LOS ANGELES, April 27, 2017 /PRNewswire/ -- CytRx
Corporation (NASDAQ: CYTR), a biopharmaceutical research and
development company specializing in oncology today announced a
proposed public offering of its common stock. The offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the offering may be consummated, or
as to the actual size or terms of the offering.
H.C. Wainwright & Co. is
acting as exclusive placement agent for the offering.
CytRx intends to use the net proceeds from the offering, if
completed, for working capital and general corporate purposes,
including clinical and regulatory activities, new drug discovery
activities, and possible future strategic transactions.
The shares of common stock are being offered pursuant to an
effective "shelf" registration statement on Form S-3 (File No.
333-217184) that was previously filed with the Securities and
Exchange Commission (SEC) and declared effective on April 21, 2017. The securities may be
offered only by means of a prospectus. A preliminary prospectus
supplement and accompanying base prospectus related to the offering
have been filed with the SEC and are available on the SEC's website
at http://www.sec.gov and may also be obtained from H.C. Wainwright & Co., LLC 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, nor may there be any sale of these
securities in any state or jurisdiction in which such an 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, its improved
version of the widely used chemotherapeutic agent
doxorubicin. CytRx is also expanding 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 that are forward-looking
statements, including with respect to the completion, timing and
size of the proposed public offering and the use of net proceeds of
the offering. Such statements involve inherent 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 most recent annual report filed
with the SEC and current reports filed with the SEC since the
filing 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.
Company Contact:
CytRx Corporation
David J. Haen
Vice President, Business Development and Investor Relations
(310) 826-5648, ext. 304
dhaen@cytrx.com
Media Contact:
Argot Partners
Eliza Schleifstein
(973) 361-1546
eliza@argotpartners.com
Investor Relations Contact:
Argot Partners
Michelle Carroll
(212) 600-1902
michelle@argotpartners.com
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SOURCE CytRx Corporation