Cellectar Biosciences announces 1:30 reverse stock split

FLORHAM PARK, N.J. - Cellectar Biosciences, Inc. (NASDAQ:CLRB), a late-stage clinical biopharmaceutical company focused on cancer treatment drugs, will implement a one-for-thirty reverse stock split effective Tuesday, June 24, 2025. The announcement comes as the company’s stock has experienced significant volatility, with a 41% gain over the past six months despite an 87% decline over the past year, according to InvestingPro data.

The company’s common stock will continue trading under the same symbol on the Nasdaq Global Select Market with a new CUSIP number (15117F880) when markets open on June 24.

The reverse split, approved by stockholders on June 13 with the final ratio determined by the board of directors, will reduce Cellectar’s outstanding common shares from 54,361,197 to approximately 1,812,040. The number of authorized shares and par value per share will remain unchanged.

All stockholders will be affected uniformly, with those holding fractional shares receiving cash payments in lieu of those shares. The split will proportionately affect shares available under equity incentive plans, while outstanding stock options and warrants will be adjusted to maintain equivalent aggregate exercise prices.

Equiniti Trust Company is serving as the transfer agent for the split. Registered stockholders are not required to take action to receive post-split shares, which will be issued in paperless book-entry form. Stockholders owning shares through brokers will have positions automatically adjusted according to their brokers’ processes.

Cellectar’s product pipeline includes iopofosine I 131, which has received FDA Breakthrough Therapy Designation, along with several other cancer treatment candidates in various stages of development.

Additional information about the reverse stock split is available in the company’s definitive proxy statement filed with the Securities and Exchange Commission on April 28, 2025, according to the press release statement.

In other recent news, Cellectar Biosciences has made significant strides with its clinical trials and financial maneuvers. The company reported promising results from its CLOVER-2 Phase 1 clinical trial of iopofosine I 131 in pediatric patients with high-grade glioma, showing improved progression-free survival and overall survival rates compared to typical outcomes for this patient group. Additionally, Cellectar has raised $2.5 million through the sale of common stock, facilitated by the immediate exercise of existing warrants, with Ladenburg Thalmann & Co. Inc. acting as the exclusive placement agent. This capital is intended for general corporate purposes, including operating expenses.

The U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation to Cellectar’s iopofosine I 131 for treating relapsed/refractory Waldenstrom macroglobulinemia, indicating the potential for expedited development and review. This designation was supported by data from the Phase 2 CLOVER WaM study, which exceeded its primary endpoint targets. Furthermore, Cellectar has previously received Fast Track and Orphan Drug Designations from the FDA and PRIME Designation from the European Medicines Agency (EMA) for this treatment. The EMA is reviewing a data package from Cellectar, which may lead to conditional marketing authorization approval, with a decision expected by late July 2025.

These developments underscore Cellectar’s ongoing efforts to advance its cancer treatment pipeline and address unmet medical needs.

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