Deal finances clinical trials of aldoxorubicin and corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 9 - CytRx Corp. said it priced a $22.5 million public offering of stock. The deal was announced Tuesday and has a $3.38 million greenshoe.
The company will sell 10 million common shares at $2.25 per share.
The price per share is a 17.88% discount to the Oct. 8 closing share price of $2.74
Aegis Capital Corp. is the bookrunning manager.
Settlement is expected Oct. 14.
Proceeds will be used for clinical trials of aldoxorubicin and general corporate purposes, which may include working capital, capital expenditures and research and development and other commercial expenditures.
Based in Los Angeles, CytRx develops human therapeutics.
| Issuer: | CytRx Corp.
|
| Issue: | Common stock
|
| Amount: | $22.5 million
|
| Greenshoe: | $3,375,000
|
| Shares: | 10 million
|
| Price: | $2.25
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Co-lead manager: H.C. Wainwright & Co., LLC
|
| Announcement date: | Oct. 8
|
| Pricing date: | Oct. 9
|
| Settlement date: | Oct. 14
|
| Stock symbol: | Nasdaq: CYTR
|
| Stock price: | $2.74 at close Oct. 8
|
| Market capitalization: | $67.69 million
|
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