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Article: CytRx 1996 Revenues up 58%; Net Loss Down 46%; 1996 Achievements Have Laid Strong Foundation for Success
- Article from:
- PR Newswire
- Article date:
- February 24, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ATLANTA, Feb. 24 /PRNewswire/ -- CytRx Corporation (Nasdaq: CYTR) today announced a consolidated net loss of $5.8 million ($.75 per share) for the year ended December 31, 1996 versus a net loss of $10.7 million ($1.35 per share) reported in 1995. During the fourth quarter of 1996, CytRx reported a consolidated net loss of $2.2 million as compared to a net loss of $2.0 million in 1995. Fourth quarter results for 1996 include adjustments of $.5 million related to changes in accounting estimate relative to the start-up operations of CytRx's Proceutics subsidiary.
Consolidated revenues were $4.0 million in 1996 versus $2.5 million in 1995. Research and ...