A biopharmaceutical research and development company engaged in developing human therapeutic products based primarily upon its small molecule molecular chaperone co-induction technology.
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Like Insmed, Ardea, and countless others before CytRx has reinvented itself through acquisitions. In 5/11 the company sold the remnants of their small molecule chaperone program for "up to" 120M in milestones from Orphazyme. The upfront payment was apparently so small the company was embarrassed to mention it.
The pipeline now consists entirely of compounds brought in by the acquisition of privately-held Innovive Pharmaceuticals in 2008. Even though the acquisition price was only 21M, I couldn't find the ding in CytRx's financial statements and they didn't appear to issue any new shares. Also, with the mileage CytRx has dug out of Innovive's pipeline I'm a little surprised Innovive didn't just IPO themselves. Shenanigans?
Regardless, CytRx seems to have quite a lot going on at the present time for a sub 100M cap. Three oncology candidates are in clinical trials which appear to be progressing according to plan. Kinase inhibitor bafetinib, currently in two proof-of-concept phase II trials, is particularly interesting. The share price hasn't been this low since last summer doldrums. Although I'm skeptical about the long-term prospects of this cheaply acquired pipeline, I do see a high potential for a significant upward move within the next few months.