Brief: Cytrx Corp announces Global Strategic License With Nantcell for Aldoxorubicin

LadRx

28/07/2017 14:00

July 28 (Reuters) - Cytrx Corp  CYTR.O : 
    * CytRX Corporation announces global strategic license with 
Nantcell Inc for Aldoxorubicin, an albumin mediated 
chemotherapeutic 
    * CytRX Corp - under terms of license agreement, Nantcell 
made a strategic investment by purchasing $13 million of CytRX 
common stock at $1.10 per share 
    * CytRX - entitled to receive up to additional $343 million 
in milestone payments related to regulatory approvals and 
commercial milestones for Aldoxorubicin 
    * CytRX -to get increasing double-digit royalties for sales 
of aldoxorubicin for soft tissue sarcomas, mid to high single 
digit royalties for other indications 
    * CytRX Corp - cytrx also issued nantcell a warrant to 
purchase up to 3 million shares of common stock at $1.10 over 
next 18 months 
    * CytRX Corp - nantcell will be responsible for all future 
development, manufacturing and commercialization expenses 
    * CytRX- amended long-term loan facility, to make payment of 
$5 million to lender upon closing of global license, strategic 
investment for Aldoxorubicin 
 
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