CYTRX CORPORATION (NASDAQ:CYTR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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CYTRX CORPORATION (NASDAQ:CYTR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers – Compensatory Arrangements of Certain Officers.
The disclosures made below under Item 7.01, Regulation FD Disclosure, are incorporated by reference into this Item 5.02.
Item 7.01. Regulation FD Disclosure
Shanta Chawla, M.D., is being promoted to Senior Vice President of Drug Development of CytRx Corporation (‘we,” “us,” “our,” “CytRx,” or the “company”), effective June 13, 2017. Since joining CytRx in 2014, Dr. Chawla has served as our Vice President of Clinical Development. She will now assume the leadership of CytRx’s on-going drug development and regulatory functions. The terms of her new employment agreement are being negotiated.
Dr. Chawla (69) is a board certified Internist with extensive experience in all phases of oncology drug development. For 11 years prior to joining CytRx in 2014, Dr. Chawla managed both oncology and non-oncology clinical trials at Spectrum Pharmaceuticals in Irvine, CA. She oversaw the development of belinostat (a pan HDAC inhibitor), which was approved by the FDA and is marketed as a second line therapy for T-cell lymphoma. Dr. Shanta Chawla is not related to our board member Anita Chawla, Ph.D., or to Dr. Sant Chawla, the principal investigator of CytRx’s global Phase 3 clinical trial of aldoxorubicin for soft tissue sarcoma.
The position of Chief Operating Officer and Chief Medical Officer is being eliminated. Daniel Levitt, M.D, Ph.D., Chief Operating Officer and Chief Medical Officer, notified us on June 7, 2017 that he will be stepping down effective July 7, 2017. Scott Wieland, Ph.D., the company’s Senior Vice President – Drug Development notified us on June 11, 2017 that he will also be stepping down, effective June 30, 2017.
On June 13, 2017, we issued a press release announcing the reshaping of CytRx’s clinical and regulatory executive team as discussed in the previous paragraphs. A copy of the press release is attached hereto as Exhibit 99 and incorporated herein by reference.
The information in this Item 7.01 and Exhibit 99 attached hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
There is filed as part of this report, the exhibit listed on the accompanying Exhibit Index, which information is incorporated herein by reference.


About CYTRX CORPORATION (NASDAQ:CYTR)

CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The Company is focused on the clinical development of aldoxorubicin, its modified version of the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy. It is also involved in evaluating aldoxorubicin in a Phase IIb clinical trial in small cell lung cancer; a Phase II clinical trial in human immunodeficiency virus-related Kaposi’s sarcoma; a Phase II clinical trial in patients with late-stage glioblastoma (brain cancer); a Phase Ib trial in combination with ifosfamide in patients with STS, and a Phase Ib trial in combination with gemcitabine in subjects with metastatic solid tumors. It is engaged in the pre-clinical development for DK049, an anti-cancer drug conjugate that utilizes its Linker Activated Drug Release (LADR) technology.