Healthcare Industry News: RNAi therapeutic
News Release - May 22, 2007
CytRx Names Shi Chung Ng, Ph.D., Senior Vice President of Research and DevelopmentLOS ANGELES--(HSMN NewsFeed)--CytRx Corporation (NASDAQ:CYTR ), a biopharmaceutical company engaged in the development and commercialization of human therapeutics, today announced that Shi Chung Ng, Ph.D., has joined the Company in the newly-created position of Senior Vice President of Research and Development, reporting to Chief Scientific Officer Jack Barber, Ph.D. Dr. Ng will be based in CytRx's new San Diego-based research and development facility, scheduled to open in the third quarter of 2007.
"Dr. Ng's qualifications make him an ideal fit for CytRx as we look to expand our molecular chaperone technology drug discovery programs to further enhance our current pipeline of drug candidates," said Dr. Barber. "Dr. Ng has an extensive background in drug discovery research and development, with a track record of successfully taking novel agents from discovery research through to development as drug candidates."
Dr. Ng received his Ph.D. in Biochemistry from Purdue University and brings more than 20 years of drug discovery research experience, which includes expertise in high throughput and high content drug screening, neuronal cell growth and regeneration, brain receptors, programmed cell death ("apoptosis"), cardiovascular disease, cancer and virology. Most recently, he served as Vice President, Molecular Oncology at Ligand Pharmaceuticals, a publicly traded drug discovery and development company, heading the oncology discovery and new product support efforts. Prior to that, he was Vice President, Drug Discovery Biology and Preclinical Development at Arqule Inc., a publicly traded biotechnology company focused on the research, development and commercialization of next-generation small molecule cancer therapeutics. In this capacity, he headed the chemical genomics and preclinical development departments. He previously served in various senior research leadership capacities at Abbott Laboratories; as Associate Director, Scientific Affairs at Pfizer International; and as Senior Research Investigator at Bristol-Meyers Squibb Corporation.
Prior to that Dr. Ng was an Investigator in the Cardiac Unit at Massachusetts General Hospital and Harvard Medical School; a research associate in the Howard Hughes Medical Institute, part of the Neuroscience group at Massachusetts General Hospital; and an Instructor in Medicine at Harvard Medical School.
Dr. Ng has received numerous awards and honors, and has authored more than 80 scientific articles in peer-reviewed journals, and is co-inventor on 10 patent applications. He is a frequent presenter at medical conferences and meetings and he serves as adjunct faculty for universities and a reviewer for many peer-reviewed journals.
About CytRx Corporation
Los Angeles, California-based CytRx Corporation is a biopharmaceutical research and development company engaged in the development of high-value human therapeutics. The Company owns three clinical-stage compounds based on its small molecule "molecular chaperone" co-induction technology. In September 2006, CytRx announced that arimoclomol was shown to be safe and well tolerated at all three doses tested in its Phase IIa clinical trial in patients with ALS. The Company expects to announce results of its completed open-label extension trial in the second quarter of 2007. The Company plans to enter a Phase IIb clinical trial with arimoclomol in ALS in the second half of 2007, subject to U.S. Food and Drug Administration (FDA) clearance. The FDA has granted Fast Track designation and Orphan Drug status to arimoclomol for the treatment of ALS and has also been granted orphan medicinal product status for the treatment of ALS by the European Commission. The Company recently announced plans to commence a Phase II clinical trial for arimoclomol in stroke recovery in the first half of 2008, subject to FDA clearance. In addition, the Company plans to open a research and development facility in San Diego, CA in the third quarter of 2007. For more information on the Company, visit www.cytrx.com.
About RXi Pharmaceuticals Corporation
Worcester, Massachusetts-based RXi Pharmaceuticals Corporation, a majority-owned subsidiary of CytRx Corporation, is a biopharmaceutical research and development company that focuses on developing RNAi-based therapeutics for the treatment of human disease. RXi's initial focus is on neurodegenerative diseases, oncology, type 2 diabetes and obesity. RXi has licenses to a diverse series of early patents and patent applications that were filed from 1998 to 2006 in the areas of RNAi target sequences, RNAi chemistry and RNAi delivery. The company was founded by CytRx and RNAi pioneers Craig Mello, Ph.D., 2006 Nobel Laureate for discovering RNAi and inventing RNAi therapeutics, Tariq M. Rana, Ph.D., inventor of fundamental technology for stabilizing RNAi and of RNAi nanotransporters, Greg Hannon, Ph.D., discoverer of RNAi mechanism (RISC) and short hairpin RNAi (shRNAi), and Michael Czech, Ph.D., a leader in the application of RNAi to diabetes and obesity. RXi's CEO, Tod Woolf, Ph.D., previously co-invented and commercialized STEALTH(TM) RNAi, one of the most widely used second-generation RNAi research products.
This press release may contain 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 described in CytRx's most recently filed SEC documents, such as its most recent annual report on Form 10-K, all quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last 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.
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