Cellectar Biosciences Announces Pricing of $7,000,000 Public Offering
15 April 2016 - 2:30PM
Cellectar Biosciences, Inc. (NASDAQ:CLRB) ("Cellectar" or the
“company”) today announced the pricing of an underwritten public
offering of common stock, or pre-funded warrants in lieu thereof,
at a price of $2.13 per share and associated traditional warrants,
for gross proceeds of approximately $7.0 million, prior to
deducting underwriting discounts, commissions and offering expenses
payable by the company.
For each share or pre-funded warrant purchased, an investor will
receive a five-year traditional warrant exercisable for one share
of our common stock, at an exercise price of $3.04 per share.
The shares and pre-funded warrants will be immediately separable
from the traditional warrants. The Company has applied for
listing of the warrants to trade on NASDAQ under the ticker symbol
CLRBZ and are expected to trade on or before closing of the
offering. The offering is expected to close on or about April
20, 2016, subject to the satisfaction or waiver of customary
closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Financial Services Inc. (NYSE MKT:LTS), is acting as sole
book-running manager.
The net proceeds of the offering are estimated to be
approximately $6.2 million after deducting underwriting discounts,
commissions and estimated offering expenses, prior to any exercise
of the underwriter’s overallotment option.
The company intends to use the net proceeds from the offering
for general corporate and working capital purposes, including
continued development 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.
A registration statement relating to the offering was declared
effective by the Securities and Exchange Commission (SEC) on April
14, 2016. The offering will be made solely by means of a
final prospectus, which will be filed with the SEC, copies of which
may be obtained at the SEC’s website at www.sec.gov, or
by contacting Ladenburg Thalmann & Co. Inc., 4400 Biscayne
Blvd., 14th Floor, Miami, Florida 33137 or by email at
prospectus@ladenburg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such
state or jurisdiction.
About Cellectar Biosciences, Inc. Cellectar
Biosciences is developing phospholipid drug conjugates (PDCs)
designed to provide cancer targeted delivery of diverse oncologic
payloads to a broad range of cancers and cancer stem cells.
Cellectar's PDC Delivery 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. 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 1 study in patients
with relapsed or refractory multiple myeloma. The company is also
developing PDCs for targeted delivery of chemotherapeutics such as
paclitaxel (CLR 1602-PTX), a preclinical stage product candidate,
and plans to expand its PDC chemotherapeutic pipeline through both
in-house and collaborative R&D efforts. For additional
information please visit www.cellectarbiosciences.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
for the year ended December 31, 2015. These forward-looking
statements are made only as of the date hereof, and we disclaim any
obligation to update any such forward-looking statements.
INVESTOR AND MEDIA CONTACT:
Jules Abraham
JQA Partners
917-885-7378
jabraham@jqapartners.com
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