research program with Massachusetts General Hospital, Harvard University's teaching hospital, to use RNAi technology to develop a drug for the treatment of ALS. CytRx Drug Discovery division, located in Worcester, MA focuses on the use of RNAi technologies to develop small molecule and RNAi therapeutics to treat obesity and type 2 diabetes. For more information, visit CytRx's Web site at www.cytrx.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Examples of such statements include, but are not limited to, statements relating to the expected timing, scope and results of our clinical development and research programs, including the initiation of clinical trials, and statements regarding the potential benefits of our drug candidates and potential drug candidates. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the outcome and timing of CytRx's Phase II clinical trial for arimoclomol, including the open-label extension of that trial, uncertainties regarding regulatory approvals for future clinical testing of arimoclomol and the scope of the clinical testing that may be required by regulatory authorities for arimoclomol, uncertainties related to the early stage of CytRx's diabetes, obesity, cytomegalovirus and ALS research, the significant time and expense that will be incurred in developing any of the potential commercial applications for arimoclomol and the need for additional capital to fund the development of arimoclomol, risks relating to the enforceability of any patents covering CytRx's products and to the possible infringement of third party patents by those products, and the impact of third party reimbursement policies on the use of and pricing for CytRx's products. Additional uncertainties and risks are described in CytRx's most recently filed SEC documents, such as its most recent annual report on Form 10-K, all quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last Form 10-K. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.