Cellectar prices 865,000 units at $5.00 in underwritten public offering

Cellectar Biosciences (CLRB) announced the pricing of an underwritten public offering for gross proceeds of approximately $6M prior to deducting underwriting commissions and offering expenses. The offering is comprised of 865,000 Class A Units with each Class A Unit consisting of one share of common stock and one common warrant to purchase one share of common stock, and 335,000 Class B Units with each Class B Unit consisting of one pre-funded common stock purchase warrant to purchase one share of common stock and one Common Warrant. The price per Class A Unit is $5.00 and the price per Class B Unit is $4.99999. The Common Warrants will have an exercise price of $5.25 per share, will be exercisable upon issuance, and have a term expiring five years from issuance. Ladenburg Thalmann & Co. is acting as sole bookrunning manager in connection with this Offering. The closing of the Offering is expected to take place on or about July 2, subject to the satisfaction of customary closing conditions. In addition, the Company has granted the underwriter a 45-day option to purchase up to 180,000 additional shares of common stock and/or 180,000 Common Warrants, solely to cover over-allotments, if any, at the public offering price, less the underwriting discounts and commissions. The gross proceeds from the Offering to the Company, before deducting underwriting discounts and commissions and other Offering expenses and excluding any proceeds that may be received upon the exercise of the Common Warrants and the exercise of the underwriter’s option to purchase additional shares of common stock and/or Common Warrants, are expected to be approximately $6M. The Company currently intends to use the net proceeds of the Offering for general corporate purposes, including working capital and operating expenses, and to initiate a Phase 1b clinical study of our compound CLR 121125 in triple-negative breast cancer.