CytRx Corporation Announces Merger With Global Genomics Capital, Inc.

ATLANTA - CytRx Corporation today announced that its board of directors has approved and it has entered into an agreement to merge with Global Genomics Capital, Inc., a privately held genomics company in Los Angeles, CA.<br> <br> The parties executed a definitive agreement and plan of merger with the closing anticipated in May 2002. The transaction is<br> contingent upon approval by the shareholders of each company and other customary conditions.<br> <br> The terms of the merger agreement provide for CytRx to acquire all outstanding shares and rights to acquire shares of capital stock of Global Genomics in return for the issuance of a maximum of approximately 9,963,000<br> shares of CytRx Common Stock. <br> <br> CytRx intends to change its name to Global<br> Genomics, Inc. upon completion of the merger.<br> <br> Steven A. Kriegsman, Chairman and founder of Global Genomics, will become President and CEO, and a director of the combined company once the merger is completed. Jack J. Luchese, current President and CEO of CytRx, will remain as President and CEO through the merger transition.<br> <br> Mr. Kriegsman stated, &#34;We envision that the combination of genomics and therapeutics is where biotechnology is headed. We intend to be in the forefront of that movement.&#34;<br> <br> CytRx Corporation is a biopharmaceutical company focused on the development and commercialization of high-value human therapeutics. The Company&#39;s current research and development activities include CRL-5861, an<br> intravenous agent for treatment of sickle cell disease and other acute vaso- occlusive disorders, and TranzFect, a delivery technology for DNA-based vaccines. <br> <br> <br>

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