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CYTRX CORPORATION RAISES $19 MILLION THROUGH CONVERSION OF WARRANTS

CYTRX CORPORATION RAISES $19 MILLION THROUGH CONVERSION OF WARRANTS
 NORCROSS, Ga., Nov. 13 /PRNewswire/ -- CytRx Corporation (NASDAQ: CYTR) announced today the conversion of approximately 6 million (out of a potential 7.5 million) of its Class A Warrants.
 The Class A Warrants expired Monday, Nov. 11. Each Class A Warrant allowed the holder to purchase one share of common stock and one Class B Warrant for $3.25. The company also announced that the underwriter of its 1986 initial public offering exercised its remaining Unit Purchase Option for 100,000 Units. Proceeds to the company from these transactions (net of fees and expenses) was approximately $18.9 million.
 After the conversion of these warrants, CytRx now has approximately 25.4 million shares of common stock and 6 million Class B Warrants outstanding.
 As a result of the Class A Warrants' expiration, the following changes in the trading of CytRx securities will occur:
 1. CytRx common stock will continue to be listed on NASDAQ additional over-the-counter under the symbol CYTR.
 2. The CytRx Units, symbol CYTRU, and Class A Warrants, symbol CYTRW, will no longer be traded. Any holders of CytRx Units should request that their brokers immediately convert their Units to common stock and eliminate the Units instrument (each Unit consists of three shares of common stock and three Class A Warrants, which have now expired).
 3. The CytRx Class B Warrants, symbol CYTRZ, will continue to be traded on NASDAQ additional over-the-counter. Each Class B Warrant allows the holder to purchase one share of CytRx common stock for $5.00 until Nov. 11, 1992.
 CytRx Corporation is a biopharmaceutical company engaged in the research and development of therapeutics incorporating copolymers. The company is developing human pharmaceutical products intended for use in the treatment of vascular, immune system and infectious diseases as well as burns. The company is also developing feed additives intended for growth enhancement in food animals, adjuvants for use in both human and veterinary vaccines and is currently marketing Hunter's TiterMax(TM), an immunoadjuvant for use by the basic research community.
 -0- 11/13/91
 /CONTACT: CytRx Corporation public relations, 404-368-9500/
 (CYTR) CO: CytRx Corporation ST: Georgia IN: MTC SU: BN-TG -- AT011 -- 3934 11/13/91 12:15 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 13, 1991
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