Cellectar Biosciences: Announces closing of public offering and partial exercise of underwriter’s over-allotment option

MADISON, Wis., Aug. 20, 2014 (GLOBE NEWSWIRE) — Cellectar Biosciences,
Inc. (Nasdaq:CLRB), a clinical stage biopharmaceutical company
developing innovative agents for the detection and treatment of cancer,
announced the closing of an underwritten public offering of 3,333,333
shares of its common stock at a per share price of $3.75 and warrants
to purchase up to the same number of shares of common stock at a per
warrant price of $0.01; plus the issuance of approximately an
additional 1,110,000 shares and warrants in consideration of the
cancellation of $4,000,000 principal amount of convertible debentures
plus accrued interest. The warrants have an exercise price of $4.68 per
share, are immediately exercisable and expire in August 2019.

The Company also announced today that the underwriter partially
exercised the over-allotment option to purchase an additional 250,000
shares of common stock and acquired warrants to purchase 500,000 shares
of common stock. The underwriter also has a 45-day option to purchase
up to an additional 250,000 shares of common stock to cover additional
over-allotments, if any. Including tender of all outstanding
convertible debentures, the company is offering a total of
approximately 4,700,000 common shares and approximately 5,000,000
warrants.

The gross proceeds to the Company, including the underwriter’s partial
exercise of the over-allotment option, were $13,500,000, before
deducting underwriting discounts and commissions and other offering
expenses payable by the Company.

The shares and warrants began trading on the NASDAQ Capital Market on
August 15, 2014 under the symbols “CLRB” and “CLRBW,” respectively.

Aegis Capital Corp acted as the sole book-running manager for the
offering.

A registration statement on Form S-1 relating to the shares and
warrants was filed with the U.S. Securities and Exchange Commission
(the “SEC”) and was declared effective on August 14, 2014. A final
prospectus relating to the offering has been filed with the SEC and is
available, for free, on the SEC’s website at http://www.sec.gov. Copies
of the final prospectus relating to the offering may be obtained from
the offices of Aegis Capital Corp., Prospectus Department, 810 Seventh
Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or
email: prospectus@aegiscap.com, or from the above-mentioned SEC
website.

This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there be
any sale of these securities, in any state or other jurisdiction in
which such offer, solicitation or sale is not permitted.