On July 20, 2015 CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, reported its intention, subject to market and other conditions, to commence an underwritten public offering of its common stock (Filing, 8-K, CytRx, JUL 21, 2015, View Source [SID:1234506581]). CytRx intends to use the net proceeds of the offering to fund clinical trials of its drug candidate aldoxorubicin and its drug discovery activities and for general corporate purposes, which may include pre-commercialization activities relating to aldoxorubicin, working capital, capital expenditures, research and development and other commercial expenditures. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Jefferies LLC is the sole book-running manager for the offering.

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CytRx is offering the shares described above pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with and has been declared effective by the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. A preliminary prospectus supplement relating to the proposed offering will be filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying prospectus, when available, may be obtained from Jefferies LLC, Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by email at [email protected] or by phone at 877-547-6340 or by accessing the SEC’s website at View Source

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of CytRx, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.