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CYTRX CORPORATION ANNOUNCES SUCCESSFUL COMPLETION OF PREFERRED STOCK TENDER OFFER

 NORCROSS, Ga., July 22 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR) today announced the successful completion of its tender offer in which 100 percent of the remaining shares of CytRx Series A Preferred Stock were tendered to the company.
 With the completion of the tender, all 682 outstanding shares of preferred stock have been place in a trust to be voted in accordance with the directions of the holders of CytRx common stock. Currently, holders of these preferred shares are entitled to elect three of the five members of the board of directors. The trust will remain in effect until October 1996, at which time the preferred shares are to be redeemed by the company.
 Commenting on the successful completion of the tender offer, Jack J. Luchese, president and chief executive officer said: "I am pleased that the preferred shareholders unanimously supported CytRx in transferring the voting powers of the preferred stock to the common shareholders. With this action, they have enabled the common shareholders to have full responsibility for the composition of our board of directors."
 CytRx Corporation is engaged in the research and development of critical care pharmaceutical products for the treatment of vascular and infectious diseases, burns and cancer. Vaxcel(TM), Inc., a CytRx subsidiary, is developing an advanced vaccine adjuvant system for human and veterinary use. Vetlife(TM), Inc., a second subsidiary, is developing feed additives to enhance growth in food animals.
 -0- 7/22/93
 /CONTACT: CytRx Public Relations, 404-368-9500/
 (CYTR)


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

RA-TG -- AT009 -- 4500 07/22/93 11:43 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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