LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company engaged in the development of high-value human therapeutics, today announced that it has entered into definitive agreements with several institutional investors to purchase 15.3 million shares of common stock at $1.31 per share and warrants to purchase approximately 3.8 million shares of common stock at an exercise price of $1.70 per share. The registered direct offering will raise approximately $20.0 million from the sale of common stock and warrants, with net proceeds to CytRx of approximately $18.3 million after deduction of offering expenses.
