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CYTRX CORPORATION ANNOUNCES 1993 FIRST QUARTER RESULTS

 NORCROSS, Ga., April 26 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR) today announced net income of $23,108 ($.00 per share) for the three months ended March 31, vs. a net loss of $21,574 ($.00 per share) reported in 1992.
 Results for 1993 reflected increased investment portfolio income which funded significantly higher research and development expenditures, primarily for additional scientific staff and activities to support expanded development efforts.
 Revenues for the first quarter were $1.6 million in 1993 vs. $0.9 million in 1992. Net sales of TiterMax(R), an immunoadjuvant for use by the basic research community, increased by 17 percent to $155,000. Revenues for both years included $500,000 from Burroughs Wellcome for development of RheothRx(R), which is currently in Phase II clinical trials for the treatment of heart attack. Sickle cell anemia and cerebral malaria are also under investigation. Net investment income increased to $951,000 in 1993 vs. $297,000 in 1992, reflecting significantly higher cash and short-term investment balances following the exercise of warrants during 1992. As of March 31, 1993, CytRx had cash and short-term investments of $50.4 million. Research and development spending more than doubled to $839,000 in 1993.
 Jack J. Luchese, president and chief executive officer, commented: "The first quarter of 1993 was productive for the CytRx Corporation. We are building a superior management team and scientific staff critical to the development of CytRx technologies. Our plans for the remainder of 1993 are to significantly increase the level of development activity for each of our products. We are expanding Phase II trials for TherMax(TM) and are investigating its use as a potential treatment for inflammatory skin conditions as well as burns. Preclinical activities are continuing to support Investigational New Drug (IND) applications for Protox(TM), our anti-infective agent, and for Vaxcel's Optivax(TM) vaccine adjuvant system."
 CytRx Corporation is a biopharmaceutical company engaged in the research and development of 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 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)
 3 months ended 3/31/93 3/31/92
 Net revenues $ 1,606 $ 930
 Cost of products sold 19 15
 Research and development expenses 838 417
 Business development, marketing, other 726 520
 Net income (loss) $23 $(22)
 Net income (loss) per common share $.00 $(.00)
 Cash and short-term investments 50,421 47,460
 Common shares outstanding 31,497 30,851
 -0- 4/26/93
 /CONTACT: CytRx Corp. Public Relations, 404-368-9500/
 (CYTR)


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

RA-BN -- AT022 -- 0876 04/26/93 15:34 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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