3 January 2022 - - US-based biopharmaceutical company CytRx Corp. (OTCQB: CYTR) has appointed Dr. Stephen Snowdy to the role of chief executive officer, effective January 10, 2022, the company said.

Dr. Louis Ignarro succeeded Steven A. Kriegsman as chairman of the board of directors on January 3, 2022.

Dr. Snowdy is a scientist, serial entrepreneur and medical venture capitalist with two decades of experience in life science investing and executive management. He joins from Visioneering Technologies, Inc. (ASX: VTI), where he was chief executive officer and Executive director.

He previously served as chief executive officer at Abby Med LLC, a start-up pharmaceutical company dedicated to the development of a novel class of cancer drugs.

Prior to that, he was chairman and chief executive officer of Calosyn Pharma, Inc., a Phase 2 osteoarthritis company, and was a partner for several years at a top-tier medical venture capital firm.

Dr. Snowdy simultaneously earned a PhD in Neurobiology and an MBA from the University of North Carolina. He studied Chemical Engineering and Chemistry at the University of Florida, where he also completed two years of postbaccalaureate study in cardiopharmacology.

His academic training followed service in the United States Navy Special Forces.

CytRx Corp. (OTCQB: CYTR) is a biopharmaceutical company with expertise in discovering and developing new therapeutics principally to treat patients with cancer and neurodegenerative diseases.

CytRx's most recent advanced drug conjugate, aldoxorubicin, is an improved version of the widely used anti-cancer drug doxorubicin and has been out-licensed to ImmunityBio, Inc.

In addition, CytRx's drug candidate, arimoclomol, was sold to Orphazyme A/S in exchange for milestone payments and royalties. Orphazyme is developing arimoclomol in two indications, including Niemann-Pick disease Type C, and Gaucher disease.