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CYTRX CORPORATION ANNOUNCES 1992 RESULTS

 NORCROSS, Ga., Feb. 17 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR) today announced a net loss of $0.1 million ($.00 per share) for the year ended Dec. 31, 1992 versus net income of $2.5 million ($.12 per share) reported in 1991. Results for 1992 were on track with expectations as they reflected significantly increased research and development expenditures in support of Phase I and Phase II studies for the topical agent, TherMax(TM), and for activities to support investigational new drug applications for Protox(TM) and the Optivax(TM) vaccine adjuvant program.
 Revenues in 1992 totaled $5.0 million versus $5.1 million in 1991. Sales of TiterMax(R), our immunoadjuvant for use by the basic research community, increased by 91 percent to $540,000 in its second full year on the market. Revenues also include $2.0 million in licensing revenues from Burroughs Wellcome for development of RheothRx(R), which is currently in Phase II clinical trials for sickle cell anemia, heart attack and cerebral malaria. 1991 revenues from this agreement of $4.5 million included additional one time payments for development milestones and a license for Japan. Net investment revenues increased significantly to $2.4 million in 1992 as the exercise of warrants to purchase CytRx stock increased cash and short term investments to a Dec. 31, 1992 position of $50.9 million. Research and development spending increased from $0.9 million in 1991 to $2.7 million in 1992.
 During the fourth quarter of 1992 CytRx recorded a net loss of $0.3 million as compared to a net loss of $0.2 million for the same period in 1991. This was primarily due to increased research and development activities which more than offset net revenue gains.
 "1992 was very satisfying for CytRx," commented Jack J. Luchese, president and chief executive officer. "We significantly increased our financial resources while making clear progress in advancing CytRx's key development projects. We also formed new subsidiaries to advance our growth promotant and vaccine adjuvant technologies, in-licensed a promising therapeutic with potential for treatment of certain cancers, and constructed a pilot GMP manufacturing facility. As we look to 1993, we anticipate commencement of Phase III clinical trials for RheothRx. TherMax will be entering expanded Phase II trials, and we expect to enter Phase I clinical trials for Protox, our anti-infective agent, and for our Optivax adjuvant system. We continue to build a superior management team and staff which I am confident will enable us to develop these products in a high quality fashion."
 CytRx Corporation is a biopharmaceutical company engaged in the research and development of therapeutics incorporating copolymers. The company is developing critical care pharmaceutical products intended for the use in the treatment of vascular and infectious diseases, cancer and burns. Vetlife(TM), Inc.,a wholly-owned subsidiary is developing feed additives to enhance growth in food animals. Vaxcel(TM), Inc., another wholly-owned subsidiary, markets TiterMax, and is also developing the Optivax vaccine adjuvant technology.
 CYTRX CORPORATION AND SUBSIDIARIES
 Condensed and Consolidated Statements of Income and Loss
 (Amounts in Thousands, Except Per Share Data)
 Period Ended Three Months Year Ended
 Dec. 31 1992 1991 1992 1991
 Net revenues $ 1,368 $ 792 $ 4,984 $ 5,092
 Cost of products sold 22 10 62 28
 Research and
 development expenses 981 302 2,699 926
 Business development,
 marketing, other 683 620 2,291 1,576
 Interest expense -- -- -- 6
 Income (loss) before
 income taxes (318) (140) (68) 2,556
 Provision for income tax -- 36 -- 36
 Net income (loss) $(318) $(176) $(68) $2,519
 Net income (loss)
 per common share $(.01) $(.01) $(.00) $ .12
 -0- 2/17/93
 /CONTACT: CytRx Corporation, 404-368-9500/
 (CYTR)


CO: CytRx Corporation ST: Georgia IN: MTC SU: ERN

TM-LD -- NY008 -- 7141 02/17/93 08:45 EST
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Date:Feb 17, 1993
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