Cellectar Biosciences Announces Poster Presentation at the 63 rd American Society for Hematology Annual Meeting and Exposition FLORHAM PARK, N.J., December 8 , 2021 -- Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-s

Cellectar Biosciences

Announces Poster Presentation at the

Society for Hematology Annual Meeting and Exposition

PARK, N.J., December 8, 2021 -- Cellectar

Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization

of targeted drugs for the treatment of cancer, today announced a poster presentation featuring data from the company's ongoing

Phase 2 CLOVER-1 study of iopofosine I-131 at the American Society of Hematology (ASH) Annual Meeting and Exposition being held virtually

December 11-14, 2021.

poster will highlight data from eleven multiple myeloma patients who were at least triple class refractory (immunomodulatory agent, proteasome

inhibitor and monoclonal antibody) that were treated with iopofosine I-131 in the company's Phase 2 CLOVER-1 study, with data current

as of the end of May 2021.

for the poster presentation are as follows:

copy of the poster will be available after the presentation on the News and Events

section of the company's website.

About iopofosine (also known as CLR 131)

is a small-molecule Phospholipid Drug Conjugate designed to provide targeted delivery of iodine-131 (radioisotope) directly to

cancer cells, while limiting exposure to healthy cells. We believe this profile differentiates iopofosine from many traditional on-market

treatments. Iopofosine is currently being evaluated in the CLOVER-WaM Phase 2 pivotal study in patients with relapsed/refractory (r/r)

Waldenstrom's macroglobulinemia (WM), a Phase 2b study in r/r multiple myeloma (MM) patients and the CLOVER-2 Phase 1 study for

a variety of pediatric cancers. The U.S. Food and Drug Administration granted iopofosine Fast Track Designation for WM patients having

received two or more prior treatment regimens, as well as r/r MM and r/r diffuse large B-cell lymphoma (DLBCL). Orphan Drug Designations

(ODDs) have been granted for WM, MM, neuroblastoma, rhabdomyosarcoma, Ewing's sarcoma and osteosarcoma. Iopofosine was also granted

Rare Pediatric Disease Designation (RPDD) for the treatment of neuroblastoma, rhabdomyosarcoma, Ewing's sarcoma and osteosarcoma.

The European Commission granted an ODDs for r/r MM and WM.

About Cellectar Biosciences,

Biosciences is focused on the discovery and development of drugs for the treatment of cancer. The company is developing proprietary drugs

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 PDCs that specifically target cancer cells, delivering improved

efficacy and better safety as a result of fewer off-target effects. The company's PDC platform possesses the potential for the

discovery and development of the next-generation of cancer-targeting treatments, and it plans to develop PDCs independently and through

research and development collaborations.

company's product pipeline includes iopofosine, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope),

and proprietary preclinical PDC chemotherapeutic programs and multiple partnered PDC assets. The company is currently investigating iopofosine

in a global, pivotal expansion cohort in relapsed or refractory WM patients who have received at least two prior lines of therapy, including

those who have failed or had a suboptimal response to Bruton tyrosine kinase inhibitors. The WM cohort will enroll up to 50 patients

to evaluate the efficacy and safety of iopofosine for marketing approval. The company is also evaluating iopofosine in highly refractory

multiple myeloma patients in its Phase 2 CLOVER-1 study and relapsed/refractory pediatric cancer patients with sarcomas or brain tumors

in the Phase 1 CLOVER-2 study.

Phase 1 pediatric study is an open-label, sequential-group, dose-escalation study to evaluate the safety and tolerability of iopofosine

in children and adolescents with relapsed or refractory cancers, including malignant brain tumors, neuroblastoma, sarcomas, and lymphomas

(including Hodgkin's lymphoma). The Phase 1 study is being conducted internationally at seven leading pediatric cancer centers.

more information, please visit www.cellectar.com and www.wmclinicaltrial.com or join the conversation by liking and

following us on the company's social media channels: Twitter, 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 including our expectations of the impact of the COVID-19 pandemic. 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 raise additional capital, uncertainties related to the disruptions at our sole source supplier of iopofosine,

the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development

thereof, patient enrollment and the completion of clinical studies, the FDA review process and other government regulation, our ability

to maintain orphan drug designation in the United States for iopofosine, the volatile market for priority review vouchers, our pharmaceutical

collaborators' ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product

pricing and third-party reimbursement. 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, 2020, and

our Form 10-Q for the quarter ended September 30, 2021. These forward-looking statements are made only as of the date hereof, and we

disclaim any obligation to update any such forward-looking statements.