Cellectar Biosciences, Inc. (NASDAQ: CLRB) saw its shares slide slightly first thing Friday. This as the company, a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of cancer, announced that it has entered into definitive agreements with several institutional investors for the purchase of 3,275,153 shares of the company’s common stock at $2.085 per share in a registered direct offering and warrants to purchase up to an aggregate of 3,275,153 shares of common stock in a concurrent private placement priced at-the-market under NASDAQ rules.
In a separate concurrent private placement transaction, Cellectar has agreed to sell pre-funded warrants to purchase up to an aggregate of 1,875,945 shares of common stock and warrants to purchase up to an aggregate of 1,875,945 shares of common stock.
The warrants will be immediately exercisable at an exercise price of $1.96 per share and will expire on the fifth anniversary of the closing date. The purchase price of each pre-funded warrant will be $2.08499 and the pre-funded warrants will be immediately exercisable at an exercise price of $0.00001 per share and will not expire until exercised in full.
The registered direct offering and private placements are expected to result in total gross proceeds of approximately $10.7 million before deducting estimated offering expenses. The company intends to use the net proceeds from the registered direct offering and the private placements for funding clinical studies, research and development, working capital and general corporate purposes.
CLRB shares fell 12 cents, or 6.1%, to $126.72.
