Management ChangeMay 18, 2026, 04:23 PM
Cellectar Biosciences Appoints Andrew Gu to Board, Audit Committee
AI Summary
Cellectar Biosciences, Inc. announced the appointment of Andrew Gu to its Board of Directors as a Class III director and a member of the Audit Committee, effective May 18, 2026. Mr. Gu was designated by Nantahala Capital Management, LLC following a recent securities purchase agreement. Concurrently, Dr. Stefan D. Loren informed the Board that he will not seek re-election as a Class III director, with his term expiring at the upcoming 2026 annual meeting; his decision was not due to any disagreement with the company. Cellectar Biosciences also entered into a one-year consulting agreement with Dr. Loren, compensating him $15,000 per quarter and granting 15,000 stock options at the end of the term.
Key Highlights
- Cellectar Biosciences appointed Andrew Gu as a Class III director to its Board.
- Mr. Gu was also appointed to serve as a member of the Audit Committee of the Board.
- Andrew Gu was selected by Nantahala Capital Management, LLC as its Board Designee.
- Dr. Stefan D. Loren notified the Board he will not stand for re-election as a Class III director.
- Dr. Loren's decision was not due to any disagreement with the Company's operations or policies.
- The Company entered into a consulting agreement with Dr. Loren, effective July 8, 2026.
- Dr. Loren will be compensated $15,000 per quarter for one year and receive 15,000 stock options at term end.
Price Impact
More from CLRB