Cellectar Biosciences today announced the effective prices of $4.00 per share of common stock of an underwritten public offering to raise approximately $16.56 million.

According to a release, this includes the full exercise of the underwriters’ over-allotment option to purchase additional shares of common stock and warrants, prior to deducting underwriting discounts and commissions and estimated offering expenses.

Investors will receive a five-year warrant exercisable for each share of the company’s Series E warrants purchased.