Finance

RNAi-focused company agrees to $21.3 million private placement of common stock

Published in Obesity and Diabetes Week, February 21st, 2005

CytRx Corp. (CYTR) announced that it had entered into a definitive agreement with institutional investors providing for a private placement of 17,334,494 shares of its common stock, with gross proceeds of approximately $21.3 million.

In connection with the sale of the common stock, the company also will issue warrants to purchase an additional 8,667,247 shares of common stock at an exercise price of $2.00 per share. CytRx has agreed to register all of the privately placed shares of common stock, together with the shares issuable upon exercise of the warrants, for resale.

Rodman & Renshaw served as the lead placement agent in the financing.

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Source: Obesity and Diabetes Week (2005-02-21)

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