LOS ANGELES, July 23, 2018 /PRNewswire/ -- CytRx
Corporation (Nasdaq: CYTR), a biopharmaceutical research and
development company specializing in oncology, today announced the
expiration of warrants for approximately 3.2 million shares of its
common stock, effective July 20,
2018.
"The expiration of these warrants, the majority of which were
associated with a public offering in December 2016, eliminates overhang and provides
additional common share float stability," said Eric Curtis, CytRx's President and Chief
Operating Officer. "We believe this event leaves us better
positioned to focus on executing our short and long-term growth
strategy with more potential interest from fundamental
investors."
In December 2016, CytRx completed
a public offering to its institutional investors of 1.9 million
shares of its common stock. In conjunction with this public
offering, the Company re-priced 3.2 million common shares
underlying warrants that were purchased by the institutional
investors in a July 2016 public
offering and extended the term of those warrants to July 20, 2018. The number of shares in the
December 2016 transactions have been
adjusted to account for the 1 for 6 reverse stock split that
occurred in November 2017. As of
July 20, 2018, all of the warrants
discussed have either expired or been exercised.
About CytRx Corporation
CytRx Corporation (Nasdaq: CYTR) is a biopharmaceutical
company with expertise in discovering and developing new
therapeutics to treat patients with cancer. CytRx's most
advanced drug conjugate, aldoxorubicin, is an improved version of
the widely used anti-cancer drug doxorubicin and has been
out-licensed to NantCell, Inc. CytRx's website
is www.cytrx.com.
About Centurion BioPharma Corporation
CytRx's wholly owned subsidiary, Centurion BioPharma
Corporation, is focused on advancing a portfolio of novel,
anti-cancer drug candidates that employ its LADR™ (Linker Activated
Drug Release) technology, a discovery engine designed to leverage
the Company's expertise in albumin biology and linker technology
for the development of a new class of potential breakthrough
anti-cancer therapies. A critical element of the LADR™ platform is
its ability to bind anti-cancer molecules to albumin, the most
ubiquitous protein in human blood plasma, and then to release the
highly potent cytotoxic payload at the tumor site. This technology
allows for the delivery of higher doses of drug directly to the
tumor, while avoiding much of the off-target toxicity observed with
the parent molecules. Centurion BioPharma's website is
www.centurionbiopharma.com.
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 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.; Centurion BioPharma
Corporation's ability to develop new ultra-high potency drug
candidates based on its LADR™ technology platform; our ability to
attract potential licensees; 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
cytrx@argotpartners.com
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SOURCE CytRx Corporation