Deal finances clinical trials of aldoxorubicin and corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 5 - CytRx Corp. said the underwriters for its public sale of stock opted to exercise the deal's $11.21 million greenshoe in full for total proceeds of $85.96 million. The deal was announced Jan. 30 and priced for $74.75 million with the greenshoe on Jan. 31.
The company sold 13,225,000 common shares at $6.50 apiece. The price per share is an 18.55% discount to the Jan. 30 closing share price of $7.98. Of the shares, 1,725,000 were part of the fully exercised greenshoe.
Jefferies LLC was the bookrunner.
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: | $85,962,500 (including $11,212,500 greenshoe)
|
Shares: | 13,225,000
|
Price: | $6.50
|
Warrants: | No
|
Bookrunner: | Jefferies LLC
|
Co-lead managers: | Oppenheimer & Co. Inc., Aegis Capital Corp. and H.C. Wainwright & Co., LLC
|
Announcement date: | Jan. 30
|
Pricing date: | Jan. 31
|
Settlement date: | Feb. 5
|
Stock symbol: | Nasdaq: CYTR
|
Stock price: | $7.98 at close Jan. 30
|
Market capitalization: | $269.02 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.