[July 25, 2016]

Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of CytRx Corporation Investors and Encourages Investors to Contact the Firm

Glancy Prongay & Murray LLP ("GPM") announces that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of investors who purchased CytRx Corporation ("CytRx" or the "Company") (NASDAQ:CYTR) securities between November 18, 2014, and July 11, 2016, inclusive (the "Class Period"). CytRx investors have sixty days from the date of this notice to file a lead plaintiff motion.

Investors suffering losses on their CytRx investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].

The complaint filed in this lawsuit alleges that throuhout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the clinical hold placed on the Phase 3 trial of aldoxorubicin for STS would prevent sufficient follow-up for patients involved in the study; (2) that, as a result, nearly half of all patients would be censored (excluded) from the progression free survival evaluation; (3) that, in response, CytRx would likely conduct a second analysis; (4) that, as such, the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed; and (5) that, as a result of the foregoing, Defendants' statements about CytRx's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

If you purchased shares of CytRx during the Class Period you have sixty days from the date of this notice to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160725006123/en/

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