8:38AM CytRx reports FY12 results; beats on top and bottom line; outlines goals and milestones for 2013 (CYTR) 2.46 : Reports FY12 net loss of $0.78 per share vs ($1.11) CIQ est; revs of $100K vs $30K CIQ est. Co reports cash, cash equivalents and short-term investments of $38.3 mln as of December 31, 2012, which included $21.5 mln of net proceeds from an underwritten public offering completed on October 23, 2012.
Goals for 2013:
Co expects in 2013 to report results from clinical trials with aldoxorubicin as follows:
Second Quarter -- Phase 1b clinical trial results from 24 patients with advanced solid tumors to determine the maximum tolerated dose of a combination of aldoxorubicin and doxorubicin.
The clinical trial will continue with the combination aldoxorubicin and doxorubicin administered at the MTD to an expansion group of patients with chondrosarcomas or chordomas to determine safety and preliminary efficacy in these normally chemotherapy-insensitive malignancies.
The purpose of this trial is to extend the co's patent portfolio and potentially increase market penetration with aldoxorubicin for the treatment of patients with solid tumors.
First Half -- Pharmacokinetic results from an open-label, single-center Phase 1b clinical trial in patient with metastatic solid tumors.
Second Half -- Progression-free survival results from an international Phase 2b clinical trial in 105 patients comparing aldoxorubicin with doxorubicin as a first-line treatment for soft tissue sarcoma.
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