Cytrx Corp., of Los Angeles, closed its registered direct offering of 5.6 million shares priced at $1.25 apiece for gross proceeds of $7 million. The oncology-focused company will use net proceeds of about $6.5 million for working capital and general corporate purposes, including possible new drug discovery activities and acquisitions or mergers. H.C. Wainwright & Co. acted as the exclusive placement agent.