CytRx Corporation (NASDAQ:CYTR) has today made the much awaited announcement. It revealed that Shanta Chawla, who had been serving the company in the capacity of the Vice President of Clinical Development since 2014 will be given a promotion. The promotion will have him serve as the new Senior Vice President of Drug Development. He will assume the leadership of CytRx’s on-going regulatory functions and clinical drug development.
On top of this move, the company is supported by Hurley Consulting Associates who will have to continue helping it make preparations for the aldoxorubicin New Drug Application (NDA) for soft tissue sarcomas.
CytRx’s Chairman and CEO, Steven A. Kriegsman while addressing a number of to news reporters said, “Dr. Shanta Chawla who is a Board certified physician has played a key role in the late-stage development and NDA submissions of several oncology drugs and has been involved in the day-to-day clinical development of aldoxorubicin for more than three year. Together with the rest of our clinical and regulatory team and external regulatory counsel Dr. Margaret Hurley, a renowned drug development strategist, we remain well-equipped to execute on the regulatory strategy for aldoxorubicin.”
According to Yahoo.com, CytRx’s Chief Operating and Medical Officer, Daniel Levitt is expected to step down effective July 7, 2017.What remains quite interesting to a lot of the concerned parties is the fact that the position will be scrapped off. The Company’s SVP of Drug Development, Scott Wieland according to the plans underway will also have to step down effective June 30, 2017.
This top company seems to be making some tough decision lately and in fact it is shocking a lot of people. However, one of the top officials working with the provider during a recent board meeting said that all the difficult decisions that accompany made were important. They were expected to go a long way towards ensuring that they moved forward. It has come a time for CytRx Corporation to rise higher and compete better in the world markets.