On July 24, 2015 CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, reported the closing of its previously announced underwritten public offering (Press release, CytRx, JUL 24, 2015, View Source;p=RssLanding&cat=news&id=2070943 [SID:1234506623]). The gross proceeds from its sale of 10,465,000 shares of common stock at a public offering price of $2.75 per share, including 1,365,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, were approximately $28.8 million prior to deducting underwriting discounts and commissions and offering expenses payable by CytRx.
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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.
Jefferies LLC acted as the sole book-running manager for the offering. Oppenheimer & Co. Inc., Aegis Capital Corp., FBR Capital Markets & Co., and H.C. Wainwright & Co. 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, 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