CytRx Raises $40M Via Term Loan

Los Angeles-based biopharmaceuticals developer CytRx said this morning that it has raised $40M via a long term, loan facility. The financing came from Herculus Technology Growth Capital and Hercules Technology III, L.P. The 48-month term loan has an interest rate of 9.5% per annum, subject to the variability of the prime interest rate. CytRx said it has drawn $25M in financing under the loan, and will be allowed to pull the remaining$15M after December 31st of 2016, based on clinical trial milestones. CytRx is led by Steven A. Kriegsman.