CytRx’s (CYTR) Oncology Treatment Receives Orphan Drug Designation; Company Preps for Next Phase of Clinicals
CytRx Corp., a biotech company specializing in oncology, today announced that the Office of Orphan Product Development of the U.S. Food and Drug Administration (FDA) has granted orphan drug designation for the company’s INNO-206 for the treatment of patients with soft tissue sarcomas. CytRx holds the exclusive worldwide development and commercialization rights to INNO-206. The company’s goal is to initiate further clinical trials, which is leveraged by the FDA’s decision to grant the treatment orphan drug designation. “Our strategy to move quickly into a phase IIb trial with INNO-206 in soft tissue sarcomas is further supported by the FDA’s approval…