CLRB - Cellectar Biosciences Announces up to Approximately $103 Million Private Placement Financing | Benzinga
Transaction led by existing investor Rosalind with participation from other new and existing healthcare-focused institutional investors
Pivotal topline data in Waldenstrom's macroglobulinemia expected in Q4 2023 with NDA submission and potential product launch in 2024
FLORHAM PARK, N.J., Sept. 05, 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 it has entered into a securities purchase agreement with certain institutional investors for a private placement financing (the "PIPE") that is expected to result in gross proceeds of up to $102.9 million, including an initial funding of $24.5 million priced at the company's common stock closing price on September 1, 2023 of $1.82 per share. The financing is being led by Rosalind Advisors with participation from AIGH Capital, ADAR1, Second Line, Nantahala Capital, AuGC, and other new and existing institutional investors.
"This financing with current and new investor funds of up to $102.9 million reflects the significant value of our lead asset iopofosine and R&D pipeline," said James Caruso, president and CEO of Cellectar. "With the initial $24.5 million, we are able to fully fund all corporate activities through the completion of our pivotal trial and expected reporting of top-line data later this year. The additional tranches of financing provide ample capital through the potential accelerated approval of iopofosine and subsequent commercialization."
Pursuant to the $102.9 million securities purchase agreement, Cellectar will issue 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; and Tranche B warrants for an aggregate exercise price of approximately $34.3 million that are exercisable for Series E-3 Preferred Stock until the earlier of September 6, 2028, or ...