Aug. 22--Cellectar Biosciences closed its secondary stock offering on Wednesday with gross proceeds of $13.5 million from the sale of 4.7 million shares of common stock and 5 million warrants to buy additional stock.
Net proceeds were $12.4 million, the company said.
The Madison company is developing drugs to detect and treat a variety of cancers. Its shares began trading on the Nasdaq Capital Market on Aug. 15 under the symbol CLRB and warrants, under the symbol CLRBW. The stock had been traded on the over-the-counter market.
The stock offering also eliminated $4 million in debt issued in February through a private placement.
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