Full Press Release Details
Cellectar Biosciences Full-Year 2014 Financial
Results and Recent Highlights
Management to Host Conference
Call and Webcast Today at 5:00 PM EDT
MADISON, Wis., March 24, 2015, -
Cellectar Biosciences, Inc. (NASDAQ: CLRB), a clinical stage biopharmaceutical company developing innovative agents for the detection
and treatment of cancer, is providing an overview of its development programs and financial results for the year ended December
"Last year, we set our sights on
implementing meaningful change at Cellectar with the goal of strengthening the fundamentals of our business, focusing our clinical
development efforts on cost-effective trials intended to support regulatory approval in the US, and increasing awareness of the
company and its highly-selective, cancer-targeting delivery and retention technology," commented Cellectar's chief
executive officer, Dr. Simon Pedder. "Over the past year, we have executed against this goal by building out a new management
team, securing a Nasdaq listing, attracting new institutional investors, obtaining FDA approval to initiate clinical trials in
two different orphan indications and publishing multiple high profile manuscripts detailing the groundbreaking nature of our product
candidates and underscoring their potential utility in the marketplace. With a new course chartered and a strong foundation laid
in 2014, Cellectar is poised to make 2015 another year of achievement as we look to complete a Phase II trial of our PET imaging
agent in glioblastoma, obtain data from our proof-of-concept trial of our therapeutic agent in multiple myeloma and initiate a
proof-of-concept trial of our tumor margin illumination agent for image guided surgery."
Highlights from 2014:
Development Highlights
Key Presentations and Publications
Operational Highlights
2014 Financial Results:
Cellectar reported a net loss attributable
to common stockholders for the year ended December 31, 2014 of approximately $8.1 million or ($1.77) per share compared to a net
loss attributable to common stockholders of approximately $10.8 million or ($3.86) per share for the year ended December 31, 2013.
Research and development expense for the
year ended December 31, 2014 was approximately $6.0 million compared to approximately $6.9 million for 2013. This decrease was
primarily attributable to a reduction in salaries and stock-based compensation associated with the restructuring efforts initiated
General and administrative expense for
the year ended December 31, 2014 was approximately $3.7 million compared to approximately $4.4 million in 2013. The
decrease in general and administrative costs was primarily related to decreased stock-based compensation salaries associated with
board and management changes initiated in 2013.
As a result of management restructuring
initiated in 2013, Cellectar recorded approximately $0.2 million in 2014 as compared to the $1.1 million in restructuring expenses
For the year ended December 31, 2014, total
operating expenses were approximately $9.9 million compared to $12.4 million for fiscal year 2013. Cellectar's cash and cash
equivalents totaled $9.4 million as of December 31, 2014, as compared to $2.4 million on December 31, 2013.
Conference Call and Webcast:
Interested investors may participate in
the conference call by dialing 888-646-8293 (domestic) or 973-453-3065 (international). A replay will be available for one week
following the call by dialing 855-859-2056 for domestic participants or 404-537-3406 for international participants and entering
conference ID 8981874 when prompted. Participants may also access both the live and archived webcast of the conference call on
the investor relations section of Cellectar's web site, www.cellectar.com.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is developing agents
to detect, treat and monitor a broad spectrum of cancers. Using a novel phospholipid ether analog (PLE) platform technology as
a targeted delivery and retention vehicle, Cellectar's compounds are designed to be selectively taken up and retained in
cancer cells including cancer stem cells. With the ability to attach both imaging and therapeutic agents to its proprietary delivery
platform, Cellectar has developed a portfolio of product candidates engineered to leverage the unique characteristics of cancer
cells to "find, treat and follow" malignancies in a highly selective way. I-124-CLR1404 is a small-molecule, broad-spectrum,
cancer-targeted PET imaging agent currently being evaluated in a Phase II glioblastoma imaging trial. Additionally, multiple investigator-sponsored
Phase I/II clinical trials are ongoing across 11 solid tumor indications. I-131-CLR1404 is a small-molecule, broad-spectrum, cancer-targeted
molecular radiotherapeutic that delivers cytotoxic radiation directly and selectively to cancer cells including cancer stem cells.
A Phase Ib dose-escalation trial of I-131-CLR1404 in patients with advanced solid tumors was completed in the first quarter of
2014 and results presented at the American Society of Clinical Oncology (ASCO) 2014 Annual Meeting. CLR1502 is a preclinical,
cancer-targeted, non-radioactive optical imaging agent for intraoperative tumor margin illumination and non-invasive tumor imaging.
For additional information please visit www.cellectar.com.
Kate McNeil, Vice President of IR, PR & Corporate Communications
Cellectar Biosciences, Inc.
Phone: (347) 204-4226
Email: kmcneil@cellectar.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 for the year ended December 31, 2014. These forward-looking statements are made only as of the
date hereof, and we disclaim any obligation to update any such forward-looking statements.