CytRx Announces Exercise of Underwriters' Over-Allotment Option
CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company specializing in oncology, announced today the sale of an additional 1,200,000 shares of common stock pursuant to the exercise in full by the underwriters of the over-allotment option granted to the underwriters in connection with CytRx's recently announced public offering of 8,000,000 shares of common stock at a price to the public of $2.50 per share. The gross proceeds to CytRx from the offering, including the exercise of the over-allotment option, will be $23 million, before deducting underwriting discounts and commissions and other offering expenses payable by CytRx. The offering is expected to close on October 23, 2012, subject to satisfaction of customary closing conditions.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
Roth Capital Partners is acting as the co-lead manager for the offering.
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