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CYTRX CORPORATION ANNOUNCES NINE MONTHS EARNINGS

 CYTRX CORPORATION ANNOUNCES NINE MONTHS EARNINGS
 NORCROSS, Ga., Oct. 27 /PRNewswire/ -- CytRx Corporation


(NASDAQ: CYTR) announced earnings of $.01 per share for nine month period ended Sept. 30 vs. earnings of $.13 per share for the same period in 1991.
 For the three month period ended Sept. 30, the company reported $.00 per share vs. $.05 in 1991. Financial highlights for 1992 and 1991 are as follows (all amounts expressed in thousands except per share data):
 9 Months ended 3 Months ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Income statement:
 Revenues $ 3,616 $ 4,300 $ 1,524 $ 1,627
 Net income 251 2,695 84 1,023
 Earnings per share .01 .13 .00 .05
 Balance sheet (Sept. 30)
 Cash & investments $48,359 $ 3,801
 Shareholders' equity $48,764 $ 3,821
 Outst. common shares 30,890 19,143
 A CytRx spokesman said that 1992 nine month results include $1,500,000 in ongoing quarterly license fees paid to the company by Burroughs Wellcome Co. pursuant to Wellcome's license of CytRx's RheothRx(R). Other sources of revenue include investment income and sales of Hunter's TiterMax(R). During 1992 the company has increased its overall level of expenditures in connection with the commencement of human clinical studies for TherMax(TM) gel, a topical treatment for burns and other wounds, which is currently in Phase II clinical trials. Also, the company is conducting pre-IND (Investigational New Drug) application activities for ProTox(TM), an anti-infective agent for the treatment of opportunistic infections associated with AIDS. The difference between 1991 and 1992 revenues is explained by $2,750,000 in non-recurring license fees and milestone payments paid to the company by Wellcome during 1991, partially offset by higher investment income generated from the proceeds of the company's Class A and Class B Warrants and increased sales of Hunter's TiterMax(R).
 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, Inc., a wholly owned subsidiary.
 -0- 10/27/92 R
 /CONTACT: CytRx Corporation Public Relations, 404-368-9500/
 (CYTR) CO: CytRx Corporation ST: Georgia IN: MTC SU: ERN


EA-BN -- AT007 -- 5311 10/27/92 10:53 EST
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Date:Oct 27, 1992
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