CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research
and development company specializing in oncology, today announced the
closing of its previously announced underwritten public offering. The
gross proceeds to CytRx from its sale of 13,225,000 shares of common
stock at a price to the public of $6.50 per share, which include the
proceeds from the exercise of the underwriters' option to purchase an
additional 1,725,000 shares, were approximately $86.0 million, prior to
deducting underwriting discounts and commissions and other offering
expenses payable by CytRx.
CytRx intends to use the net proceeds of the offering to fund clinical
trials of its drug candidate aldoxorubicin and for general corporate
purposes, which may include working capital, capital expenditures,
research and development and other commercial expenditures.
Jefferies LLC acted as the sole book-running manager for the offering.
Oppenheimer & Co. Inc., Aegis Capital Corp. and H.C. Wainwright &am; Co.,
LLC acted as co-lead managers for the offering.
The shares described above were sold pursuant to a shelf registration
statement on Form S-3, including a base prospectus, previously filed
with and declared effective by the Securities and Exchange Commission
(SEC). The final prospectus supplement related to the offering also has
been filed with the SEC. Copies of the final prospectus supplement and
the accompanying prospectus may be obtained from Jefferies LLC, Equity
Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New
York, NY 10022, by email at Prospectus_Department@Jefferies.com
or by phone at 877-547-6340 or by accessing the SEC's website at http://www.sec.gov.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development
company specializing in oncology. CytRx currently is focused on the
clinical development of aldoxorubicin (formerly known as INNO-206), its
improved version of the widely used chemotherapeutic agent doxorubicin.
This press release contains statements relating to the offering that are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements involve
risks and uncertainties. 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.
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