Cellectar Biosciences, Inc. (NASDAQ: CLRB) announced on June 5, 2025, that it has entered into definitive agreements to raise $2.5 million through the exercise of existing warrants, providing crucial funding to advance its cancer drug development programs. The late-stage clinical biopharmaceutical company specializes in developing proprietary drugs for cancer treatment using its innovative delivery platform.
Financing Structure and Terms
The funding mechanism involves the immediate exercise of 8,301,322 outstanding warrants issued on June 5, 2020, October 25, 2022, and July 21, 2024, at a reduced exercise price of $0.3041 per share. Ladenburg Thalmann & Co. Inc. serves as the exclusive placement agent for the offering, with closing expected on or about June 6, 2025, subject to customary closing conditions.
The company did not issue any replacement warrants as part of this transaction. All shares issuable upon warrant exercise are registered or have their resale registered pursuant to effective registration statements. Cellectar intends to use the net proceeds for general corporate purposes, including working capital and operating expenses.
Proprietary Technology Platform
Cellectar's core strategy centers on leveraging its proprietary Phospholipid Drug Conjugate (PDC) delivery platform to develop next-generation cancer cell-targeting treatments. The platform is designed to deliver improved efficacy and better safety profiles by reducing off-target effects compared to conventional therapies.
Lead Drug Candidate and Pipeline
The company's flagship product, iopofosine I 131, represents a PDC designed to provide targeted delivery of iodine-131 radioisotope. The FDA has granted this candidate Breakthrough Therapy Designation, recognizing its potential to address significant unmet medical needs.
Iopofosine I 131 has been studied in Phase 2b trials for relapsed or refractory multiple myeloma and central nervous system lymphoma. Additionally, 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.
The FDA has granted iopofosine I 131 multiple regulatory designations, including six Orphan Drug designations, four Rare Pediatric Drug designations, and two Fast Track designations across various cancer indications.
Expanding Pipeline Programs
Beyond iopofosine I 131, Cellectar's pipeline includes CLR 121225, an actinium-225 based program targeting solid tumors with significant unmet medical needs, particularly pancreatic cancer. The company is also developing CLR 121125, an iodine-125 Auger-emitting program focused on solid tumors including triple negative breast cancer, lung cancer, and colorectal cancer.
The company maintains proprietary preclinical PDC chemotherapeutic programs and multiple partnered PDC assets, demonstrating the versatility of its platform technology across different therapeutic approaches and collaboration models.
