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CYTRX CORPORATION ANNOUNCES FIRST QUARTER RESULTS

 CYTRX CORPORATION ANNOUNCES FIRST QUARTER RESULTS
 NORCROSS, Ga., April 16 /PRNewswire/ -- CytRx Corporation


(NASDAQ: CYTR) announced today that it incurred a net loss ($21,574), or ($.00) per share, for the three-month period ended March 31 vs. net income of $561,583, or $.03 per share, for the same period in 1991.
 Financial highlights for the first quarter of 1992 and 1991 are as follows:
 1992 1991
 Cash & short-term investments $47,459,770 $1,349,048
 Total assets $48,706,372 $2,561,967
 Equity $48,443,887 $1,374,747
 Revenues $ 929,703 $1,067,811
 Net income (loss) $ (21,574) $ 561,583
 Earnings (loss) per share (.00) .03
 A CytRx spokesman said that last year's results included a $500,000 one-time license fee paid to the company by Burroughs Wellcome Co. for the right to develop and market the company's RheothRx(R) copolymer in Japan. Additionally, during the 1992 quarter the company increased its overall level of expenditures in preparation for the commencement of Phase I clinical studies for TherMax(TM) gel, a topical treatment for burns and other wounds, and pre-IND (Investigational New Drug) activities for ProTox(TM), an anti- infective agent for the treatment of opportunistic infections associated with AIDS. Partially offsetting the increased operating expenditures and lower license fees in 1991 were higher investment income generated from the proceeds of the company's Class A and Class B Warrants and sales of Hunter's TiterMax(TM) which was launched in December 1990.
 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- 4/16/92
 /CONTACT: CytRx Corporation public relations, 404-368-9500/
 (CYTR) CO: CytRx Corporation ST: Georgia IN: MTC SU: ERN


BR-EA -- AT009 -- 9163 04/16/92 10:11 EDT
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Date:Apr 16, 1992
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