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: http://www.sec.gov.
For more information on
CytRx, visit: www.cytrx.com/
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