NEW YORK, Jan. 18 (GenomeWeb News) -- CytRx will stop supporting genomics companies Blizzard Genomics and Psynomics and write off its prior investments as losses, the company said on Friday.
CytRx, based in Los Angeles, said there is "substantial doubt about their abilities to continue as going concerns." As a result, the CytRx plans to write off its investments in Blizzard and Psynomics in the last quarter of 2003.
GGC Pharmaceuticals, which merged with CytRx in 2002, had invested about $1.65 million in cash in Blizzard and Psynomics. Since the merger, CytRx has invested less than $25,000 in the companies. The carrying value of these companies, as of Sept. 30, was about $5.85 million.