MADISON – Cellectar Biosciences Inc. said it will have a
1-for-20 reverse stock split, effective at the close of
The Madison-based cancer drug developer said this
reflects the company’s first step toward Cellectar’s
planned listing on the NASDAQ Capital Market.
"We believe this reverse split will make an investment
in Cellectar both viable and more appealing to a broader
institutional investment community," said Simon Pedder,
president and chief executive officer of Cellectar.
"Coupled with a successful capital raise, the next
prerequisite, and planned NASDAQ listing, we should be
able to meaningfully increase stockholder value as we
execute our clinical programs and advance our pipeline
of promising cancer-targeting imaging and therapeutic
The split shrinks Cellectar’s number of outstanding
shares to 2.8 million from 57 million, the company said.