Madison, WI (Press Release) – Cellectar Biosciences, Inc. (NASDAQ:CLRB) ("Cellectar" or the “company”) today announced the pricing of an underwritten public offering of common stock, or pre-funded warrants in lieu thereof, at a price of $2.13 per share and asso­ci­ated traditional warrants, for gross proceeds of approx­i­mately $7.0 million, prior to deducting underwriting discounts, commissions and offering expenses payable by the com­pany.

For each share or pre-funded warrant purchased, an in­­vestor will receive a five-year traditional warrant exercisable for one share of our common stock, at an exercise price of $3.04 per share. The shares and pre-funded warrants will be im­medi­ately separable from the traditional warrants. The Company has applied for listing of the warrants to trade on NASDAQ under the ticker symbol CLRBZ and are ex­pec­ted to trade on or before closing of the offering. The offering is ex­pec­ted to close on or about April 20, 2016, subject to the satisfaction or waiver of customary closing con­di­tions.

Ladenburg Thalmann & Co. Inc., a sub­sid­i­ary of Ladenburg Financial Services Inc. (NYSE MKT:LTS), is acting as sole book-running man­ager.

The net proceeds of the offering are esti­mated to be approx­i­mately $6.2 million after deducting underwriting discounts, commissions and esti­mated offering expenses, prior to any exercise of the underwriter’s over­allotment option.

The com­pany intends to use the net proceeds from the offering for general corporate and work­ing capital pur­poses, in­­clud­ing con­tinued devel­op­ment of CLR 131 for the poten­tial treat­ment and man­agement of multiple myeloma, as well as the con­tinued devel­op­ment of targeted thera­peutic cancer agents using the com­pany’s pro­pri­e­tary phospholipid drug con­ju­gate (PDC) delivery plat­form.

A registration state­ment relating to the offering was declared effective by the Securities and Exchange Com­mis­sion (SEC) on April 14, 2016. The offering will be made solely by means of a final prospectus, which will be filed with the SEC, copies of which may be obtained at the SEC’s website at www.sec.gov, or by contacting Ladenburg Thalmann & Co. Inc., 4400 Biscayne Blvd., 14th Floor, Miami, Florida 33137 or by email at prospectus@ladenburg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Cellectar Biosciences, Inc.

Cellectar Biosciences is devel­op­ing phospholipid drug con­ju­gates (PDCs) designed to provide cancer targeted delivery of diverse onco­logic pay­loads to a broad range of cancers and cancer stem cells. Cellectar's PDC Delivery Platform is based on the com­pany's pro­pri­e­tary phospholipid ether analogs. These novel small-molecules have dem­onstrated highly selective uptake and retention in a broad range of cancers. Cellectar's PDC pipe­line in­cludes prod­uct can­di­dates for cancer ther­apy and cancer diagnostic imaging. The com­pany's lead thera­peutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its pay­load. CLR 131 is cur­rently being eval­u­ated under an orphan drug designated Phase 1 study in patients with re­lapsed or refractory multiple myeloma. The com­pany is also devel­op­ing PDCs for targeted delivery of chemo­thera­peutics such as paclitaxel (CLR 1602-PTX), a pre­clin­i­cal stage prod­uct can­di­date, and plans to expand its PDC chemo­thera­peutic pipe­line through both in-house and col­lab­o­rative R&D efforts. For addi­tional in­for­ma­tion please visit www.cellectarbiosciences.com.

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. 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 ability to attract and retain partners for our tech­nolo­gies, the identi­fi­ca­tion of lead com­pounds, the suc­cess­ful pre­clin­i­cal devel­op­ment thereof, the completion of clin­i­cal trials, the FDA review process and other gov­ern­ment reg­u­la­tion, 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, 2015. These forward-looking state­ments are made only as of the date hereof, and we disclaim any obli­ga­tion to update any such forward-looking state­ments.

Source: Cellectar Biosciences.