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                                                                    EXHIBIT 99.1


                                  PRESS RELEASE

                                                CytRx Corporation
                                                154 Technology Parkway
                                                Norcross, Georgia 30092
                                                (770) 368-9500
                                                Contact: Joe Medlin

                CYTRX ANNOUNCES THE SALE OF PROCEUTICS SUBSIDIARY

Atlanta, Georgia, February 11, 1998 - CytRx Corporation (NASDAQ: CYTR) announced
today its plans for divestiture of Proceutics, Inc., a wholly-owned subsidiary
of CytRx which provides preclinical development services to the pharmaceutical
industry.

Today, Proceutics executed an asset purchase agreement with Oread, Inc., whereby
Proceutics will transfer its personnel, equipment and client contracts to Oread.
Financial terms of the transactions were not disclosed. Proceutics will retain
its real estate assets and Oread will execute a long-term lease for space in the
Proceutics building. The closing of the transactions are subject to customary
conditions, and are anticipated to occur before the end of February.

Proceutics is also negotiating the sale of its real estate assets with an
undisclosed purchaser. If the real estate sale is consummated, then Proceutics
will assign the Oread lease to the purchaser.

"Oread will receive a highly-skilled workforce and the strong relationships
cultivated by the Proceutics team. CytRx will streamline its focus on FLOCOR(TM)
and other human therapeutics while maintaining access to a group of scientists
that know our business intimately. This transaction is going to positively
impact our development of FLOCOR(TM)," stated Jack Luchese, President and CEO of
CytRx.

CytRx's business strategy is to build shareholder value through the development
and commercialization of high-value human therapeutic products and the
successful development of its promising subsidiary companies. CytRx's FLOCOR(TM)
is being developed to treat acute sickle cell crisis and other vascular
diseases. Protox is being developed to treat bacterial and viral infections.
Vaxcel, Inc. is developing Optivax(R) to improve the effectiveness of vaccines.
VetLife, Inc. markets and distributes products to enhance food animal growth.



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February 11, 1998