Cellectar Biosciences announces stock split

Special to The Freeman

June 13, 2014

MADISON – Cellectar Biosciences Inc. said it will have a 1-for-20 reverse stock split, effective at the close of business Friday.

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 technology."

The split shrinks Cellectar’s number of outstanding shares to 2.8 million from 57 million, the company said.