LOS ANGELES, May 15, 2018 /PRNewswire/ -- CytRx Corporation
(Nasdaq: CYTR), a biopharmaceutical research and development
company specializing in oncology, today announced the closing of
its previously announced registered direct offering of 5,600,000
shares of its common stock, at a purchase price of $1.25 per share, resulting in gross proceeds of
$7.0 million to CytRx.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
After deducting the placement agent's fees and estimated
offering expenses, the net proceeds to CytRx were approximately
$6.5 million. CytRx intends to use
the net proceeds from the offering for working capital and general
corporate purposes, including possible new drug discovery
activities and acquisitions or mergers.
The shares of common stock were sold pursuant to a "shelf"
registration statement on Form S-3 that was previously filed with
the Securities and Exchange Commission (SEC) and declared effective
on April 21, 2017. Such shares were
offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and the accompanying base prospectus
related to the offering have been filed with the SEC, and are
available on the SEC's website located
at http://www.sec.gov and may also be obtained from H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor,
New York, New York 10022, by
calling (646) 975-6996 or emailing placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About CytRx Corporation
CytRx Corporation (Nasdaq: CYTR) is a biopharmaceutical Company
specializing in research and clinical development of novel
anti-cancer drug candidates that employ linker technologies to
enhance the accumulation and release of drug at the tumor. CytRx is
rapidly expanding its pipeline of ultra-high potency 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 potential breakthrough
anti-cancer therapies. Aldoxorubicin, CytRx's most advanced drug
conjugate, is an improved version of the widely used anti-cancer
drug doxorubicin and has been out-licensed to NantCell, Inc.
Forward-Looking Statements
This press release contains forward-looking statements. Such
statements involve risks and uncertainties that could cause actual
events or results to differ materially from the events or results
described in the forward-looking statements, including risks and
uncertainties relating to statements regarding CytRx's expectations
with respect to the anticipated use of the proceeds from the
offering, the ability of NantCell, Inc., to obtain regulatory
approval for its products that use aldoxorubicin; the ability of
NantCell, Inc., to manufacture and commercialize products or
therapies that use aldoxorubicin; the amount, if any, of future
milestone and royalty payments that we may receive from NantCell,
Inc.; CytRx's ability to develop new ultra-high potency drug
candidates based on our LADR™ technology platform; and other risks
and uncertainties described in the most recent annual and quarterly
reports filed by CytRx with the Securities and Exchange Commission
and current reports filed since the date of CytRx's most recent
annual report. 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.
Investor Relations Contact:
Argot Partners
Michelle Carroll
(212) 600-1902
michelle@argotpartners.com
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SOURCE CytRx Corporation