RNAi developer raises $8.7M in private placement of common stock.

2003 OCT 13 - (NewsRx.com & NewsRx.net) -- CytRx Corporation (CYTR) announced the completion of a private placement of 4,141,000 shares of its common stock to selected institutional investors, including current shareholders, with gross proceeds of approximately $8.7 million.

In connection with the sale of the common stock, the company also issued warrants to purchase an additional 1,035,000 shares of common stock at an exercise price of $3.05 per share. CytRx has agreed to register all of the privately placed shares of common stock, together with the shares issuable upon exercise of the warrants, for resale.

The company said that approximately $7 million of …