Seeking Alpha

CytRx tumbles after pricing stock offering

  • CytRx (CYTR -11.7%) has priced an 11.5M-share stock offering at $6.50, 19% below yesterday's closing price of $7.98. Underwriters have a 1.725M-share overallotment option. (PR)
  • Gross proceeds are set to total $75M. CytRx says it will use net proceeds to fund clinical trials for its Aldoxorubicin cancer drug, and for "general corporate purposes."
Comments (1)
  • eigres
    , contributor
    Comments (16) | Send Message
     
    Seems like management cashed out... See latest article on pump and dump accusations dated 13 March 2014 Richard Pearson MoxReports
    13 Mar, 05:14 PM Reply Like
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