Merriman's Reedland Capital Division Acts as Co-Financial Advisor to CytRx Corporation
SAN FRANCISCO - February 17, 2016 - Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (MERR), today announced that CytRx Corporation (CYTR), a biopharmaceutical research and development company specializing in oncology, entered into a loan and security agreement with Hercules Technology Growth Capital, Inc. and Hercules Technology III, L.P. for up to $40 million in long-term financing.
Armentum Partners, through Trump Securities, LLC and Reedland Capital Partners, through Merriman Capital, Inc., registered broker-dealers and members FINRA/SIPC, acted as co-financial advisors to CytRx in connection with the transaction.
CytRx has received the first $25 million of financing under the loan and security agreement. The proceeds will be used for pre-commercialization and manufacturing activities for aldoxorubicin, clinical development, and general corporate purposes. A second tranche of up to $15 million will be available on or before December 31, 2016 if CytRx announces positive data from its global pivotal Phase 3 clinical trial of aldoxorubicin for the treatment of soft tissue sarcoma and initiates a clinical trial of a second novel drug candidate based on CytRx`s LADR technology platform.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. CytRx currently is focused on the clinical development of aldoxorubicin, its improved version of the widely used chemotherapeutic agent doxorubicin, and DK049, a novel drug conjugate which is expected to enter clinical trials in 2016. CytRx is also expanding its pipeline of oncology candidates at its laboratory facilities in Freiburg, Germany, through its LADR(TM) (Linker Activated Drug Release) technology platform, a discovery engine designed to leverage CytRx`s expertise in albumin biology and linker technology for the development of a new class of anti-cancer therapies.
About Reedland Capital Partners
Reedland Capital Partners specializes in structuring, arranging and negotiating debt and equity financings and providing strategic advisory services for both publicly-traded and select privately-held middle-market and emerging growth companies. Since 1998, the principals of Reedland have arranged in excess of $3 billion in financings for companies located all over the United States and Canada, in over a dozen different industries including healthcare, technology, IT services, education, real estate, energy/clean-tech, manufacturing, distribution, retail, lodging, gaming and entertainment. For additional information, please go to www.reedland.com
About Merriman Capital, Inc.
Merriman Capital, Inc. ("MC") is a full service investment bank and broker-dealer providing comprehensive advisory, fund raising and M&A services for fast growing public and private companies, and equity and options executions services to sophisticated investors. The firm is also a leader in providing entrepreneurial, independent investment banking teams with a compliant, flexible and highly collegial platform. Merriman Capital facilitates capital formation through its proprietary digital network (http://www.digitalcapitalnetwork.com - the "DCN"), a private placement marketplace that enables highly targeted, diligent and compliant execution of transactions primarily targeted toward Family Offices.
Merriman Capital, Inc. is the wholly owned brokerage subsidiary of Merriman Holdings, Inc. (MERR).The Digital Capital Network, Inc. is a wholly owned subsidiary of Merriman Holdings, Inc. All securities are offered through Merriman Capital, Inc., a registered broker-dealer and member of The Financial Industry Regulatory Authority (FINRA) http://www.finra.org/ and the Securities Investor Protection Corporation (SIPC) http://www.sipc.org/
Note to Investors
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on March 31, 2015. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K filed on March 31, 2015, together with this press release and the financial information contained herein, are available on our website, www.merrimanco.com. Please click on "Investor Relations."
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At Merriman:
Adriana Piltz
Chief Operating Office
(646) 292-1424
apiltz@merrimanco.com
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Source: Merriman Holdings Inc. via GlobeNewswire
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