CytRx regains compliance with Nasdaq listing requirements

By Jennifer Chiou

New York, Jan. 4 - CytRx Corp. announced it regained full compliance for continued listing on the Nasdaq Capital Market by satisfying the $1.00 minimum bid price requirement for 10 consecutive trading days.

On June 7, 2005, Nasdaq notified the Los Angeles biopharmaceutical research and development company that for the prior 30 consecutive business days the bid price of CytRx stock had closed below the minimum $1.00 per share requirement. The company received 180 calendar days, or until Dec. 5, to regain compliance with the marketplace rule.

On Dec. 5, Nasdaq provided CytRx with an additional 180 calendar-day period for compliance because the company met all other Nasdaq Capital Market initial inclusion criteria.

CytRx has products focused on small molecules and ribonucleic acid interference. Its lead small-molecule product candidate arimoclomol for amyotrophic lateral sclerosis or Lou Gehrig's disease is in phase 2 clinical trials.

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