By Sheri Kasprzak
Atlanta, Jan. 21 - CytRx Corp. has received agreements for a $21.3 million private placement of stock.
The company will sell 17,334,494 shares at $1.23 each to institutional investors.
The investors will also receive warrants for 8,667,247 shares at $2 each.
Rodman & Renshaw LLC was the placement agent in the deal.
Based in Los Angeles, CytRx is a biopharmaceutical research and development company.
| Issuer: | CytRx Corp.
|
| Issue: | Stock
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| Amount: | $21.3 million
|
| Shares: | 17,334,494
|
| Price: | $1.23
|
| Warrants: | For 8,667,247 shares
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| Warrant strike price: | $2.00
|
| Placement agent: | Rodman & Renshaw LLC
|
| Announcement date: | Jan. 21
|
| Stock price: | $1.60 at close Jan. 20
|
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