By Chris Wack

Cellectar Biosciences shares were 30% lower, at $4.98, after the company priced an underwritten public offering for proceeds of $6 million.

The stock hit its 52-week low of $4.90 earlier in the session, and is down 93% in the past 12 months.

The biopharmaceutical company said the offering is comprised of 865,000 class A units and 335,000 class B units. The price per class A unit is $5, and the price per class B unit is $4.99999.

The warrants will have an exercise price of $5.25 per share, will be exercisable upon issuance, and have a term expiring five years from issuance.

The closing of the offering is expected to take place on or about Wednesday.

Cellectar has granted the underwriter a 45-day option to buy up to 180,000 additional shares and/or 180,000 warrants, solely to cover over-allotments, if any, at the public offering price, less the underwriting discounts and commissions.

The company currently intends to use the proceeds of the offering for general corporate purposes, including working capital and operating expenses, and to initiate a Phase 1b clinical study of compound CLR 121125 in triple-negative breast cancer.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

July 01, 2025 10:13 ET (14:13 GMT)

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