Cellectar Biosciences enters agreements to raise $5.8M

Cellectar Biosciences (CLRB) announced an agreement between the company and several institutional investors to exercise certain existing warrants for gross proceeds to the company of approximately $5.8 million prior to deducting placement agent fees and estimated offering expenses. Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for this transaction. The Existing Warrants were issued by the company on October 25, 2022, July 21, 2024, and July 2, 2025. An aggregate of 1,048,094 Existing Warrants were exercised. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to registration statements which were filed and declared effective by the Securities and Exchange Commission . In consideration for the immediate exercise for cash at an exercise price of $5.25 per Existing Warrant and the payment of $0.125 per new warrant, the exercising holders will receive 1,048,094 new unregistered Series I and 1,048,094 new unregistered Series II warrants to purchase shares of common stock in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Series I and Series II warrants will be exercisable immediately upon issuance at an exercise price of $6.00 per share. The Series I warrants have a term of exercise equal to five years from the date of initial exercise. The Series II warrants have a term of exercise equal to 18 months from the date of initial exercise. The Series I and Series II warrants do not contain any variable price features or anti-dilution provisions. The company intends to use the net proceeds from the offering for working capital and general corporate purposes, its Phase 1b clinical study of our compound CLR 121125 in triple-negative breast cancer, and the preparation and filing for a Conditional Marketing Authorization with the European Medicines Agency.