CytRx puts idle assets to use

In a move to manage its risk profile, CytRx Corp. (CYTR) established Proceutics Inc., a preclinical research organization that will use CYTR's preclinical facilities to generate revenues. Proceutics will provide pharmaceutical development services to supplement the pre-IND activities of certain compounds.

The Atlanta company, which is focused on vascular and infectious diseases and cancer, decided to create the subsidiary when most of