Full Press Release Details
Cellectar Biosciences Announces Closing
Underwritten Public Offering
FLORHAM PARK, N.J., June 5, 2020
- Cellectar Biosciences (Nasdaq: CLRB), a clinical stage biopharmaceutical company focused on the discovery, development
and commercialization of drugs for the treatment of cancer, today announced the closing of its previously announced underwritten
public offering for gross proceeds of $20.0 million prior to deducting underwriting discounts and commissions and estimated offering
The offering was 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 our common stock at an exercise price of $1.2075 per share, 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 purchased together in this offering but were issued separately.
Cellectar also issued 2,789,700 pre-funded
warrants, in lieu of shares of common stock that would otherwise result in such purchaser's beneficial ownership exceeding
4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock. Each pre-funded warrant is exercisable for
one share of our common stock. The purchase price of each pre-funded warrant and one-half of a Series H Warrant is $1.1499 and
the exercise price of each pre-funded warrant will be $0.00001 per share. The pre-funded warrants are immediately exercisable and
may be exercised at any time until all of the pre-funded warrants are exercised in full. The pre-funded warrant and the accompanying
Series H Warrants were purchased together in the offering but were issued separately.
Oppenheimer & Co. Inc. acted as the
sole book-running manager in connection with the offering and Ladenburg Thalmann & Co. Inc. and Roth Capital Partners acted
as co-lead managers.
The securities were offered pursuant to
a registration statement on Form S-1 (File No. 333-238132), which was declared effective by the Securities and Exchange Commission
(SEC) on June 2, 2020 and an additional registration statement filed pursuant to Rule 462(b) (File No. 333-238892),
which became effective when filed.
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 (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
or join the conversation by liking and following us on the company's social media channels: Twitter,
LinkedIn, and Facebook.
Forward-Looking Statement Disclaimer
This news release contains forward-looking
statements. You can identify these statements by our use of words such as "may," "expect," "believe,"
"anticipate," "intend," "could," "estimate," "continue," "plans," or
their negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and
uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements
are based on our current beliefs and expectations as to such future outcomes including our expectations of the impact of the recent
COVID-19 pandemic. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference
include, among others, uncertainties related to the ability to raise additional capital, uncertainties related to the disruptions
at our sole source supplier of CLR 131, the ability to attract and retain partners for our technologies, the identification of
lead compounds, the successful preclinical development thereof, patient enrollment and the completion of clinical studies, the
FDA review process and other government regulation, our ability to maintain orphan drug designation in the United States for CLR
131, the volatile market for priority review vouchers, our pharmaceutical collaborators' ability to successfully develop and commercialize
drug candidates, competition from other pharmaceutical companies, product pricing and third-party reimbursement. A complete description
of risks and uncertainties related to our business is contained in our periodic reports filed with the Securities and Exchange
Commission including our Form 10-K for the year ended December 31, 2019 and our Form 10-Q for the quarter ended March 31, 2020.
These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking