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Galena Biopharma, Inc. Message Board

  • griftopia Feb 21, 2012 8:22 PM Flag

    Stinky Cytrx had a stinky announcement today!



    Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities

    ITEM 1.01 Entry into a Material Definitive Agreement

    On February 14, 2012, CytRx Corporation (the "Company") entered into an investment banking agreement with Legend Securities, Inc. ("Legend"), pursuant to which Legend agrees to continue to provide investor relations and business advisory services to us for a period of eighteen months, which may be extended by us for up to an additional six months upon notice to Legend. The agreement may be terminated by either party at any time after 90 days upon notice to the other party. In consideration for Legend's services, we agreed to continue to pay Legend a monthly advisory fee of $20,000 and to issue Legend a warrant to purchase 800,000 shares of our common stock at an exercise price per share of $0.30. The warrant will vest as to 200,000 of the warrant shares upon issuance and as to an additional 200,000 of the warrant shares on each of August 14, 2012, February 14, 2013 and August 14, 2013, and will be exercisable for a period of five years. Under the investment banking agreement, we also agreed to give Legend "piggy back" registration rights with respect to the shares of our common stock underlying the warrant in any registration statement filed by us on behalf of holders of our securities in connection with resales of such securities by the holders.

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