Deal finances clinical trials of aldoxorubicin and corporate purposes
By Devika Patel
Knoxville, Tenn., July 21 – CytRx Corp. said it priced a $25.03 million public offering of stock with a $3.75 million greenshoe. The offering was announced Monday.
The company will sell 9.1 million common shares at $2.75 per share. The price per share reflects a 27.63% discount to the July 20 closing share price of $3.80.
Jefferies LLC is the bookrunner.
Settlement is expected July 24.
Proceeds will be used for clinical trials of aldoxorubicin and general corporate purposes, which may include precommercialization activities, 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: | $25,025,000
|
| Greenshoe: | $3,753,750, or 1,365,000 shares
|
| Shares: | 9.1 million
|
| Price: | $2.75
|
| Warrants: | No
|
| Bookrunner: | Jefferies LLC
|
| Co-lead managers: | Oppenheimer & Co. Inc., Aegis Capital Corp., FBR Capital Markets & Co. and H.C. Wainwright & Co., LLC
|
| Announcement date: | July 20
|
| Pricing date: | July 21
|
| Settlement date: | July 24
|
| Stock symbol: | Nasdaq: CYTR
|
| Stock price: | $3.80 at close July 20
|
| Market capitalization: | $162.71 million
|
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