CytRx Hit By GW Decision To Drop RheothRx

CytRx has announced that Glaxo Wellcome, its corporate partner for the development of RheothRx (poloxamer 188) injection, a non-ionic block copolymer for the treatment of myocardial infarction, has decided to cease its involvement in the project and is terminating its license. The firm's shares plunged on the news.

The move was not unexpected and follows an analysis of the results of the Phase II/III CORE study in patients with myocardial infarction, which has revealed that RheothRx showed benefit only in certain clinical evaluations, and these improvements were associated with high dose levels which carried an unacceptable toxicity. Lower doses of the drug were not associated with any clinical benefit, said CytRx.

Jack Luchese, president and chief executive of CytRx said that as a result of these findings the company would concentrate its resources on its other technologies, including the Optivax vaccine delivery system developed by subsidiary Vaxcel, which has recently completed option agreements with Connaught and Medeva (see also page 28). Other interests include the animal health subsidiary Vetlife and preclinical service company Proceutics.