CytRx raises $74.8 million in follow-on

CytRx Corp. (NASDAQ:CYTR) raised $74.8 million through the sale of 11.5 million shares at $6.50 in a follow-on underwritten by Jefferies; Oppenheimer; Aegis Capital; and H.C. Wainwright. CytRx proposed the follow-on after market close on Thursday, when its share price was $7.98. On Friday, CytRx was down $1.04 (13%) to $6.94. ...