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CYTRX ANNOUNCES EXERCISE OF CLASS B WARRANTS

 CYTRX ANNOUNCES EXERCISE OF CLASS B WARRANTS
 NORCROSS, Ga., Feb. 26 /PRNewswire/ -- CytRx Corporation


(NASDAQ: CYTR) announced today that 5.3 million or 99 percent of its outstanding redeemable Class B Warrants were exercised prior to their redemption date of Feb. 25.
 The remaining unexercised redeemable warrants will be redeemed for $.05 per warrant upon the presentation of the related warrant certificates to the company. Net proceeds to the company were approximately $25.7 million. The above excludes the 600,000 Class B Warrants held by the underwriter of the company's 1986 initial public offering. These underwriter warrants are not redeemable under the terms of the original warrant agreement and will expire on Nov. 11, 1992.
 Each Class B Warrant entitled the holder to purchase one share of CytRx Corporation common stock for $5.00 per share. The redeemable Class B Warrants were to expire on Nov. 11, 1992, but were called for redemption by the company's board of directors on Jan. 23, 1992, with a redemption date of Feb. 25, 1992.
 CytRx now has approximately 31 million shares of common stock outstanding and $48 million in cash and short-term investments.
 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- 2/26/92
 /CONTACT: CytRx Corporation public relations, 404-368-9500/
 (CYTR) CO: CytRx Corporation ST: Georgia IN: MTC SU: OFR


BN-BR -- AT004 -- 2789 02/26/92 12:06 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 26, 1992
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