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Company puts focus on acquiring new technologies, initiating R&D.
2003 SEP 10 - (NewsRx.com & NewsRx.net) -- CytRx Corp. (CYTR), a biopharmaceutical company, announced financial results for the 3-month and 6-month periods ended June 30, 2003.
For the second quarter of 2003, the company reported a net loss of $5.0 million, or $0.21 per share, versus a net loss of $0.9 million, or $0.08 per share, for the comparable quarter of 2002.
For the 6 months ended June 30, 2003, CytRx reported a net loss of $6.0 million, or $0.26 per share, versus a net loss of $1.1 million, or $0.10 per share, for the comparable period of 2002.
During 2003, CytRx has focused its efforts on acquiring new technologies and initiating related research and development programs. As a result, the company reported research and development expenses of $2,270,000, compared with $127,000 a year ago.
This increase resulted from a payment in cash and common stock of CytRx of $2,068,000 in April 2003 to the University of Massachusetts Medical School for licenses covering applications for proprietary gene silencing technology to treat specified diseases, including ALS, obesity, and type 2 diabetes. Selling, general, and administrative costs increased during the quarter to $1,045,000 from $505,000, principally reflecting the increased level of activity in support of research and development efforts.
The company also recorded noncash expenses for common stock and warrants issued for services in the amount of ...
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