Cellectar Biosciences Closes $8 Million Public Issue

Cellectar Biosciences Inc CLRB disclosed that it completed $8 million worth of public offering that was fully underwritten. The company came out with about 1.87 million shares and about 1.91 million pre-funded warrants to buy the same number of shares plus the issuance of about 3.78 million Series A warrants.

The company stated the pre-funded warrants have an exercise price of $0.01 per share and that the Series A warrants have an exercise price of $3.04 per share, and is exercisable for five years from the date of offering. The company also pointed out that the Series A warrants, which are callable under certain circumstances, would trade on the NASDAQ market under the symbol CLRBZ.

Cellectar Biosciences President and CEO, Jim Caruso, commented that "We are pleased with the results of this offering, including the underwriter's exercise of their full over-allotment option. Successfully raising over $8 million positions the company to execute our operating plan to achieve a number of meaningful milestones, including the advancement of our phase 1 clinical study of CLR 131 in multiple myeloma and continued development of our PDC Delivery Platform through partner collaborations and in-house R&D."

The company stated that it would get net proceeds of about $7.2 million from the public offering.

On Wednesday, shares of the company traded flat.