Cellectar Biosciences Announces Closing of $6.9 Million Underwritten Public Offering, including Full Exercise of Over-Allotment Option

Core Viewpoint - Cellectar Biosciences, Inc. has successfully closed a public offering, raising approximately $6.9 million to support its cancer treatment drug development efforts [1][4]. Offering Details - The offering consists of 1,045,000 Class A Units and 335,000 Class B Units, with Class A Units priced at $5.00 each and Class B Units at $4.99999 each [2]. - Each Class A Unit includes one share of common stock and one common warrant, while each Class B Unit includes one pre-funded common stock purchase warrant and one common warrant [2]. - The common warrants have an exercise price of $5.25 per share and are exercisable upon issuance for a term of five years [2]. Use of Proceeds - The net proceeds from the offering will be utilized for general corporate purposes, including working capital and operating expenses, as well as to initiate a Phase 1b clinical study of CLR 121125 in triple-negative breast cancer [4]. Company Overview - Cellectar Biosciences is a late-stage clinical biopharmaceutical company focused on developing proprietary drugs for cancer treatment, leveraging its Phospholipid Drug Conjugate™ delivery platform to enhance treatment efficacy and safety [7].