CYTRX CORPORATION (NASDAQ:CYTR) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07.
As reported in the Original 8-K, on July 12, 2017 the Board of Directors of the Company made a determination to include on an annual basis an advisory stockholder vote on the compensation of the Company’s named executive officers in its proxy solicitation materials. Subsequently, on May 26, 2020, the Compensation Committee of the Board determined to change the frequency of such advisory vote to once every three years. The next advisory vote of the Company’s stockholders on the compensation of named executive officers will be held at the Company’s Annual Meeting of Stockholders in 2021. The Compensation Committee made this determination in light of the Company’s smaller size, change in primary listing from Nasdaq to OTC Markets, and the Compensation Committee’s efforts to reduce the Company’s compliance burden due to its limited personnel.
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.