Glancy Prongay & Murray LLP announces an investigation on behalf of investors of CytRx Corporation concerning the company and its officers’ possible violations of federal securities laws. GPM is preparing a lawsuit on behalf of injured investors.
CytRx is a biopharmaceutical research and development company that specializes in oncology.
On July 11, 2016, CytRx released the results of its Phase 3 clinical trial of aldoxorubicin, a product candidate designed for patients with soft tissues sarcomas (STS), which did not show noticeable improvement over other widely used cancer drugs. Additionally, the company announced that nearly half of the patients in the Phase 3 trial were excluded from the data due to a partial clinical hold back in November 2014, and that the company intended to conduct a second analysis. Following this disclosure, shares of CytRx fell nearly 60 percent on July 12, 2016, thereby injuring investors.
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