CLRB - Cellectar Biosciences Announces Closing of up to Approximately $103 Million Private Placement Financing | Benzinga
FLORHAM PARK, N.J., Sept. 11, 2023 (GLOBE NEWSWIRE) -- Cellectar Biosciences, Inc. (NASDAQ:CLRB), a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of targeted drugs for the treatment of cancer, today announced that it has closed on its previously announced private placement with certain institutional investors that is expected to result in gross proceeds of up to $102.9 million, including gross proceeds of $24.5 million which the Company received at closing. The financing was led by Rosalind Advisors with participation from AIGH Capital, ADAR1, Second Line, Nantahala Capital, AuGC, and other new and existing institutional investors.
Pursuant to the securities purchase agreement, Cellectar issued to purchasers (i) an aggregate $24.5 million in shares of the Company's Series E-1 Preferred Stock and (ii) two tranches of warrants that are exercisable as follows:
- Tranche A warrants for an aggregate exercise price of approximately $44.1 million that are exercisable for Series E-3 Preferred Stock until the earlier of September 6, 2026, or 10 days following the Company's announcement of top-line data from the WM CLOVER-WaM pivotal trial.
- Tranche B warrants for an aggregate exercise price of approximately $34.3 million that are exercisable for Series E-4 Preferred Stock until the earlier of September 6, 2028, or 10 days following disclosure of the Company's public announcement of its receipt of written approval from the FDA of its New Drug Application for iopofosine I 131.
Shares of Series E Preferred Stock were issued at a price of $20,000 per share. Conversion of the Series E Preferred Stock into shares of common stock of the Company is subject to approval by the Company's stockholders. The conversion price for the Series E-1 Preferred Stock will be $1.82 per share of Common Stock, for the Series E-3 Preferred Stock will be $3.185 per share of Common Stock, and for the Series E-4 Preferred Stock will be ...