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CYTRX CORPORATION ANNOUNCES THE FORMATION OF VAXCEL(TM)

 NORCROSS, Ga., Jan. 14 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR) announced today the formation of Vaxcel(TM), Inc., a wholly owned subsidiary focused on the development and commercialization of new vaccine adjuvant systems.
 Corporate partnerships will be sought by Vaxcel as part of its overall commercialization plan. In addition, Vaxcel will receive the rights to TiterMax(R), a research adjuvant developed and marketed by CytRx, providing the new company with revenues. A search for a company president experienced in the vaccine industry has also been initiated, and plans are under development for Vaxcel to raise capital for its continued development.
 New product opportunities in the vaccine field for Vaxcel have evolved from the core CytRx copolymer technology. In research studies, the technology has demonstrated significant potential for the development of new single-dose injectable vaccines, as well as oral vaccines where only injectable products are currently available. Jack J. Luchese, president and chief executive officer of CytRx, said, "The creation of Vaxcel as a separate vaccine company is an important part of the CytRx strategy to maximize shareholder value by directing resources and people into areas of strategic focus and synergy."
 CytRx Corporation is a biopharmaceutical company engaged in the research and development of therapeutics incorporating copolymers. The company is developing critical care pharmaceutical products intended for use in the treatment of vascular, cancer, and infectious diseases as well as burns. 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 by Vetlife(TM), Inc., a wholly owned subsidiary of CytRx Corporation.
 -0- 1/14/93
 /CONTACT: CytRx Corporation public relations, 404-368-9500/
 (CYTR)


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

BR-BN -- AT014 -- 4968 01/14/93 14:43 EST
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Date:Jan 14, 1993
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