Cellectar Biosciences announced today it has entered into definitive agreements with institutional investors to purchase approximately $5 million in a registered direct offering of 1,982,000 common shares and approximately $5 million in a concurrent private placement of 2,018,000 common shares.

According to a release, the funds will be used for research and development, funding clinical studies, working capital and general corporate purposes.

Shares were priced at $2.50 per fixed combination.

The offering is expected to close on May 20, subject to customary closing conditions.