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Cytrx Corp Announces Pricing Of Public Offering Of 10.0 Million Shares Of Common Stock


Tuesday, 8 Oct 2013 09:15pm EDT 

Cytrx Corp announced the pricing of its previously announced underwritten public offering. CytRx is offering 10.0 million shares of common stock at a public offering price of $2.25 per share for gross proceeds of $22.5 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 its clinical trials of its drug candidate aldoxorubicin and for general corporate purposes, which may include working capital, capital expenditures and research and development and other commercial expenditures. CytRx has granted the underwriters a 30-day option to purchase up to an aggregate of 1.5 million additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about October 14, 2013, subject to satisfaction of customary closing conditions. Aegis Capital Corp. is acting as the sole book-running manager for the offering. H.C. Wainwright & Co., LLC is acting as a co-lead manager for the offering. 

Company Quote

2.56
-0.07 -2.66%
20 Nov 2014