MADISON, Wis., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Cellectar Biosciences, Inc. (Nasdaq:CLRB) ("Cellectar" or the "company"), an oncology-focused, clinical stage biotechnology company, today announces the closing of its underwritten public offering of 1.6 million shares of its common stock and 68 shares of its preferred stock, which includes the previously announced $8 million offering and the underwriter's full exercise of their $1.2 million over-allotment option. "We view the outcome of this offering as evidence of investor confidence in the company's strategic direction and the consistent delivery of meaningful milestones in a relatively short period of time. This is further emphasized by the underwriter's exercise of their full over-allotment option, which elevates the total gross proceeds to more than $9 million," said Jim Caruso, president and CEO of Cellectar Biosciences. "These funds position the company to further advance the clinical development of CLR 131 in multiple myeloma and other hematologic malignancies, including our NCI supported Phase II study, as well as the continued development of our PDC Delivery Platform through in-house R&D and partnered collaborations." Gross offering proceeds to the company, including the exercise of the $1.2 million over-allotment option, are $9.2 million, while net proceeds, after deducting underwriting discounts, commissions and offering expenses, are estimated to be approximately $8.3 million. The company anticipates that these proceeds will be sufficient to fund operations into the first quarter of 2018. The preferred stock was offered at $100,000 per share, and is immediately convertible into 66,667 shares of common stock, for a total of approximately 4.5 million shares of common stock at an effective price of $1.50 per share of common stock. For each share of common stock purchased directly or issuable upon conversion of shares of preferred stock, investors also receive one five-year Series C warrant, which has an exercise price of $1.50 per share. The warrants are immediately separable from the common or preferred stock. A total of approximately 6.1 million Series C warrants were included in the offering. The Series C warrants, which are callable by the company under certain circumstances, will not trade.