Clinical stage biopharmaceutical company Cellectar Biosciences (NASDAQ: CLRB) has closed a registered direct offering sale of 1,982,000 common shares and concurrent private placement of 2,018,000 common shares with institutional investors. In conjunction with the offerings, the company issued 4,000,000 unregistered warrants to purchase common stock, with fixed combination shares of common stock and warrants sold at $2.50, resulting in gross proceeds of $10 million to the company. The private placement warrants were immediately exercisable, at an exercise price of $2.40, and expire five years after the date of issuance. ROTH Capital Partners acted as sole placement agent for the offerings.
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About Cellectar Biosciences
Cellectar Biosciences is focused on the discovery, development, and commercialization of drugs for the treatment of cancer. The company plans to develop proprietary drugs independently and through research and development (R&D) collaborations. The core drug development strategy is to leverage its PDC platform to develop therapeutics that specifically target treatment to cancer cells. Through R&D collaborations, Cellectar seeks to generate near-term capital, supplement internal resources, gain access to novel molecules or payloads, accelerate product candidate development and to broaden its proprietary and partnered product pipelines. For more information, please visit www.Cellectar.com.
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