CytRx Corporation Announces Exercise of Underwriters' Over-Allotment Option

Published: Oct 14, 2013

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LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced the sale of an additional 1.5 million shares of common stock pursuant to the exercise in full by the underwriters of the over-allotment option granted to the underwriters in connection with CytRx's recently announced public offering of 10.0 million shares of common stock at a price to the public of $2.25 per share. The gross proceeds to CytRx from the offering, including the exercise of the over-allotment option, will be approximately $25.9 million, before deducting underwriting discounts and commissions and other offering expenses payable by CytRx. The offering is expected to close on October 15, 2013, subject to satisfaction of customary closing conditions.

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