You are correct, this is as bad as it gets
The close today will be interesting:
8:31 am Cellectar Biosciences announces the pricing of an underwritten public offering of shares of its common stock at an effective price of $1.50/share for gross proceeds of approximately $8.0 million (CLRB) :
The net proceeds of the offering are estimated to be approximately $7.2 million after deducting underwriting discounts, commissions and estimated offering expenses, prior to any exercise of the underwriter's overallotment option.
The company intends to use the net proceeds from the offering for general corporate and working capital purposes, including continued development of CLR 131 for the potential treatment and management of multiple myeloma and other hematologic malignancies, as well as the continued development of targeted therapeutic cancer agents using the company's proprietary phospholipid drug conjugate (:PDC) delivery platform.
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