CytRx Announces Closing Of Public Offering Of Common Stock
CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research
and development company specializing in oncology, announced today the
closing of its previously announced underwritten public offering of
CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, announced today the closing of its previously announced underwritten public offering of 9,200,000 shares of common stock, including the exercise of the over-allotment option by the underwriters covering 1,200,000 shares, at a public offering price of $2.50 per share. The gross proceeds to CytRx from the offering, including the exercise of the over-allotment option, were $23 million, before deducting underwriting discounts and commissions and other offering expenses payable by CytRx. CytRx intends to use the net proceeds of the offering to fund the clinical development of its drug candidates aldoxorubicin and tamibarotene, and for general corporate purposes, which may include working capital, capital expenditures, research and development expenditures and other commercial expenditures. Aegis Capital Corp. acted as the sole book-running manager for the offering. Roth Capital Partners acted as the co-lead manager for the offering. A shelf registration statement on Form S-3 and accompanying base prospectus relating to the shares was filed with the Securities and Exchange Commission and is effective. Copies of the final prospectus supplement related to the offering has been filed with the SEC. Electronic copies of 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.
About CytRx Corporation CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The CytRx oncology pipeline includes two programs in clinical development for cancer indications: aldoxorubicin (formerly known as INNO-206) and tamibarotene. With its tumor-targeted doxorubicin conjugate aldoxorubicin, CytRx has initiated an international Phase 2b clinical trial as a treatment for soft tissue sarcomas, has completed its Phase 1b/2 clinical trial primarily in the same indication, recently initiated both a Phase 2 trial for patients with advanced pancreatic ductal adenocarcinomas and a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors, and plans to meet with the FDA in the fourth quarter of 2012 to discuss a potential Phase 3 pivotal trial as a therapy for patients with soft tissue sarcomas whose tumors have progressed following treatment with chemotherapy. Tamibarotene is being tested in a double-blind, placebo-controlled, international Phase 2b clinical trial in patients with non-small-cell lung cancer, and is in a Phase 2 clinical trial as a treatment for acute promyelocytic leukemia (APL). The Company completed its evaluation of a third drug candidate, bafetinib, in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), and plans to seek a partner for further development of bafetinib. For more information about CytRx Corporation, visit www.cytrx.com. Forward-Looking Statements 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.