By Sheri Kasprzak
New York, March 3 - CytRx Corp. said it has entered into definitive agreements with a group of institutional investors for a $13.42 million private placement.
The company plans to sell 10,650,794 million units at $1.26 apiece to 23 institutional and individual investors.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable for five years at $1.54.
T.R. Winston & Co. LLC is the placement agent.
Proceeds will be used for phase 2 clinical trials on the company's amyotrophic lateral sclerosis compound.
CytRx, based in Los Angeles, develops small-molecule drug candidates used to treat ALS, or Lou Gehrig's disease.
| Issuer: | CytRx Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $13.42 million
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| Units: | 10,650,794
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| Price: | $1.26
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.54
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| Placement agent: | T.R. Winston & Co. LLC
|
| Announcement date: | March 3
|
| Stock symbol: | Nasdaq: CYTR
|
| Stock price: | $1.38 at close March 2
|
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