Cellectar Biosciences Inc. is looking to raise $10 million via two separate placements of $5 million each.

Florham Park, N.J.-based biotechnology company will sell certain institutional investors 1,982,000 common shares plus another 2,018,000 stock, all for $2.50 each.

Cellectar will also issue 4 million unregistered warrants to the buyers which can be exercised within five years at $2.40 each.

Cellectar plans to use the proceeds for research and development and funding clinical studies. Proceeds will also support expenses related to working capital and general corporate purposes.

Cellectar expects to close the offering on May 20, subject to closing conditions.

Roth Capital Partners is the sole placement agent for the transaction.