Actinium Pharmaceuticals Inc. will sell up to $32.5 million worth of its common shares to Lincoln Park Capital Fund LLC.

Lincoln Park plans to initially purchase 3,376,554 common shares priced at 74 cents apiece, for a total of $2.5 million in gross proceeds for the biotechnology company. Lincoln Park can then purchase additional shares up to $30 million in multiple installments over a period of 30 months. Upon entering the agreement, Actinium issued 852,537 common shares to Lincoln Park without any cash consideration.

Actinium, a New York-based developer of cancer therapies, plans to use the proceeds for general corporate purposes, general working capital and expanding its products.