London, UK - Edison Investment Research, a leading international investment research firm, announces the initiation of coverage on CytRx (NASDAQ: CTRX), a US development-stage oncology company.
Edison has today published a comprehensive report examining the investment merits of CytRx, focusing on the company’s lead programme, aldoxorubicin, in advanced soft tissue sarcoma (STS). In the report, Edison biotech analyst Dr Michael Aitkenhead argues that CytRx’s investment case is underpinned by the potential of aldoxorubicin in second-line treatment of STS patients, where a pivotal Phase III study is expected to start in the second quarter of 2013. With a strong balance sheet, encouraging Phase I/II data and positive FDA feedback, Dr Aitkenhead expects CytRx to advance its pipeline through major value inflection points in 2013, which could drive a re-rating of the shares. Based on a risk- adjusted NPV analysis, Edison values CytRx at $120m or $4.00 per share.
For the full report, see: http://www.edisoninvestmentresearch.co.uk/research/company/cytrx-corporation
The launch of coverage on CytRx is part of a programme of research initiations on biotech companies worldwide. Edison provides research coverage on over 130 biotech companies in Europe, North America and Australia. Its biotech research team has a particular focus on small- to mid-cap companies active in oncology, with 20 companies under active coverage and another 20 covered by ad hoc reports. All reports Edison publishes are available to download free of charge from its website www.edisoninvestmentresearch.co.uk.
Edison has pioneered a scientific detail-oriented approach to analysing companies in the biotech sector that is delivered in a concise and non-promotional manner. It aims to inform investors, while providing a realistic assessment of the competitive strengths and threats to key drug development programmes. All facts are carefully sourced and the analysis is underpinned by comprehensive and rigorous financial models. Edison’s reports provide an overall company valuation without any specific stock recommendation.
About Edison Investment Research
Edison Investment Research is a leading international investment research company. The team of more than 110 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and its research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York, Sydney and Wellington and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). Edison is not a US investment adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.
For more information please contact:
Edison Investment Research
Dr Michael Aitkenhead
+44 (0)20 3077 5736
CytRx Corporation is a biopharmaceutical research and development company specialising in oncology. The CytRx oncology pipeline includes two programmes in clinical development for cancer indications: aldoxorubicin (formerly known as INNO-206) and tamibarotene. For more information, visit www.cytrx.com.