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Cellectar Biosciences Announces Closing Of Public Offering And Partial Exercise Of Underwriter's Over-Allotment Option

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Cellectar Biosciences, Inc. (Nasdaq: CLRB), a clinical stage biopharmaceutical company developing innovative agents for the detection and treatment of cancer, announced the closing of an underwritten public offering of 3,333,333 shares of its common stock at a per share price of $3.75 and warrants to purchase up to the same number of shares of common stock at a per warrant price of $0.01; plus the issuance of approximately an additional 1,110,000 shares and warrants in consideration of the cancellation of $4,000,000 principal amount of convertible debentures plus accrued interest. The warrants have an exercise price of $4.68 per share, are immediately exercisable and expire in August 2019.

The Company also announced today that the underwriter partially exercised the over-allotment option to purchase an additional 250,000 shares of common stock and acquired warrants to purchase 500,000 shares of common stock. The underwriter also has a 45-day option to purchase up to an additional 250,000 shares of common stock to cover additional over-allotments, if any. Including tender of all outstanding convertible debentures, the company is offering a total of approximately 4,700,000 common shares and approximately 5,000,000 warrants.

The gross proceeds to the Company, including the underwriter's partial exercise of the over-allotment option, were $13,500,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The shares and warrants began trading on the NASDAQ Capital Market on August 15, 2014 under the symbols "CLRB" and "CLRBW," respectively.

Aegis Capital Corp acted as the sole book-running manager for the offering.

A registration statement on Form S-1 relating to the shares and warrants was filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective on August 14, 2014. A final prospectus relating to the offering has been filed with the SEC and is available, for free, on the SEC's website at http://www.sec.gov. Copies of the final prospectus relating to the offering may be obtained from the offices of Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com, or from the above-mentioned SEC website.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

Posted-In: News Offerings Press Releases

 

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