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CytRx raises much-needed funds

This article was originally published in Scrip

Executive Summary

CytRx, an oncology R&D company based in Los Angeles, California, announced on 27 July that it had raised $20.4 million through the sale of 39.2 million shares at 52 cents a piece, discounted by 19% from the closing share price of 64 cents on 26 July. Investors appeared to be displeased, and sent the shares down by 24 cents, or 37%, to close at 41 cents on the day.

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