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
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             (Exact Name of Registrant as Specified in its Charter)



                                    Delaware
                 (State or Other Jurisdiction of Incorporation)


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


11726 San Vicente Blvd., Suite 650, Los Angeles, CA            90049
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         (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.