West L.A. biotech firm CytRx Corp. has announced a $75 million public stock offering.

The company announced the offering Thursday and priced it on Friday. CytRx is offering 11.5 million shares priced at $6.50 per share and plans to use proceeds to fund clinical trials of its oncology drug aldoxorubicin, as well as for other corporate purposes including research and development.

CytRx expects the offering to close next week.

CytRx shares were down 10 percent to $7.17 in Friday midday trading on the Nasdaq.