Cellectar Biosciences Enters into Common Stock Agreements to Raise $2.5 Million Priced at Market Under Nasdaq Rules

Core Viewpoint - Cellectar Biosciences, Inc. has entered into definitive agreements to raise $2.5 million through the sale of common stock, with the closing expected around June 6, 2025, pending customary conditions [1] Group 1: Financial Details - The company will raise $2.5 million from the sale of shares priced at-market for Nasdaq purposes [1] - The agreements include the immediate exercise of existing warrants for a total of 8,301,322 shares at a reduced exercise price of $0.3041 per share, expected to generate approximately $2.5 million in gross proceeds [3] - The net proceeds will be used for general corporate purposes, including working capital and operating expenses [3] Group 2: Company Overview - Cellectar Biosciences is a late-stage clinical biopharmaceutical company focused on developing proprietary drugs for cancer treatment, utilizing its Phospholipid Drug Conjugate™ (PDC) delivery platform [5] - The company's product pipeline includes iopofosine I 131, CLR 121225, and CLR 121125, targeting various cancers with significant unmet needs [6] Group 3: Product Development and Designations - Iopofosine I 131 has received Breakthrough Therapy Designation from the FDA and has been studied in Phase 2b trials for multiple myeloma and CNS lymphoma [7] - The product has also received multiple designations from the FDA, including six Orphan Drug and four Rare Pediatric Drug designations [7]