Cellectar Biosciences today announced it is looking to raise $3.3 million through Wednesday by pricing common stock at $2.20 per share.

According to a release, the company looks to use the proceeds to support a Phase I clinical trial for the potential treatment and management of multiple myeloma, continue development of targeted therapeutic cancer agents and increase working capital for general corporate purposes and business development applications.

Ladenburg Thalmann & Co., Inc., acted as the exclusive placement agent.