LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (NASDAQ: CYTR) today announced that it has contributed $15.0 million, net of expenses reimbursed to CytRx, to its majority-owned subsidiary RXi Pharmaceuticals Corporation (RXi) to satisfy RXi’s initial funding requirements under its various agreements with the University of Massachusetts Medical School (UMMS). In exchange for the contribution, CytRx increased its ownership in RXi to nearly 90%. The contribution by CytRx to RXi was made following CytRx’s completion of its recent private placement of securities, in which it received approximately $34.3 million, net of offering expenses.
