Cellectar Biosciences raises $5.8 million through warrant exercise

FLORHAM PARK, N.J. - Cellectar Biosciences, Inc. (NASDAQ:CLRB), currently trading at $6.17 and showing strong momentum with a 10% gain over the past week, has secured approximately $5.8 million in gross proceeds through an agreement with institutional investors to exercise existing warrants, the late-stage biotechnology company announced Tuesday. According to InvestingPro analysis, the company maintains a healthy balance sheet with more cash than debt, though it’s currently trading below its Fair Value.

The transaction involved the exercise of 1,048,094 existing warrants at $5.25 per warrant, with an additional payment of $0.125 per new warrant. These existing warrants were originally issued between October 2022 and July 2025. The company’s financial health metrics from InvestingPro show a current ratio of 2.15, indicating sufficient liquid assets to meet short-term obligations.

In exchange for exercising the existing warrants, investors will receive new unregistered Series I and Series II warrants in equal amounts. Both new warrant series will be exercisable immediately at $6.00 per share, with Series I warrants having a five-year exercise term and Series II warrants having an 18-month term.

Ladenburg Thalmann & Co. Inc. served as the exclusive placement agent for the transaction.

Cellectar intends to use the proceeds for working capital, general corporate purposes, its Phase 1b clinical study of CLR 121125 in triple-negative breast cancer, and preparation for a Conditional Marketing Authorization filing with the European Medicines Agency.

The company focuses on developing cancer treatments using its Phospholipid Drug Conjugate delivery platform. Its lead asset is iopofosine I 131, which has received six Orphan Drug, four Rare Pediatric Drug, and two Fast Track Designations from the FDA for various cancer indications.

The new Series I and Series II warrants were offered in a private placement to accredited investors. Cellectar has agreed to file a registration statement with the SEC covering the resale of shares issuable upon exercise of these new warrants.

This information is based on a press release statement from the company. Analysts maintain a positive outlook on CLRB, with price targets ranging from $18 to $76, significantly above current levels. For deeper insights into CLRB’s valuation and 13 additional ProTips, including detailed financial analysis and future growth prospects, visit InvestingPro, where you’ll find comprehensive research reports and expert analysis.

In other recent news, SelectR Biosciences reported its financial results for the second quarter of 2025, posting a net loss of $5.4 million, or $3.39 per share. This result significantly missed analyst expectations, which had forecast an earnings per share of -$0.13. The earnings miss represented a surprise percentage of 2507.69%. Meanwhile, Cellectar Biosciences announced that its cancer treatment, iopofosine I 131, could be eligible for Conditional Marketing Authorization in Europe. This potential approval would target patients with Waldenstrom macroglobulinemia who have not responded to Bruton Tyrosine Kinase inhibitor therapy. The Scientific Advice Working Party of the European Medicines Agency has advised that filing for this authorization could be acceptable. If successful, the drug could be available in 30 European countries by 2027. These developments highlight significant recent activities for both companies.

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