Full Press Release Details
Cellectar Biosciences Announces
Recent Key Accomplishments and Second Quarter 2016 Financial Results
(August 11, 2016) -- Cellectar Biosciences, Inc. (Nasdaq: CLRB) ("the company"),
an oncology-focused biotechnology company, today announces key accomplishments and its financial results
for the second quarter of 2016, which ended June 30, 2016.
Corporate highlights for the quarter include:
"In addition to expanding and strengthening our intellectual
property portfolio this past quarter, we enhanced the company's capital structure and continued to successfully execute on
the corporate objectives established almost a year ago, including our rapid pivot to a therapeutic focused research and development
company," said Jim Caruso, president and CEO of Cellectar Biosciences. "We now look forward to upcoming cohort 2 performance
results of CLR 131 for Multiple Myeloma as well the first half of 2017 initiation of our NCI supported Phase 2 clinical study of
CLR 131in hematologic malignancies."
Financial Results for 2Q 2016
During the second quarter
of 2016, the company reported research and development expenses of $1.0 million, a reduction of $0.4 million from the second quarter
of 2015. This improvement continues to be attributable to the company's shift in strategic focus to therapeutic compound
research and development efforts exclusively and the streamlined clinical trial approach it implemented during the second half
Cellectar's general and administrative expenses
for second quarter 2016 totaled $1.4 million, which was $0.6 million higher than the prior year period. A significant portion of
this increase was driven by specific charges related to legal fees and other consulting services that will not recur, in addition
to increased personnel costs. Loss from operations was $2.3 million, which was similar to the same period last year.
The Company ended the second
quarter with $7.9 million in cash and cash equivalents, compared to $3.9 million in cash and cash equivalents on December 31, 2015.
The company estimates that its available cash and cash equivalents should fund its planned operations into the first quarter of
2017. The company expects that additional capital will be required to complete its planned clinical and preclinical development.
Cellectar will be holding a conference call at 8:30
AM ET on Monday, August 15, 2016 to review the company's performance, as well as these financial results. The call can be
accessed by calling 888-646-8293. The call will also be webcast via http://edge.media-server.com/m/p/zxwdofdp, and replays
will be available via the Investor Relations section of the company's website: investor.cellectarbiosciences.com.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is developing phospholipid drug conjugates (PDCs) designed to provide cancer targeted delivery of diverse
oncologic payloads to a broad range of cancers and cancer stem cells. Cellectar's PDC platform is based on the company's proprietary
phospholipid ether analogs. These novel small-molecules have demonstrated highly selective uptake and retention in a broad range
of cancers. Cellectar's PDC pipeline includes product candidates for cancer therapy and cancer diagnostic imaging. The company's
lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131 is currently being evaluated
under an orphan drug designated Phase 1 clinical study in patients with relapsed or refractory multiple myeloma. The company is
also developing PDCs for targeted delivery of chemotherapeutics such as paclitaxel (CLR 1602-PTX), a preclinical stage product
candidate, and plans to expand its PDC chemotherapeutic pipeline through both in-house and collaborative R&D efforts. For
additional information please visit www.cellectarbiosciences.com.
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 raise
additional capital, uncertainties related to the ability to attract and retain partners for our technologies, the identification
of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and
other government regulation, 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/A for the year ended December 31, 2015. These forward-looking statements are made only as of the date
hereof, and we disclaim any obligation to update any such forward-looking statements.