CLRB Prices Offering At $2.13/Share

(RTTNews) - Cellectar Biosciences Inc. (CLRB) has offered to sell shares, or pre-funded warrants in lieu thereof, at a price of $2.13 per share and associated traditional warrants.

An investor will receive a five-year traditional warrant exercisable for one share of the company's common stock, at an exercise price of $3.04 per share for each share or pre-funded warrant purchased, according to the company.

The net proceeds of the offering are estimated to be about $6.2 million. The company had cash of $3.9 million at December 31, 2015.

The offering is expected to close on or about April 20, 2016, subject to the satisfaction or waiver of customary closing conditions.

Cellectar's lead drug candidate is CLR 131, a radiotherapeutic phospholipid drug conjugate for the treatment of multiple myeloma through the targeted delivery of iodine-131 to myelomatous cells. The company reported positive data from the first cohort of its phase I study of CLR 131 in patients with relapsed or refractory multiple myeloma in January of this year.

Based on the positive data, the trial has advanced into second cohort with a 50 percent escalation in dose level of CLR 131.

In order to support its continuing efforts to remain listed on NASDAQ and better position the company to attract capital in future financing transactions, Cellectar effected a 1-for-10 reverse stock split of its common stock on March 7, 2016.

CLRB closed Friday's trading at $2.10, down 31.15%.