8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K




                                 Current Report
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934




       Date of Report (Date of earliest event reported): January 16, 2004



                                CytRx Corporation
- -------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)



                                    Delaware
                 (State or Other Jurisdiction of Incorporation)


         000-15327                                    58-1642750
- ----------------------------------      --------------------------------------
    (Commission File Number)              (I.R.S. Employer Identification No.)


11726 San Vicente Blvd., Suite 650, Los Angeles, CA            90049
- ----------------------------------------------------    ----------------------
         (Address of Principal Executive Offices)           (Zip Code)


                                 (310) 826-5648
               Registrant's Telephone Number, Including Area Code


          (Former Name or Former Address, if Changed Since Last Report)






Item 7.           Financial Statements and Exhibits.

         (c)      The  following  exhibits  are  filed  as part of this  Current
                  Report on Form 8-K:


  Exhibit No.     Description
  -----------     -----------

         99.1     Press release issued January 16, 2004.


Item 12.      Results of Operations and Financial Condition.

In a press release  announcing  CytRx  Corporation's  plans to cease funding its
existing  investments  in genomics  companies  to focus on its core  strategy of
developing  human  therapeutics  that was issued by CytRx on January  16,  2004,
CytRx  disclosed  that it will be taking a write-off of its  investments  in the
genomics companies in the quarter ended December 31, 2003. These investments had
a carrying  value as of September  30, 2003 of  approximately  $5.85 million and
were  accounted  for by CytRx as an  intangible  asset.  A copy of the foregoing
press release is filed as an exhibit as part of this Current Report on Form 8-K.


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                          CYTRX CORPORATION
                                          (Registrant)


Date:  January 16, 2004
                                          By:  /s/  Steven A. Kriegsman
                                             ---------------------------------
                                             Name:  Steven A. Kriegsman
                                             Title: Chief Executive Officer






                                  EXHIBIT INDEX

  Exhibit No.     Description
  -----------     -----------

         99.1     Press release issued January 16, 2004.

EX-99.1

                                                                 EXHIBIT 99.1

Press Release

                  CYTRX TRANSFORMATION COMPLETED AS IT FOCUSES
                       ON RNAI TECHNOLOGY AND HIV PROGRAM



[LOS ANGELES, CA, January 16] - In line with its strategy to become a fully
integrated drug development company using RNAi technology and DNA-based
vaccines, CytRx Corporation (Nasdaq: CYTR) announced today that it will cease
funding its existing investments in genomics companies to focus on its core
strategy of developing human therapeutics for large market indications. This
event will have no effect on CytRx's cash or working capital position.

In the past nine months, CytRx has invested more than $3.7 million in research
focused on using RNAi ("gene suppression") technology to treat or cure ALS (also
known as Lou Gehrig's Disease), type 2 diabetes, obesity, and cytomegalovirus
("CMV"). CytRx holds exclusive licenses from the University of Massachusetts
Medical School for these technologies, as well as an exclusive license for a
DNA-based HIV vaccine technology that is expected to enter a Phase I clinical
trial in the first quarter of this year.

"With this action, CytRx completes its break with the past and will concentrate
entirely on developing treatments and cures for major market medical
indications. It was our position that continuing to invest in genomics companies
would take away both capital and management's time from the development of our
therapeutic programs," said Steven A. Kriegsman, CytRx CEO.

CytRx, through its GGC Pharmaceuticals, Inc. subsidiary ("GGC"), owns 40% of
Blizzard Genomics ("Blizzard") and 5% of Psynomics, Inc. ("Psynomics"). CytRx
has decided that it will not make further investments in these genomics
companies. In addition, CytRx now believes that there is substantial doubt about
their abilities to continue as going concerns. Consequently, CytRx expects to
record a write off of its investments in the genomics companies in the quarter
ending December 31, 2003. The write off will have no impact upon CytRx's cash or
working capital position.

GGC (formerly known as Global Genomics Capital, Inc.), prior to its merger with
CytRx, invested a total of approximately $1.65 million in cash in Blizzard and
Psynomics. Subsequent to the merger, CytRx has invested less than $25,000 in the
companies. For accounting purposes, the carrying value of the Blizzard and
Psynomics investments, as of September 30, 2003, was approximately $5.85
million, all of which was accounted for as an intangible asset. In the first
nine months of 2003, CytRx's consolidated financial statements included its
portion of the Blizzard Genomics losses of approximately $245,000 or $0.01 per
share and amortization of the recorded investment of approximately $550,000 or
$0.02 per share. Beginning in the first quarter of 2004, these charges will be
eliminated from CytRx's consolidated financial reports.




ABOUT CYTRX CORPORATION

CytRx Corporation is a biopharmaceutical company engaged in the development and
commercialization of large-market opportunity products in a variety of
therapeutic categories. The company formed a broad-based strategic alliance with
the University of Massachusetts Medical School to develop novel compounds for
obesity, type II diabetes and ALS, including using a promising new technology
known as RNA interference (RNAi). CytRx licensed from UMMS the exclusive
worldwide rights to a DNA-based HIV vaccine technology. The company recently
initiated a research program with Massachusetts General Hospital to use RNAi
technology to develop a drug for the prevention, treatment or cure for ALS. The
company has licensed its TranzFect delivery technology for DNA-based vaccines
for certain diseases. For more information, visit CytRx's website at
www.cytrx.com.

CAUTIONARY NOTICE ABOUT FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, that involve
risks and uncertainties that could cause actual events or results to differ
materially from the events or results described in the forward-looking
statements, including risks or uncertainties related to the early stage of
CytRx's diabetes, obesity, ALS, CMV and HIV vaccine, research, the need for
future clinical testing of any RNAi-based products or HIV vaccine that may be
developed by CytRx and of the HIV vaccine, the significant time and expense that
will be incurred in developing any of the potential commercial applications for
CytRx's RNAi technology or HIV vaccine, CytRx's potential need for additional
capital, risks relating to the enforceability of any patents covering CytRx's
products and to the possible infringement of third party patents by those
products, and the impact of third party reimbursement policies on the use of and
pricing for CytRx's products. Additional uncertainties and risks are described
in CytRx's most recently filed SEC documents, such as its most recent annual
report on Form 10-K, all quarterly reports on Form 10-Q and any current reports
on Form 8-K filed since the date of the last Form 10-K. All forward-looking
statements are based upon information available to CytRx on the date the
statements are first published. CytRx undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.