CytRx Announces Closing of 9.2M Share 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 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.
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