LOS ANGELES--(BUSINESS WIRE)--CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical company specializing in oncology, today announced that it has priced an underwritten public offering of 39,200,000 shares of common stock and warrants to purchase up to 39,200,000 shares of common stock at a combined public offering price of $0.52 per share and related warrant for gross proceeds of approximately $20.4 million. The warrants are exercisable immediately upon issuance at an exercise price of $0.64 per share and, unless exercised, will expire on the fifth anniversary of the date of issuance. CytRx has also granted the underwriters a 30-day option to purchase up to an additional 15 percent of shares of common stock and warrants offered in the public offering to cover over-allotments, if any, which would result in additional gross proceeds of approximately $3 million if exercised in full.
