CytRx Plans Stock Offering

(RTTNews) - CytRx Corp. (CYTR) said Thursday that it plans to commence an underwritten public offering of its common stock.

The company said it plans to use the net proceeds of the offering to fund clinical trials of its drug candidate aldoxorubicin and for general corporate purposes, which may include working capital, capital expenditures, research and development and other commercial expenditures. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Jefferies LLC is the sole book-running manager for the offering.