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Another proxy firm backs CytRx reverse stock split plan

Institutional Shareholder Services Inc. recommended that CytRx Corp. shareholders vote in favor of the company's proposed reverse stock split at the upcoming Oct. 17 meeting.

The proxy advisory firm was echoing the same advice from Glass Lewis & Co.

The biopharmaceutical company is seeking shareholder approval to implement a 1-for-6 reverse stock split of both its authorized common and preferred stock in an attempt to regain compliance with Nasdaq's $1 minimum bid price requirement to maintain listing on the exchange.