CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced the pricing of its previously announced underwritten public offering. CytRx is offering 10.0 million shares of common stock at a public offering price of $2.25 per share for gross proceeds of $22.5 million, prior to deducting the underwriting discount and estimated offering expenses payable by CytRx.
CytRx intends to use the net proceeds of the offering to fund its clinical trials of its drug candidate aldoxorubicin and for general corporate purposes, which may include working capital, capital expenditures and research and development and other commercial expenditures. CytRx has granted the underwriters a 30-day option to purchase up to an aggregate of 1.5 million additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about October 14, 2013, subject to satisfaction of customary closing conditions.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
H.C. Wainwright & Co., LLC is acting as a co-lead manager for the offering.CytRx is offering the shares described above pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with the Securities and Exchange Commission (SEC) and that is effective. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement related to the offering has been filed with the SEC on October 8, 2013 and a final prospectus supplement related to the offering also will be filed with the SEC. Electronic copies of the preliminary prospectus supplement and, when available, the final prospectus supplement, as well as the accompanying prospectus, may be obtained by either contacting the representative of the underwriters (as set forth below) or by accessing the SEC’s website at http://www.sec.gov. Aegis Capital Corp.Prospectus Department810 Seventh Avenue, 18th FloorNew York, New York 10019Telephone: 212-813-1010E-mail: firstname.lastname@example.org This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of CytRx Corporation, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale is not permitted.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts