Proceeds fund clinical development of drug candidates; Aegis assists
By Devika Patel
Knoxville, Tenn., Oct. 18 - CytRx Corp. said it priced a $20 million public offering of stock with a $3 million greenshoe. The deal was announced Wednesday.
The company will sell 8 million common shares at $2.50 apiece. The per-share purchase price is a 19.61% discount to the closing share price of $3.11 on Oct. 17.
Aegis Capital Corp. is the sole bookrunner.
Settlement is expected Oct. 23.
Proceeds will be used for clinical development of drug candidates aldoxorubicin and tamibarotene and for general corporate purposes, which may include working capital, capital expenditures, research and development and other commercial expenditures.
Based in Los Angeles, CytRx develops human therapeutics.
| Issuer: | CytRx Corp.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Greenshoe: | $3 million
|
| Shares: | 8 million
|
| Price: | $2.50
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Announcement date: | Oct. 17
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 23
|
| Stock symbol: | Nasdaq: CYTR
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| Stock price: | $3.11 at close Oct. 17
|
| Market capitalization: | $53.23 million
|
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