Full Press Release Details
Cellectar Announces Plan to Explore Strategic Alternatives
Florham Park, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Cellectar Biosciences,
Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of drugs
for the treatment of cancer, today announced that the company will explore a full range of strategic alternatives to advance its promising
platform and radiopharmaceutical drug development pipeline to maximize stockholder value. Strategic alternatives under consideration may
include, but are not limited to mergers, acquisitions, partnerships, joint ventures, licensing arrangements or other strategic transactions.
The company's board of directors has approved the engagement of Oppenheimer & Co. Inc. to serve as exclusive financial advisor
to assist in the strategic evaluation process.
"We have initiated a process to explore alternatives available
to the company to maximize stockholder value that includes identifying a strategic partner with the resources to develop iopofosine I 131.
In addition to iopofosine I 131, our platform provides exciting opportunities including our alpha- and Auger-emitting radioconjugates,
CLR 225 and CLR 125, respectively, in multiple solid tumor indications as well as our small molecule and oligonucleotide conjugates,"
said James Caruso, president and chief executive officer of Cellectar.
The company has not set a timetable for completion of the strategic
evaluation process and does not intend to disclose information on the progress of any such options unless and until it is determined that
further disclosure is necessary. No agreement providing for any transaction has been reached and there can be no assurances that any transaction
will result from the process of evaluating strategic alternatives. If the process for evaluating strategic alternatives results in an
agreement regarding a transaction, there can be no assurances that any transaction will be completed.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is a late-stage clinical biopharmaceutical company
focused on the discovery and development of proprietary drugs for the treatment of cancer, independently and through research and development
collaborations. The company's core objective is to leverage its proprietary Phospholipid Drug Conjugate (PDC) delivery platform
to develop the next-generation of cancer cell-targeting treatments, delivering improved efficacy and better safety as a result of fewer
The company's product pipeline includes its lead assets: iopofosine
I 131, a PDC designed to provide targeted delivery of iodine-131 (radioisotope); CLR 225, an actinium-225 based program being targeted
to several solid tumors with significant unmet need, such as pancreatic cancer; and CLR 125, an iodine-125 Auger-emitting program targeted
in solid tumors, such as triple negative breast, lung and colorectal, as well as proprietary preclinical PDC chemotherapeutic programs
and multiple partnered PDC assets.
In addition, iopofosine I 131 has been studied in Phase 2b trials for
relapsed or refractory multiple myeloma (MM) and central nervous system (CNS) lymphoma, and the CLOVER-2 Phase 1b study, targeting pediatric
patients with high-grade gliomas, for which Cellectar is eligible to receive a Pediatric Review Voucher from the FDA. The FDA has also
granted iopofosine I 131 six Orphan Drug, four Rare Pediatric Drug, and two Fast Track designations for various cancer indications. The
EMA (European Medicines Agency) has granted iopofosine I 131 two Orphan Drug designations and PRIME designation for WM.
For more information, please visit www.cellectar.com or join
the conversation by liking and following us on the company's social media channels: X, LinkedIn, and Facebook.
Forward-Looking Statement Disclaimer
This news release contains forward-looking statements. You can identify
these statements by our use of words such as "may," "expect," "believe," "anticipate," "intend,"
"could," "estimate," "continue," "plans," or their negatives or cognates. These statements are
only estimates and predictions and are subject to known and unknown risks and uncertainties that may cause actual future experience and
results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future
outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among
others, uncertainties related to the ability to identify suitable collaborators, partners, licensees or purchasers for our product candidates
and, if we are able to do so, to enter into binding agreements with regard to any of the foregoing, or to raise additional capital to
support our operations, or our ability to fund our operations if we are unsuccessful with any of the foregoing. A complete description
of risks and uncertainties related to our business is contained in our periodic reports filed with the Securities and Exchange Commission
including our Form 10-K for the year ended December 31, 2024. These forward-looking statements are made only as of the date hereof, and
we disclaim any obligation to update any such forward-looking statements.