LOS ANGELES, July 20, 2015 /PRNewswire/ -- CytRx
Corporation (Nasdaq: CYTR), a biopharmaceutical research and
development company specializing in oncology, today announced its
intention, subject to market and other conditions, to commence an
underwritten public offering of its common stock. CytRx intends to
use the net proceeds of the offering to fund clinical trials of its
drug candidate aldoxorubicin and its drug discovery activities and
for general corporate purposes, which may include
pre-commercialization activities relating to aldoxorubicin, working
capital, capital expenditures, research and development and other
commercial expenditures. There can be no assurance as
to whether or when the offering may be completed, or as to the
actual size or terms of the offering.
Jefferies LLC is the sole book-running manager for the
offering.
CytRx is offering the shares described above pursuant to a shelf
registration statement on Form S-3, including a base prospectus,
that was previously filed with and has been declared effective by
the Securities and Exchange Commission (SEC). The securities may be
offered only by means of a prospectus. A preliminary prospectus
supplement relating to the proposed offering will be filed with the
SEC. Copies of the preliminary prospectus supplement and the
accompanying prospectus, when available, may be obtained from
Jefferies LLC, Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY
10022, by email at Prospectus_Department@Jefferies.com or by phone
at 877-547-6340 or by accessing the SEC's website at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of CytRx, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and
development company specializing in oncology. CytRx currently is
focused on the clinical development of aldoxorubicin (formerly
known as INNO-206), its improved version of the widely used
chemotherapeutic agent doxorubicin. CytRx is also seeking to
expand its pipeline of oncology candidates at its laboratory
facilities in Freiburg, Germany,
through its LADR™ (Linker Activated Drug Release) technology
platform, a discovery engine designed to leverage CytRx's expertise
in albumin biology and linker technology for the development of a
new class of anti-cancer therapies.
Forward-Looking Statements
This press release contains statements relating to the proposed
offering that are forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as
amended, including with respect to the completion, timing and size
of its proposed offering. Such statements involve risks and
uncertainties, such as market risks and the risk that the
conditions to the closing of the offering will not be satisfied and
other risks detailed in CytRx's filings with the SEC. All
forward-looking statements are based upon information available to
CytRx on the date the statements are first published. CytRx
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
CytRx Corporation
David J. Haen
Vice President, Business Development
310-826-5648 x304
dhaen@cytrx.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cytrx-announces-proposed-public-offering-of-common-stock-300115700.html
SOURCE CytRx Corporation