CytRx Corp. on Thursday said its licensee, Burroughs WellcomeCo., has initiated Phase II testing of RheothRx in myocardialinfarction and sickle cell crisis.
The CytRx product is a proprietary copolymer used to treatproblems with vascular blood flow, such as heart attacks,strokes and blood clots associated with sickle cell anemia.RheothRx coats the blood cells, making them slippery andeasing their passage around blood clots.
Wellcome has worldwide rights to the agent, and will payapproval fees and sales royalties to the Norcross, Ga., company.CytRx (NASDAQ:CYTR) estimated it will earn up to $9 millionfrom the entire Burroughs agreement.
The stock closed at $8.75, up 88 cents, on Thursday.
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