Firm Gets Funds for Lou Gehrig Research

By Chris Coates

San Fernando Valley Business Journal Staff

CytRx Corp., an L.A. drug maker with a director well known in the Valley business community, has received $24.5 million for Lou Gehrig's disease research.

“It gives us the funds to continue us to do what we want to do,” said Marvin Selter, vice chairman of the board of directors for West Los Angeles-based CytRx and a former chairman of the Valley Economic Development Center board.

Selter said the grant is from the ALS Charitable Remainder Trust and will benefit the Greater Los Angeles Chapter of the ALS Association.

The agreement gives publicly-traded CytRx funding to continue researching a drug called Arimoclomol, used to treat Amyotrophic Lateral Sclerosis, also known as Lou Gehrig's disease. A progressive degeneration of the brain and spinal column, the disease affects 120,000 worldwide.

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