Added to my position in CYTR. Since the shares are trading at $.33 some would ask, why, and that's reasonable. CytRx has one compound in advanced testing INNO-206 which has been granted orphan drug status. The compound is comprised of a linker and Doxorubicin. The linker is then bound to albumin which delivers a the very toxic Doxorubicin directly to cancer cells. The mechanism and concept is similar to Abraxane (an approved therapy). The attraction for me is a proven cancer drug that is effective against many cancers, a promising delivery system and the orphan status.
CYTR went through a round of financing that should allow the company to operate through 2012 into 2013, by that time the next round of clinical data will have been released. Assuming the data is promising the shares should move higher. I'll sell enough to recoup my investment and hold the balance for gain. Of course the risk is poor data....but one additional plus is significant insider buying.
Do some research before you consider this stock, it really is a one drug wonder with no backup if INNO-206 doesn't perform the stock won't do well, or will sell off.
