Foley Hoag LLP congratulates client Cellectar Biosciences (Nasdaq: CLRB) on its Nasdaq debut on August 15, 2014. The company was traded over the counter prior to listing on Nasdaq. Cellectar debuted on Nasdaq with a $12.5 million stock offering of 3,333,333 shares of common shares valued at $3.73 per share.
“The move to Nasdaq is a significant milestone for Cellectar and underscores our commitment to grow the value of our company and broaden our shareholder base,” said CEO Simon Pedder. “The strong fundamentals of the company, together with the increased visibility that Nasdaq provides, should assist us in maximizing shareholder value over the short and long term.”
Foley Hoag, which is regular outside counsel to Cellectar, advised the company in connection with the offering and up listing. The Foley Hoag team includes partners Paul Bork and Matt Eckert, and associates Dan Clevenger and Gabrielle Bernstein.
About Cellectar Biosciences
Cellectar Biosciences is developing agents to detect, treat and monitor a broad spectrum of cancers. Using a novel phospholipid ether analog (PLE) platform technology as a targeted delivery and retention vehicle, Cellectar's compounds are designed to be selectively taken up and retained in cancer cells including cancer stem cells. With the ability to attach both imaging and therapeutic agents to its proprietary delivery platform, Cellectar has developed a portfolio of product candidates engineered to leverage the unique characteristics of cancer cells to "find, treat and follow" malignancies in a highly selective way. I-124-CLR1404 is a small-molecule, broad-spectrum, cancer-targeted PET imaging agent currently being evaluated in a Phase II glioblastoma imaging trial. Additionally, multiple investigator-sponsored Phase I/II clinical trials are ongoing across 11 solid tumor indications. I-131-CLR1404 is a small-molecule, broad-spectrum, cancer-targeted molecular radiotherapeutic that delivers cytotoxic radiation directly and selectively to cancer cells including cancer stem cells. A Phase Ib dose-escalation trial of I-131-CLR1404 in patients with advanced solid tumors was completed in the first quarter of 2014 and results presented at the American Society of Clinical Oncology (ASCO) 2014 Annual Meeting.