Printer Friendly

CYTRX CORPORATION ANNOUNCES TENDER OFFER FOR PREFERRED STOCK

 NORCROSS, Ga., June 4 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR) today announced that its board of directors has approved a tender offer for 448 shares of CytRx Series A Preferred Stock, at a purchase price of $1,068 per share.
 The offer, which the company expects to commence in the next several days, expires on Friday, July 16 and is conditioned upon at least 200 shares being tendered. This offer does not apply to any shares of CytRx common stock.
 The purpose of the tender offer is to enable the transfer of voting powers vested in the preferred shares to the holders of CytRx common stock. Currently, holders of preferred shares are entitled to elect three of the five members of the board of directors. Upon successful completion of the tender offer, the shares of preferred stock will be placed in a trust, and will be voted in accordance with the directions of the holders of CytRx common stock. The preferred shares are to be redeemed by the company in October 1996, at $.01 per share, at which time the trust will be dissolved.
 There are a total of 682 shares of preferred stock outstanding. In May 1993, CytRx acquired 234 shares which were placed into the trust. These preferred shares were acquired from Steve Gorlin, a CytRx founder and former officer and director of the company at the same price per share as in the current tender offer for the remaining 448 shares.
 CytRx Corporation is engaged in the research and development of critical care pharmaceutical products for the treatment of vascular and infectious diseases, burns and cancer. Vetlife(TM), a CytRx subsidiary, is developing feed additives to enhance growth in food animals. Vaxcel(TM), a second subsidiary, is developing an advanced vaccine adjuvant system for human and veterinary use.
 -0- 6/4/93
 /CONTACT: CytRx Corporation Public Relations, 404-368-9500/
 (CYTR)


CO: CytRx Corporation ST: Georgia IN: MTC SU: OFR

RA-BR -- AT007 -- 5571 06/04/93 16:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 4, 1993
Words:329
Previous Article:MOST COMPREHENSIVE MILK CARTON, DRINK BOX RECYCLING PROGRAM ARRIVES IN VERMONT; 250,000 RESIDENTS TO BE SERVED BY PROGRAM
Next Article:IDI ANNOUNCES TECHL
Topics:


Related Articles
CYTRX ANNOUNCES EXERCISE OF CLASS B WARRANTS
CHICAGO BOARD TO LIST CYTRX OPTIONS
CYTRX CORPORATION ANNOUNCES EXERCISE OF REMAINING UNDERWRITER'S WARRANTS
CYTRX CORPORATION ANNOUNCES SUCCESSFUL COMPLETION OF PREFERRED STOCK TENDER OFFER
CYTRX ANNOUNCES PLANS TO REPURCHASE STOCK
CYTRX ANNOUNCES PLANS FOR REVERSE STOCK SPLIT
CYTRX REPORTS SIGNIFICANT STOCK PRICE INCREASE
CytRx Corporation Announces Adoption of Shareholder Protection Rights Plan
CytRx Announces Private Placement of $2 Million in Convertible Debentures
CytRx Announces Engagement of Cappello Capital; Alexander Cappello Joins CytRx Board.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters