Cellectar Biosciences Secures $6.9 Million in Recent Offering
Cellectar Biosciences Announces Successful Capital Raise
FLORHAM PARK, N.J. — Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical company dedicated to developing innovative cancer therapeutics, recently completed an underwritten public offering. The offering yielded gross proceeds nearing $6.9 million, providing essential funding while benefiting from participation by specialized healthcare investment funds and the company's executive leadership.
The Offering Details
The recent capital raise comprised two types of units: Class A and Class B. Specifically, it included 1,045,000 Class A Units, with a notable 180,000 of these units stemming from the full exercise of an over-allotment option. Each Class A Unit consists of one share of common stock paired with a common warrant, enabling the purchase of one additional share. Alongside this, 335,000 Class B Units were issued, comprising pre-funded warrants and accompanying common warrants. Class A Units were priced at $5.00 each and Class B Units at $4.99999. This ambitious fundraising effort positions Cellectar to advance its development pipeline further.
Use of Proceeds
Cellectar plans to allocate the net proceeds from this offering toward general corporate purposes, which include working capital and operational costs. A significant portion of these funds will support the initiation of a Phase 1b clinical study for CLR 121125 (CLR 125), targeting triple-negative breast cancer, a challenging form of cancer with limited treatment avenues.
Collaboration with Ladenburg Thalmann & Co.
Ladenburg Thalmann & Co. Inc. served as the sole book-running manager for this offering. Their established track record in the healthcare sector provides confidence as Cellectar continues to pursue its mission of improving cancer treatment outcomes.
About Cellectar Biosciences, Inc.
Cellectar is recognized for its innovative Phospholipid Drug Conjugate™ (PDC) delivery platform, focused on enhancing the efficacy and safety of cancer treatments. This unique approach enables targeted delivery, minimizing off-target effects and significantly improving patient outcomes. By combining its proprietary technology with rigorous clinical development, Cellectar aims to transform cancer treatment paradigms.
Frequently Asked Questions
What is the purpose of the recent public offering by Cellectar Biosciences?
The public offering aims to raise funds to support clinical studies, particularly for the development of CLR 121125 in the context of triple-negative breast cancer.
Who managed the public offering?
Ladenburg Thalmann & Co. Inc. acted as the sole book-running manager for this offering, assisting Cellectar in securing necessary funds.
What are the Class A and Class B Units in the offering?
Class A Units include a share of common stock and a common warrant, while Class B Units feature a pre-funded warrant and a common warrant for additional stock purchase.
How does Cellectar’s technology differ from traditional treatments?
Cellectar utilizes its unique PDC delivery platform, enabling targeted therapeutic delivery to cancer cells, enhancing treatment efficacy while reducing adverse effects.
Who can investors contact for more information?
Investors can reach out to Anne Marie Fields at Precision AQ for inquiries regarding the offering and Cellectar's strategic direction.
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