CytRx Corp. (CYTR) Announces Pricing of $75M Public of Commo CytRx Corp. (CYTR) Announces Pricing of $75M Public of Common Stock at $6.50 per Share
CytRx, a biopharmaceutical research and development company specializing in oncology, today issued a news release pricing its previously announced underwritten public offering. The company is now offering 11.5 million common shares at a public offering price of $6.50 a share. That is intended for gross proceeds of around $75 million, before the deduction of underwriting discounts and commissions and estimated offering expenses payable by CytRx are taken into consideration.
The net proceeds of the public offering will be used to fund clinical trials of the company’s drug candidate, aldoxorubicin, as well as for general corporate ends. The underwriters have been given the option of being able to purchase an additional 1.725 million shares of common stock for 30 days. It is expected that the offering will close on or around Wednesday, February 5, 2014.
Jeffries LLC is serving as the offering’s sole book-running manager while Oppenheimer & Co. Inc., Aegis Capital Corp., and H.C. Wainwright & Co., LLC are functioning as co-lead managers for the offering’s duration.
CytRx is offering the shares pursuant to a shelf registration statement on Form S-3, including a base prospectus, which had been filed with and now declared effective by the SEC. A preliminary prospectus supplement related to the offering was filed with the SEC on January 30, 2014, and a final prospectus supplement related to the offering will be filed with the commission sometime today.
When available, copies of the final prospectus supplement and the accompanying prospectus can be found at: https://www.sec.gov.
For more information on CytRx, visit: www.cytrx.com/
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