CytRx Prices 8M Share Offering at $2.50/Share

CytRx Corporation

announced today the pricing of its previously announced underwritten public offering. CytRx is offering 8,000,000 shares of common stock at a public offering price of $2.50 per share for gross proceeds of $20 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 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. CytRx has granted the underwriters a 30-day