CytRx Announces Closing of Public Offering of Common Stock, Including Full
Exercise of Underwriters’ Option to Purchase Additional Shares
LOS ANGELES -- February 5, 2014
CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development
company specializing in oncology, today announced the closing of its
previously announced underwritten public offering. The gross proceeds to CytRx
from its sale of 13,225,000 shares of common stock at a price to the public of
$6.50 per share, which include the proceeds from the exercise of the
underwriters’ option to purchase an additional 1,725,000 shares, were
approximately $86.0 million, prior to deducting underwriting discounts and
commissions and other offering expenses payable by CytRx.
CytRx intends to use the net proceeds of the offering to fund clinical trials
of its drug candidate aldoxorubicin and for general corporate purposes, which
may include working capital, capital expenditures, research and development
and other commercial expenditures.
Jefferies LLC acted as the sole book-running manager for the offering.
Oppenheimer & Co. Inc., Aegis Capital Corp. and H.C. Wainwright & Co., LLC
acted as co-lead managers for the offering.
The shares described above were sold pursuant to a shelf registration
statement on Form S-3, including a base prospectus, previously filed with and
declared effective by the Securities and Exchange Commission (SEC). The final
prospectus supplement related to the offering also has been filed with the
SEC. Copies of the final prospectus supplement and the accompanying prospectus
may be obtained from Jefferies LLC, Equity Syndicate Prospectus Department,
520 Madison Avenue, 12th Floor, New York, NY 10022, by email at
Prospectus_Department@Jefferies.com or by phone at 877-547-6340 or by
accessing the SEC’s website at http://www.sec.gov.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company
specializing in oncology. CytRx currently is focused on the clinical
development of aldoxorubicin (formerly known as INNO-206), its improved
version of the widely used chemotherapeutic agent doxorubicin.
This press release contains statements relating to the offering that are
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements involve risks and
uncertainties. All forward-looking statements are based upon information
available to CytRx on the date the statements are first published. CytRx
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
David J. Haen
Vice President, Business Development
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