CytRx Corporation CEO Steven A. Kriegsman to be Featured on NASDAQ CEO Signature Series

Business Wire, Sept 18, 2008

LOS ANGELES -- CytRx Corporation (NASDAQ:CYTR), a biopharmaceutical research and development company engaged in the development of high-value human therapeutics, announced today that its President and CEO, Steven A. Kriegsman, will be the featured guest on the NASDAQ CEO Signature Series webcast to be held on Tuesday, September 23. In his interview with veteran business journalist Sasha Salama, Mr. Kriegsman plans to discuss CytRx's planned acquisition of Innovive Pharmaceuticals, Inc., through which CytRx expects to add to its drug development pipeline the drug candidate tamibarotene, which is currently in registration studies for the treatment of acute promyelocytic leukemia (APL). Mr. Kriegsman will also discuss CytRx's leading molecular chaperone technology platform, including its planned clinical development of iroxanadine in patients with diabetic foot ulcers and other ongoing drug discovery efforts.

The webcast will be available on the following sites for the next 30 days: NASDAQ.com, NASDAQ.net, investors.NASDAQ.com, streetevents.com, factset.com/callstreet, vcall.com, and investorcalendar.com. The webcast will also be archived on the CytRx Corporation Web site.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development company engaged in the development of therapeutics based on molecular chaperone regulation. The Company owns three clinical-stage compounds based on its small-molecule molecular chaperone regulation technology, and has a research and development facility in San Diego. CytRx has agreed to acquire Innovive Pharmaceuticals, Inc., a biopharmaceutical company with four drug candidates for oncology, in a transaction that is expected to close on or about September 19, 2008, subject to Innovive stockholder approval. CytRx currently owns a 45% equity interest in RXi Pharmaceuticals Corporation (Nasdaq: RXII). For more information on the Company, visit www.CytRx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to CytRx's business and to the proposed acquisition of Innovive Pharmaceuticals, Inc., as well as other risks and uncertainties described in CytRx's Form 10-Q for the quarter ended June 30, 2008 and other recently filed SEC documents, such as its most recent annual report on Form 10-K. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.