Cellectar Biosciences secured $6.9 million from a public offering to fund cancer treatment development, including a new clinical study.
Quiver AI Summary
Cellectar Biosciences, Inc. announced the successful closing of its underwritten public offering which raised approximately $6.9 million before expenses. This offering included 1,045,000 Class A Units, each comprising a share of common stock and a warrant to purchase additional stock, and 335,000 Class B Units, which included pre-funded warrants and common warrants. The proceeds will primarily be utilized for general corporate purposes and to initiate a Phase 1b clinical study of their drug CLR 121125 in triple-negative breast cancer. The offering was managed by Ladenburg Thalmann & Co. Inc., and the Company emphasized that this press release should not be considered an offer to sell securities in jurisdictions where such offers would be unlawful.
Potential Positives
- Cellectar Biosciences successfully closed a public offering, raising approximately $6.9 million, which enhances its capital position.
- The proceeds from the offering will be used to initiate a Phase 1b clinical study of compound CLR 121125, targeting triple-negative breast cancer, indicating progress in the company's drug development pipeline.
- The participation of healthcare dedicated funds and executive management in the offering suggests confidence in the company's potential and business strategy.
Potential Negatives
- The company raised only $6.9 million, which may suggest limited investor confidence or financial health, especially for a late-stage clinical biopharmaceutical company.
- The offering includes warrants, which may dilute existing shareholders’ ownership and value in the company.
- Proceeds are intended for general corporate purposes and operating expenses, indicating potential ongoing financial strain rather than significant advancements or breakthrough developments in drug discovery.
FAQ
What is the purpose of Cellectar Biosciences' recent public offering?
The recent public offering aims to raise funds for general corporate purposes, including a Phase 1b clinical study of CLR 121125 in triple-negative breast cancer.
How much gross revenue did Cellectar Biosciences achieve from the offering?
The company achieved approximately $6.9 million in gross proceeds from the recent underwritten public offering.
What are the components of the Class A and Class B Units?
Class A Units consist of one share of common stock and one common warrant, while Class B Units include a pre-funded warrant and one common warrant.
Who managed the underwriting for this public offering?
Ladenburg Thalmann & Co. Inc. acted as the sole bookrunning manager for this public offering.
Where can I find the final prospectus related to this offering?
The final prospectus is available on the SEC’s website or by contacting Ladenburg Thalmann & Co. Inc.'s Prospectus Department.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CLRB Insider Trading Activity
$CLRB insiders have traded $CLRB stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $CLRB stock by insiders over the last 6 months:
- JARROD LONGCOR (Chief Operating Officer) purchased 30,000 shares for an estimated $8,400
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CLRB Hedge Fund Activity
We have seen 14 institutional investors add shares of $CLRB stock to their portfolio, and 15 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ADAR1 CAPITAL MANAGEMENT, LLC removed 545,033 shares (-93.1%) from their portfolio in Q1 2025, for an estimated $171,848
- UBS GROUP AG added 544,153 shares (+144.6%) to their portfolio in Q1 2025, for an estimated $171,571
- CITADEL ADVISORS LLC added 343,258 shares (+inf%) to their portfolio in Q1 2025, for an estimated $108,229
- ALTIUM CAPITAL MANAGEMENT LLC removed 215,000 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $67,789
- BANK OF AMERICA CORP /DE/ removed 206,436 shares (-99.8%) from their portfolio in Q1 2025, for an estimated $65,089
- SEQUOIA FINANCIAL ADVISORS, LLC added 188,760 shares (+1301.8%) to their portfolio in Q1 2025, for an estimated $59,516
- JPMORGAN CHASE & CO removed 182,327 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $57,487
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
FLORHAM PARK, N.J., July 02, 2025 (GLOBE NEWSWIRE) -- Cellectar Biosciences, Inc. (Nasdaq: CLRB) (the “Company”), a late-stage clinical biopharmaceutical company focused on the discovery and development of drugs for the treatment of cancer, t oday announced the closing of its previously announced underwritten public offering for gross proceeds of approximately $6.9 million prior to deducting underwriting commissions and offering expenses. The offering includes participation from healthcare dedicated funds and executive management.
The offering is composed of (i) 1,045,000 Class A Units (which includes 180,000 Class A Units issued pursuant to the Underwriter's exercise of the over-allotment option in full) with each Class A Unit consisting of (a) one share of common stock and (b) one common warrant to purchase one share of common stock (the “Common Warrants”), and (ii) 335,000 Class B Units with each Class B Unit consisting of (a) one pre-funded common stock purchase warrant to purchase one share of common stock (“Pre-funded Warrants”) and (b) one Common Warrant. The price per Class A Unit is $5.00 and the price per Class B Unit is $4.99999 (collectively, the “Offering”). The Common Warrants have an exercise price of $5.25 per share, are exercisable upon issuance, and have a term expiring five years from issuance.
Ladenburg Thalmann & Co. Inc. acted as sole bookrunning manager in connection with this Offering.
The gross proceeds from the Offering to the Company, before deducting underwriting discounts and commissions and other Offering expenses and excluding any proceeds that may be received upon the exercise of the Common Warrants were approximately $6.9 million. The Company currently intends to use the net proceeds of the Offering for general corporate purposes, including working capital and operating expenses, and to initiate a Phase 1b clinical study of our compound CLR 121125 (CLR 125) in triple-negative breast cancer.
The securities described above were sold pursuant to a registration statement on Form S-1 (File No. 333-288333), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on July 1, 2025. A prospectus relating to the securities was filed with the SEC on July 1, 2025 and is available on the SEC’s website at http://www.sec.gov . Electronic copies of the final prospectus, may also be obtained by contacting Ladenburg Thalmann & Co. Inc., Prospectus Department, 640 Fifth Avenue, 4th Floor, New York, New York 10019 or by email at [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is a late-stage clinical biopharmaceutical company focused on the discovery and development of proprietary drugs for the treatment of cancer, 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 the next-generation of cancer cell-targeting treatments, delivering improved efficacy and better safety as a result of fewer off-target effects.
Forward Looking Statement Disclaimer
This news release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the use of proceeds and the exercise of the Pre-Funded Warrants and the Common Warrants. 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 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. In addition, 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 identify suitable collaborators, partners, licensees or purchasers for our product candidates and, if we are able to do so, to enter into binding agreements with regard to any of the foregoing, or to raise additional capital to support our operations, or our ability to fund our operations if we are unsuccessful with any of the foregoing. A complete description of risks and uncertainties related to our business is contained in our periodic reports filed with the SEC including our Form 10-K for the year ended December 31, 2024, and our Form 10-Q for the quarter ended March 31, 2025, as well as in our registration statement on Form S-1 as filed with the SEC on June 30, 2025 and the prospectus contained therein, together with any amendments and supplements thereto. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements.
Contact
INVESTORS:
Anne Marie Fields
Precision AQ
212-362-1200
[email protected]