CytRx raises $20 million

CytRx Corp. (NASDAQ:CYTR) raised $20 million through the sale of 15.3 million shares at $1.31 in a registered direct offering to institutional investors. The price is a 2% premium to CytRx's close of $1.29 on Thursday, the day before the deal was announced. Investors also received warrants to purchase 3.8 million shares at $1.70. The shares were sold from an existing shelf registration. Rodman was placement agent. ...