By: Tom Meyer
12/27/2013 @ 12:22PM
The Race To Develop A Brain Cancer Treatment Takes An Interesting Turn
Given the remarkable results that aldoxorubicin demonstrated in 1st-Line STS, it’s hard not to believe that something similar could be in store for the Phase 2 GBM trial. CytRx certainly appears poised for a significant run in the months and years ahead as the company’s platform continues to be validated by science. But before taking a position, investors should take a look at the company’s finances as well.
As of the end of the third quarter, CytRx had approximately $23 million in available cash and short-term investments. That amount does not include the $25.9 million (less fees) that the company raised from its October offering. Given the company’s monthly burn rate of about $2 million, the company’s cash balance should be sufficient to fund operating expenses well into 2015 (at a minimum). CytRx Corporation appearsto be an extremely compelling investment story and investors may want to consider taking a position before the share price really starts to take off.