By Sheri Kasprzak
New York, April 18 - CytRx Corp. plans to wrap a private placement for $36.98 million.
The company agreed to sell 8.6 million shares at $4.30 each to 14 institutional investors.
Of the proceeds, $15 million will go to subsidiary RXi Pharmaceuticals Corp. The rest will be used for research and development, maintenance fees, working capital and general corporate purposes.
The offering is set to close April 19.
Lehman Brothers Inc. was the lead agent with Oppenheimer & Co. Inc., Griffin Securities, Inc. and Pulse Obsidian as co-agents.
Based in Los Angeles, CytRx develops human therapeutics.
| Issuer: | CytRx Corp.
|
| Issue: | Stock
|
| Amount: | $36.98 million
|
| Shares: | 8.6 million
|
| Price: | $4.30
|
| Warrants: | No
|
| Placement agents: | Lehman Brothers Inc. (lead); Oppenheimer & Co. Inc.; Griffin Securities, Inc.; Pulse Obsidian
|
| Announcement date: | April 18
|
| Settlement date: | April 19
|
| Stock symbol: | Nasdaq: CYTR
|
| Stock price: | $4.51 at close April 18
|
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