Boston, MA, 04/10/2014 (usastockreport) – A corporation specialized in biopharmaceutical R&D and oncology; CytRx Corporation (NASDAQ:CYTR) is investing hugely in recent findings to improve the phase of medical procedures. However, while it is slowly moving towards making new investments and carving out new niches, there are some hiccups in the form of litigation that seems to slow down the process a bit.
In a recent alert, On April 4, 2014, Levi & Korsinky announced a commencement of a lawsuit in the United States District Court. The matter pertains to a class action lawsuit on behalf of all the investors who got into the chain of purchasing the common stock of CytRx Corporation (NASDAQ:CYTR) common stock. The purchase of the common stock took place from November 22, 2013- March 13, 2014.
Allegations are drafted against the company, its chief executive officer, and two stock promotion firms. It was alleged that the company along with the firms furnished misleading statements pertaining to articles praising CytRx Corporation (NASDAQ:CYTR)’s stock, however, in reality they were paid promotional articles to which the investors fell prey to and thereby suffered losses.
AACR 2014 Annual Meeting
CytRx has proudly announced today that it has successfully found positive results in its ongoing research. The company confirmed that the positive result in an animal model of glioblastoma pertaining to results from an in vivo study of aldoxorubic is obtained. The company will announce the same at the American Association for Cancer Research Annual Meeting which is scheduled to be held from April 5, 2014 to April 9, 2014 in California. The positive innovation and research is surely to revolutionize the health industry.
Orphan Medical Product Designation
CytRx Corporation (NASDAQ:CYTR) on March 31, 2014 announced that aldoxorubic has received the designation of orphan medicinal product from the European Commission in the area of treatment of advanced soft tissue sarcomas. The designation is a welcome step for boosting the development of drugs that may provide substantial benefit to the patients suffering from dreadful and rare diseases.