CytRx Says Accounting Review Delays Annual Report Filing

CytRx said last week in a filing with the US Securities and Exchange Commission that it was unable to file its annual report for the year 2003 by the March 30 deadline due to accounting issues related to two subsidiaries that the company has decided to write off.

In January, CytRx said that it had decided to end its investments in firms Blizzard Genomics and Psynomics, and that it would write off its ownership stakes in the two companies for a one-time fourth-quarter charge.

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