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Engagement Letter - CytRx Corp. and Cappello Capital Corp.

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September 19, 2003


Mr. Steven A. Kriegsman
President and CEO
CytRx  Corporation
11726 San Vicente Blvd.
Suite 650
Los Angeles, CA 90049

Dear Steve:

This letter will confirm our agreement that,  notwithstanding  what is otherwise
provided  for in the  engagement  agreement  dated May 16,  2003 by and  between
Cappello  Capital Corp. and CytRx  Corporation,  that the below shall constitute
Cappello's  fees in full with respect to the  placement of $8,695,000 of CytRx's
common stock on September 16, 2003.

Cash - $687,992.90
Warrants - 427,203 with a ten year life and an exercise price of $2.10

Agreed and acknowledge:

CytRx Corporation                               Cappello Capital Corp.



By: /s/ Steven A. Kriegsman                     By: /s/ Rob Deutschman
    -----------------------                         -------------------------
       Steven A. Kriegsman                          Rob Deutschman

Date: 9/19/03                                   Date: 9/19/03
      -------                                         -------


cc:  Sandy Hillsberg
     Alexander Cappello
     Gerard Cappello