CytRx reported a net loss for the three months ended September 30, 2010 of $4.4 million, or $0.04 per share, based on 109.1 million weighted average shares outstanding. The Company reported comprehensive income of $3.6 million, which reflected an unrealized gain on available-for-sale securities of RXi. The Company reported net income applicable to common stockholders for the three months ended September 30, 2009 of $3.9 million, or $0.04 per diluted share based on 105.8 million diluted weighted average shares outstanding. Net income for the third quarter of 2009 reflected the recognition of $6.7 million in service revenue from the ALS Charitable Remainder Trust, or ALSCRT, and the gain on sale of RXi shares of $1.2 million.

Research and development (R&D) expenses were $2.8 million for the three months ended September 30, 2010, compared with $1.2 million for the three months ended September 30, 2009. The increase in R&D expenses was due to the ramp up of the Company's oncology clinical trials. R&D expenses for the third quarter of 2010 related to various development programs, including development costs of $0.5 million for the INNO-206 program, $1.4 million for the bafetinib program and $0.3 million for the tamibarotene program, with the remainder primarily related to R&D support costs.

General and administrative (G&A) expenses were $1.8 million for the third quarter of 2010, compared with $2.6 million for the third quarter of 2009. Lower G&A expenses for the third quarter of 2010 were due to a decrease in stock option expense.

In the third quarter of 2009, the Company recognized an impairment loss of $1.2 million resulting from the write-down of laboratory equipment available for sale.

CytRx reported cash, cash equivalents and marketable securities totaling $30.8 million as of September 30, 2010, compared with cash and cash equivalents of $32.6 as of December 31, 2009. CytRx's approximate 17% ownership stake in RXi Pharmaceutical (NASDAQ: RXII) as of September 30, 2010 had a market value of approximately $8.8 million.

Source CytRx Corporation