Cellectar Biosciences today announced the effective price of $1.50 per share of common stock of an underwritten public offering to raise approximately $8 million.

According to a release, Cellectar will use the net proceeds, estimated at $7.2 million, for general corporate and working capital purposes, including continued development of its lead therapeutic compound called CLR 131.

The offering will close on Nov. 29, and investors will receive a five-year warrant exercisable for each share of the company’s common stock purchased.