PRESS RELEASE

October 5, 2004

SAGE GROUP SELLS BIOREX'S ASSETS TO CYTRX CORPORATION

The Sage Group, an international business strategy and transaction company advised the First Hungary Fund, a major investor in Biorex, a Hungarian based drug development company, in the sale of all of Biorex’s assets to Cytrx Corporation. Biorex was a leading company is the field of heat shock proteins, molecules that help protect cells from damage in diseases such as ALS, diabetes and cardiovascular diseases.

In 2003, Sage advised Biorex on the sale of the assets of its toxicology division, Toxicology Research Centre to LAB, a Canadian company.

CytRx Corporation is a biopharmaceutical research and development company, based in Los Angeles with a subsidiary in Worcester, Massachusetts. The company is engaged in the development of products, primarily in the area of ribonucleic acid interference (RNAi) and small molecules, in a variety of therapeutic categories.

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