CytRx Corporation CYTR announced today the
pricing of its previously announced underwritten public offering. CytRx
is offering 8,000,000 shares of common stock at a public offering price
of $2.50 per share for gross proceeds of $20 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 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. CytRx has granted the
underwriters a 30-day
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