Cellectar Biosciences Announces Pricing of $3.3 Million Financing
28 September 2015 - 2:30PM
Cellectar Biosciences, Inc. (NASDAQ:CLRB) ("Cellectar") today
announced the pricing of a registered direct offering of 1,017,272
shares of its common stock and Series B pre-funded warrants to
purchase 482,728 shares of common stock at a price of $2.20 per
share.
Concurrently in a private placement, Cellectar is issuing Series
A warrants to purchase 1,500,000 shares of common stock at an
exercise price of $2.83 per share, which are not exercisable for
six months from issuance and are exercisable for five years
thereafter. Pursuant to a registration rights agreement, the
Company has agreed to file a registration statement for the resale
of the shares of common stock issuable upon exercise the Series A
Warrants.
Gross proceeds from this offering are expected to be
approximately $3,300,000, before deducting the estimated offering
expenses payable by the company. The offering is expected to close
on or about September 30, 2015, subject to customary closing
conditions.
Ladenburg Thalmann & Co., Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT:LTS), acted as the
exclusive placement agent for the offering.
Cellectar expects to use the net proceeds of the offering to
support the Phase I clinical trial of CLR 131 for the potential
treatment and management of multiple myeloma, as well as the
continued development of targeted therapeutic cancer agents using
the company's proprietary phospholipid drug conjugate (PDC)
delivery platform. The proceeds will also be applied to
working capital, general corporate purposes and business
development applications.
The shares, the pre-funded warrants and the shares issuable upon
the exercise of such warrants described above are being offered by
Cellectar pursuant to a shelf registration statement (File No.
333-201429) previously filed with and subsequently declared
effective by the Securities and Exchange Commission ("SEC"). A
prospectus supplement relating to the offering will be filed with
the SEC and will be available on the SEC's website at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Copies of the
preliminary prospectus supplement and accompanying base prospectus
relating to this offering may be obtained from Ladenburg Thalmann
& Co., Inc., 570 Lexington Avenue, 11th Fl., New York, NY
10022, (212) 409-2000 or by accessing the SEC's
website, www.sec.gov or by emailing Cellectar Biosciences,
Inc. via bd@cellectar.com.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is developing phospholipid drug conjugates
(PDCs) designed to provide cancer targeting delivery of diverse
oncologic payloads to a broad range of cancers and cancer stem
cells. Cellectar's PDC platform is based on the company's
proprietary phospholipid ether analogs. These novel small-molecules
have demonstrated highly selective uptake and retention in a broad
range of cancers and cancer stem cells. Cellectar's PDC pipeline
includes product candidates for cancer therapy and cancer
diagnostic imaging. The company's lead therapeutic PDC, CLR 131,
utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR
131 is currently being evaluated under an orphan drug designated
Phase I study in patients with relapsed/refractory multiple
myeloma. The company is also developing PDCs for targeted delivery
of chemotherapeutics such as paclitaxel (CLR 1601 PTX) and
gemcitabine (CLR 1605 GEM), both preclinical stage product
candidates, and plans to expand its PDC chemotherapeutic pipeline
through both in-house and collaborative R&D efforts. For
additional information please visit www.cellectar.com.
This news release contains forward-looking statements. You can
identify these statements by our use of words such as "may,"
"expect," "believe," "anticipate," "intend," "could," "estimate,"
"continue," "plans," or their negatives or cognates. These
statements are only estimates and predictions and are subject to
known and unknown risks and uncertainties that may cause actual
future experience and results to differ materially from the
statements made. These statements are based on our current beliefs
and expectations as to such future outcomes. Drug discovery and
development involve a high degree of risk. Factors that might cause
such a material difference include, among others, uncertainties
related to the ability to raise additional capital, uncertainties
related to the ability to attract and retain partners for our
technologies, the identification of lead compounds, the successful
preclinical development thereof, the completion of clinical trials,
the FDA review process and other government regulation, our
pharmaceutical collaborators' ability to successfully develop and
commercialize drug candidates, competition from other
pharmaceutical companies, product pricing and third-party
reimbursement. A complete description of risks and uncertainties
related to our business is contained in our periodic reports filed
with the Securities and Exchange Commission including our Form
10-K/A for the year ended December 31, 2014. These
forward-looking statements are made only as of the date hereof, and
we disclaim any obligation to update any such forward-looking
statements.
CONTACT: INVESTOR AND MEDIA CONTACT:
Jules Abraham
JQA Partners
917-885-7378
jabraham@jqapartners.com
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