Cellectar Biosciences (NASDAQ: CLRB), a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of cancer, has closed an underwritten public offering for gross proceeds of $20.0 million. According to the update, the offering comprised of 14,601,628 shares of common stock, together with Series H Warrants to purchase 8,695,664 shares of common stock. The public offering price of a share of Common Stock together with one-half of a Series H Warrant to purchase one share of common stock was $1.15. Each whole Series H Warrant is exercisable to purchase one share of Cellectar’s common stock, each at an exercise price of $1.2075, and is exercisable upon issuance and will expire five years from the date of issuance. The shares of common stock and the accompanying Series H warrants were issued separately but purchased together in this offering.
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About Cellectar Biosciences, Inc.
Cellectar Biosciences is focused on the discovery, development and commercialization of drugs for the treatment of cancer. The company is developing proprietary drugs independently and through research and development collaborations. The company’s core objective is to leverage its proprietary Phospholipid Drug Conjugate(TM) (“PDC”) delivery platform to develop PDCs that specifically target cancer cells, delivering improved efficacy and better safety as a result of fewer off-target effects. The company’s PDC platform possesses the potential for the discovery and development of the next-generation of cancer-targeting treatments, and it plans to develop PDCs independently and through research and development collaborations.
The company’s lead PDC therapeutic, CLR 131, is currently in two clinical studies. The CLOVER-1 Phase 2 study completed the Part A dose-exploration portion, conducted in relapsed/refractory (r/r) B-cell malignancies, and is now enrolling in the Part B expansion cohorts evaluating an approximate 100mCi total body dose of CLR 131 in relapsed/refractory (“r/r”) multiple myeloma (“MM”) and lymphoplasmacytic lymphoma/Waldenstrom’s macroglobulinemia (“LPL/WM”). The data from the Part A portion was announced on February 19, 2020. The company is also conducting a Phase 1 dose-escalation study in pediatric solid tumors and lymphomas.
The company’s product pipeline includes one preclinical PDC chemotherapeutic program (“CLR 1900”) and several partnered PDC assets. For more information, please visit www.Cellectar.com.
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