The second Seeking Alpha article pointed to a financial motive for the negative article and that the author Richard Pearson took a short position in CytRx company stock 3 days before he published his article about CytRx.
who wrote about the science of aldoxorubicin and revealed the motives behind Richard Pearson's article to short the company's stock. SECURITIES PURCHASE AGREEMENT This Securities Purchase Agreement (this Agreement ) is dated as of April 28, 2017, between CytRx Corporation, a Delaware corporation (the Company ), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a Purchaser and collectively the Purchasers ).
The events leading to CytRx lawsuits were revealed by a Seeking Alpha author named Richard Pearson who was shorting the CytRx company stock and the "short attack" was revealed by another Seeking Alpha author PhD. A class action lawsuit has been filed against CytRx. The articles and author profile pages (including pseudonyms) were removed after investigation by CNNMoney. The stock price doubled following the articles. The articles carried no conflict of interest disclosure, and were reviewed and edited by CytRx management. In 2014 CytRx was involved in a stock promotion scheme, paying DreamTeamGroup US$65,000 to write at least 13 articles that appeared on Seeking Alpha,, Motley Fool, and Cheat Sheet. CytRx has outlicensed aldoxorubicin to NantCell as of 2017. CytRx delivered the documents to the Niedermayer Plaintiffs between October 16 and 23, 2015. Essentially, this chemical name describes doxorubicin (DOXO) attached to an acid sensitive linker (EMCH).Ĭompleted preclinical and clinical trials (see below) indicate that this novel agent has attributes that improve on native doxorubicin including reduction of adverse events, improvement in efficacy and the ability to reach the tumor more quickly. During the third quarter, CytRx entered into a global strategic licensing agreement for aldoxorubicin with NantCell and received a strategic investment of 13.0 million at 6.60 per share (split-adjusted). Specifically, it is the (6-Maleimidocaproyl) hydrazone of doxorubicin. CytRx reported cash, and cash equivalents of 37.6 million as of December 31, 2017. Anthracyclines are a class of drugs that are among the most commonly used agents in the treatment of cancer. Aldoxorubicin is a modified form of doxorubicin, the popular anthracycline chemotherapeutic agent known as 'red death'. The CytRx oncology pipeline includes clinical trials involving their lead drug aldoxorubicin. Steven Arthur Kriegsman is the President and CEO.Īldoxorubicin (formerly INNO-206) is a tumor-targeted doxorubicin conjugate. is a biopharmaceutical research and development oncology company based in Los Angeles, California.
CytRx plans to expand its pipeline of oncology candidates at its laboratory facilities in Freiburg, Germany, based on novel linker technologies that can be utilized with multiple chemotherapeutic agents and may allow for greater concentration of drug at tumor sites.
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