Cellectar Biosciences, Inc. (NASDAQ:CLRB), a late-stage biotechnology company focused on cancer drug development, announced on October 7, 2025, that it has secured approximately $5.8 million in gross proceeds through an agreement with institutional investors to exercise existing warrants. The transaction was facilitated by Ladenburg Thalmann & Co. Inc., which served as the exclusive placement agent.
Warrant Exercise Details
The agreement involved the exercise of 1,048,094 existing warrants that were originally issued on October 25, 2022, July 21, 2024, and July 2, 2025. Investors exercised these warrants at $5.25 per warrant and paid an additional $0.125 per new warrant to receive both Series I and Series II warrants.
In exchange for the immediate cash exercise, investors will receive 1,048,094 new unregistered Series I warrants and 1,048,094 new unregistered Series II warrants. Both 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 exercise term. Neither warrant series contains variable price features or anti-dilution provisions.
Strategic Use of Proceeds
Cellectar intends to allocate the net proceeds toward working capital and general corporate purposes, with specific funding directed to its Phase 1b clinical study of CLR 121125 (CLR 125) in triple-negative breast cancer. The company also plans to use the funds for preparation and filing of a Conditional Marketing Authorization (CMA) with the European Medicines Agency.
Proprietary Platform and Pipeline
The company's core technology centers on its proprietary Phospholipid Drug Conjugate (PDC) delivery platform, designed to develop next-generation cancer cell-targeting treatments that deliver improved efficacy and better safety through reduced off-target effects.
Cellectar's product pipeline includes several key assets: iopofosine I 131, a PDC designed to provide targeted delivery of iodine-131 radioisotope; CLR 121225, an actinium-225 based program targeting solid tumors with significant unmet need, including pancreatic cancer; and CLR 121125, an iodine-125 Auger-emitting program targeted at solid tumors such as triple-negative breast, lung, and colorectal cancers.
Regulatory Recognition and Clinical Progress
The company's lead asset, iopofosine I 131, has demonstrated significant regulatory recognition, receiving six Orphan Drug designations, four Rare Pediatric Drug designations, and two Fast Track designations from the FDA for various cancer indications.
Clinical development has progressed across multiple cancer types, with iopofosine I 131 studied in Phase 2b trials for relapsed or refractory multiple myeloma and central nervous system lymphoma. The CLOVER-2 Phase 1b study targets pediatric patients with high-grade gliomas, positioning Cellectar to potentially receive a Pediatric Review Voucher from the FDA upon approval.
Financial Structure and Compliance
The Series I and Series II warrants were offered through a private placement under Section 4(a)(2) of the Securities Act of 1933, with securities offered exclusively to accredited investors. The warrants and underlying shares have not been registered under the Securities Act and cannot be offered or sold in the United States without SEC registration or applicable exemption.
Cellectar has committed to filing a registration statement with the SEC covering the resale of shares issuable upon exercise of the new warrant series, ensuring future liquidity for warrant holders.
