Cellectar to hold public stock offering

Madison-based Cellectar Biosciences, which is developing compounds used in the detection and treatment of cancer, announced it will hold a public stock offering of common shares to extinguish a recent $4 million debt offering and to facilitate human tests of the drugs it’s been working on. The company will offer shares at $3.75 each, with the hope of raising $12.5 million. The company also wants to move its shares from the over-the-counter market to the Nasdaq Capital Market.