Actinium Pharmaceuticals Inc. closed its underwritten public offering of 21.5 million common shares and warrants to buy 18,275,000 common shares at 75 cents per share and related warrant.

The warrants have an exercise price of $1.05 per share and have a term of exercise of five years.

Gross proceeds from the offering were about $16.1 million, before deducting underwriting discounts and commissions and other offering expenses payable by Actinium.

The company plans to use the net proceeds to fund clinical development of Iomab-B, Actimab-A, Actimab-M, its alpha particle technology platform and for general corporate purposes.

Oppenheimer & Co. Inc. acted as sole book-running manager for the offering. Maxim Group LLC and JonesTrading Institutional Services LLC acted as co-managers for the offering.