CytRx Closes Offering of 9.2M Shares

CytRx Corporation

, 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.