Biotech bil­lion­aire Soon-Sh­iong picks up rights to CytRx’s trou­bled can­cer drug

A year ago shares of CytRx $CYTR were crushed by the fail­ure of its lone drug al­dox­oru­bicin to beat physi­cian’s choice in treat­ing soft tis­sue sar­co­ma. But even as its stock lan­guished in pen­ny stock ter­ri­to­ry, the trou­bled biotech pushed for­ward with plans to file for an ap­proval, work­ing up new da­ta and meet­ing with reg­u­la­tors at the FDA. And now, biotech bil­lion­aire Patrick Soon-Sh­iong is mak­ing a small wa­ger on the LA-based biotech and its trou­bled can­cer ther­a­py.

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