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CYTRX CORPORATION ANNOUNCES EXERCISE OF REMAINING UNDERWRITER'S WARRANTS

 CYTRX CORPORATION ANNOUNCES EXERCISE
 OF REMAINING UNDERWRITER'S WARRANTS
 NORCROSS, Ga., Nov. 12 /PRNewswire/ -- CytRx Corporation (NASDAQ-NMS: CYTR) announced today that the underwriter of its 1986 initial public offering, D.H. Blair & Co. ("Blair"), has given notice to the company of its intention to exercise all of its remaining Underwriter's Class B Warrants.
 Through the exercise of these warrants Blair will acquire 589,600 shares of CytRx common stock for $5.00 per share, resulting in proceeds to CytRx of approximately $2.8 million, net of fees. CytRx will then have outstanding approximately 31.5 million shares of common stock and an excess of $50 million in cash.
 Jack J. Luchese, CytRx's president & CEO, remarked, "We are extremely pleased that D.H. Blair chose to exercise its remaining warrants and view this as a vote of confidence for CytRx's exciting technology and growth potential."
 CytRx Corporation is a biopharmaceutical company engaged in the research and development of therapeutics incorporating copolymers. The company is developing pharmaceutical products intended for use in the treatment of vascular, immune system and infectious diseases as well as burns. Hunter's TiterMax(R), an important immunoadjuvant for use by the basic research community, is currently on the market; and feed additives intended to enhance growth in food animals are under development through Vetlife(TM), Inc., a wholly owned subsidiary of CytRx Corporation.
 -0- 11/12/92
 /CONTACT: CytRx Corporation public relations, 404-368-9500/
 (CYTR) CO: CytRx Corporation ST: Georgia IN: MTC SU: OFR


BN-BR -- AT003 -- 0033 11/12/92 09:17 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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