Cellectar Biosciences Announces Exercise of Tranche B Warrants and Purchase of New Warrants for Approximately $19.4 million with the Potential to Raise Up to an Additional $73.3 Million

Core Viewpoint - Cellectar Biosciences, Inc. has announced the issuance of new warrants that could generate significant gross proceeds, which will support the commercialization of its lead asset, iopofosine I 131, for cancer treatment [1][2][7]. Group 1: New Warrants and Financial Proceeds - The new warrants consist of Tranche A, B, and C, with potential gross proceeds of approximately $73.3 million if fully exercised [1][7]. - Tranche A warrants can generate up to $17.0 million at an exercise price of $2.52, triggered by the FDA's assignment of a review date for iopofosine I 131 [1]. - Tranche B warrants can yield approximately $32.9 million at an exercise price of $4.00, triggered by FDA approval of iopofosine I 131 [1]. - Tranche C warrants can provide about $23.5 million at an exercise price of $5.50, triggered by domestic quarterly revenue from iopofosine I 131 exceeding $10.0 million [1]. - The exercised Tranche B warrants and newly purchased warrants will generate gross proceeds of approximately $19.4 million [7]. Group 2: Product Pipeline and Development Plans - Cellectar is focused on the development of iopofosine I 131, a small-molecule PDC designed for targeted delivery of iodine-131 for cancer treatment [3][10]. - The company plans to file a New Drug Application (NDA) for iopofosine I 131 for the treatment of Waldenstrom's macroglobulinemia in Q4 2024, seeking priority review [2].