Shares of Cellectar Biosciences Inc. (Nasdaq: CLRB) were up 9.52% at $2.30 at the time of the most recent check in after-hours trading following an equity move.
What equity decision has CLRB made?
The previously announced formal agreements between Cellectar Biosciences (CLRB) and a number of institutional investors (the “Investors”) to buy 3,275,153 shares of the business’s common stock were finally finalized last week. In a concurrent private placement priced at the market in accordance with Nasdaq regulations, warrants to acquire up to 3,275,153 shares of common stock were sold along with shares at a price of $2.085 per share.
Cellectar Biosciences offered and sold pre-funded warrants to buy a total of 1,875,945 shares of common stock as well as warrants to buy a total of 1,875,945 shares of common stock in a separate concurrent private placement transaction.
The warrants expire five years from the closing date and are immediately exercisable at an exercise price of $1.96 per share. Each pre-funded warrant cost $2.08499 to acquire, is instantly exercisable at a price of $0.00001 per share, and will remain valid until fully exercised.
Before subtracting the expected offering expenses, the registered direct offering and private placements generated total gross proceeds of around $10.7 million. The net proceeds from the private placements and registered direct offering will be used by CLRB for operating capital, general business purposes, clinical study financing, and research and development. The transaction’s lone placement agency was Oppenheimer & Co. Inc.
A grant was given to CLRB:
In order to broaden its ongoing Phase 1 research of the drug iopofosine I 131 (iopofosine) in children and teenagers with inoperable relapsed or refractory high-grade gliomas, CLRB recently received an extra grant award of $1.98 million (HGGs). The Phase 1 trial, which is an international, open-label, dosage escalation, safety investigation, was the basis for the funding granted by the National Cancer Institute (NCI) of the National Institutes of Health.
What future ambitions does CLRB have?
The grant enables CLRB to extend its ongoing Phase 1 pediatric study’s Part 1a part into Part 1b. The study is structured as a two-part strategy to hasten development. Iopofosine is now in Phase 1a, which aims to assess its safety, tolerability, and early efficacy in treating juvenile brain tumors. Phase 1b, meanwhile, aims to define the dose and dosing schedule that produces the best outcomes. Preliminary findings showed therapeutic responses to iopofosine, as seen by alterations in several tumor indices and patients reporting prolonged progression free survival, as previously disclosed by Cellectar Biosciences (CLRB).