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CytRx May be Delisted from Nasdaq Following Filing Delay

NEW YORK, April 23 (GenomeWeb News) - CytRx announced today that it may be delisted from the Nasdaq Small Cap Market because it has delayed in filing its 10-K annual report for 2003.

 

The company received a letter from Nasdaq on April 19 warning of the possibility of delisting. CytRx said today that it will request a hearing, and that the stock will continue to be listed pending that hearing. If it does not request a hearing, the stock will be delisted at the opening of business on April 28.

 

As a result of the delay in filing, CytRx's trading symbol will change from "CYTR" to "CYTRE."

 

The company is blaming the filing delay on difficulties it has had with independent auditors. CytRx is currently working with BDO Seidman "to complete the audit of its 2003 financial statements and to file its Form 10-K as expeditiously as possible," according to a statement issued by the company today.

 

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