NEW YORK (AP) -- Shares of CytRx Corp. jumped Tuesday after the company presented positive data from an animal study of its experimental cancer drug aldoxorubicin.
CytRx said the results show the drug could be effective as a treatment for a common and aggressive brain cancer called glioblastoma. It said the data supports its plan to start a midstage trial of the drug as a treatment for the cancer.
CytRx shares advanced 58 cents, or 26.4 percent, to $2.78 in morning trading.
Aldoxorubicin is related to doxorubicin, a chemotherapy drug that has been used for decades. CytRx said doxorubicin isn't an effective treatment for brain tumors because it can't cross the blood-brain barrier, which separates the brain from the circulatory system. However the company said aldoxorubicin can cross that barrier.
The Los Angeles company is also testing the drug as a primary and secondary treatment for soft tissue sarcoma.
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