LOS ANGELES, July 14, 2016 /PRNewswire/ -- CytRx Corporation
(NASDAQ: CYTR), a biopharmaceutical research and development
company specializing in oncology today announced a proposed
registered public offering of its common stock and one year
warrants to purchase 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 completed, or as to the actual
size or terms of the offering.
Rodman & Renshaw, a unit of 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.
The shares and warrants are being offered pursuant to an
effective shelf registration statement on Form S-3, as amended
(File No. 333-208803), that was previously filed with the
Securities and Exchange Commission (SEC) and declared effective on
June 17, 2016. The securities may be
offered only by means of a prospectus. The prospectus and a
preliminary prospectus supplement 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 Rodman &
Renshaw, a unit of H.C. Wainwright
& Co., by calling (212) 856-5707 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
albumin-binding conjugate of the widely used chemotherapeutic agent
doxorubicin, and DK049, a novel drug conjugate which is expected to
enter clinical trials in 2017. 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 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 the proposed public 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 most
recent annual and quarterly reports 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