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Cellectar Biosciences to raise $7.8M from common stock, warrants offering

Cellectar Biosciences Inc. plans to sell about 4.1 million common shares and warrants to buy about 3.1 million common shares at $1.87375 per share and related warrants to certain institutional investors in a direct at-the-market offering.

The company will raise about $7.8 million in gross proceeds from the offering. The warrants have an exercise price of $1.78, will be immediately exercisable and will expire in 7 years.

The offering is expected to close Oct. 12, subject to the satisfaction of customary closing conditions.

Cellectar plans to use the net proceeds for general corporate purposes, including working capital.

Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent in connection with the offering.