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Cellectar Biosciences, Inc. (NASDAQ:CLRB), currently trading at $7.94 with a market capitalization of $14.2 million, implemented a one-for-thirty reverse stock split of its common stock on Tuesday. The company amended its Second Amended and Restated Certificate of Incorporation to effect the reverse split, according to a statement in a press release based on a filing with the U.S. Securities and Exchange Commission.
As a result of the reverse split, every thirty shares of Cellectar Biosciences common stock were consolidated into one share. No fractional shares were issued. Instead, the transfer agent will aggregate all fractional shares and sell them on the open market, distributing the net proceeds to shareholders entitled to receive fractional shares on a pro rata basis. The stock has seen significant volatility, dropping 11.5% in the past week while showing a 27.5% gain over the past six months.
The company’s common stock continues to trade on the Nasdaq Capital Market under the symbol CLRB. The par value of the common stock remains at $0.00001 per share.
The amendment to the company’s certificate of incorporation, which enabled the reverse split, was filed on Tuesday. The reverse split applies to all holders of record of Cellectar Biosciences common stock as of the effective date.
This information is based on a press release statement and the company’s filing with the SEC.
In other recent news, Cellectar Biosciences has reported significant developments in its ongoing efforts to advance cancer treatment options. The company announced initial results from its CLOVER-2 Phase 1 clinical trial, which showed improved survival rates in pediatric patients with high-grade glioma. Patients receiving a minimum dose of iopofosine I 131 experienced longer progression-free and overall survival compared to typical outcomes for this patient group. Additionally, Cellectar plans to raise $2.5 million through a stock sale, with proceeds intended for general corporate purposes, including working capital and operating expenses.
Further, Cellectar has been granted Breakthrough Therapy Designation by the FDA for iopofosine I 131, intended to treat relapsed/refractory Waldenstrom macroglobulinemia. This designation is based on promising data from the Phase 2 CLOVER WaM study, which showed significant response rates. The company is also awaiting guidance from the European Medicines Agency regarding a potential Medical (TASE:BLWV) Authorization Application. Lastly, Cellectar has executed a one-for-thirty reverse stock split, reducing its outstanding shares while maintaining the same number of authorized shares. These recent developments highlight Cellectar’s ongoing commitment to addressing unmet medical needs in cancer treatment.
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