Cellectar Biosciences Announces Tranche A Warrants Fully Exercised, Providing Proceeds of $44.1 Million
25 1월 2024 - 8:40PM
Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical
biopharmaceutical company focused on the discovery, development and
commercialization of drugs for the treatment of cancer, today
announced that the Tranche A warrants issued as part of the private
placement announced in September 2023 have been exercised in full.
All participants in the previous financing, led by Rosalind
Advisors, exercised their warrants with gross proceeds totaling
approximately $44.1 million.
In connection with the September 2023 private
placement, Cellectar also issued to investors five-year Tranche B
warrants for potential aggregate proceeds of approximately $34.3
million. The Tranche B warrants contain a 10-trading-day trigger
for investors to exercise following the earlier of the Company’s
public announcement of its receipt of written approval from the
U.S. FDA of its New Drug Application (NDA) for iopofosine I 131, or
September 8, 2028.
“We believe that the exercise of 100 percent of
the available Tranche A warrants is a testament to the confidence
our investors have in our company and lead asset, iopofosine I
131,” said James Caruso, president and CEO of Cellectar. “The
strengthened balance sheet and investor financial support allows us
to remain focused on the required execution to achieve the planned
near-term milestones, including the NDA submission, potential
accelerated FDA approval and thoughtful preparations for the launch
of iopofosine in Waldenstrom’s macroglobulinemia. In parallel, we
continue our clinical development of iopofosine in cancers with
significant unmet clinical needs, such as multiple myeloma,
pediatric high-grade gliomas, CNS lymphoma and others.”
About Cellectar Biosciences, Inc.Cellectar
Biosciences is a late-stage clinical biopharmaceutical company
focused on the discovery and development of proprietary drugs for
the treatment of cancer, independently and through research and
development collaborations. The company’s core objective is to
leverage its proprietary Phospholipid Drug Conjugate™ (PDC)
delivery platform to develop the next-generation of cancer
cell-targeting treatments, delivering improved efficacy and better
safety as a result of fewer off-target effects.
The company’s product pipeline includes lead asset iopofosine I
131, a small-molecule PDC designed to provide targeted delivery of
iodine-131 (radioisotope), proprietary preclinical PDC
chemotherapeutic programs and multiple partnered PDC assets.
For more information, please
visit and www.wmclinicaltrial.com or join the
conversation by liking and following us on the company’s social
media channels: Twitter, LinkedIn, and Facebook.
Forward-Looking Statement Disclaimer
This news release contains forward-looking statements. You can
identify these statements by our use of words such as "may,"
"expect," "believe," "anticipate," "intend," "could," "estimate,"
"continue," "plans," or their negatives or cognates. These
statements are only estimates and predictions and are subject to
known and unknown risks and uncertainties that may cause actual
future experience and results to differ materially from the
statements made. These statements are based on our current beliefs
and expectations as to such future outcomes, including our
expectations regarding the WM CLOVER WaM pivotal trial and NDA
approval. Drug discovery and development involve a high degree of
risk. Factors that might cause such a material difference include,
among others, uncertainties related to the ability to raise
additional capital, uncertainties related to the disruptions at our
sole source supplier of iopofosine, the ability to attract and
retain partners for our technologies, the identification of lead
compounds, the successful preclinical development thereof, patient
enrollment and the completion of clinical studies, the FDA review
process and other government regulation, our ability to maintain
orphan drug designation in the United States for iopofosine, the
volatile market for priority review vouchers, our pharmaceutical
collaborators' ability to successfully develop and commercialize
drug candidates, competition from other pharmaceutical companies,
product pricing and third-party reimbursement. A complete
description of risks and uncertainties related to our business is
contained in our periodic reports filed with the Securities and
Exchange Commission including our Form 10-K for the year ended
December 31, 2022, and our Form 10-Q for the quarter ended
September 30, 2023. These forward-looking statements are made only
as of the date hereof, and we disclaim any obligation to update any
such forward-looking statements.
Contacts
MEDIA:Claire LaCagninaBliss Bio
Health315-765-1462clacagnina@blissbiohealth.com
INVESTORS:Chad KoleanChief Financial
Officerinvestors@cellectar.com
Cellectar Biosciences (NASDAQ:CLRB)
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Cellectar Biosciences (NASDAQ:CLRB)
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