Cellectar Biosciences Provides an Update on the FDA Import Alert

Cellectar Biosciences Provides an Update

on the FDA Import Alert

MADISON, Wis., September 24, 2018 - Cellectar Biosciences,

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

drugs for the treatment of cancer, announces today that the U.S. Food and Drug Administration (FDA) has initiated direct talks

with the company concerning a possible exemption for CLR 131 from the Import Alert placed on the Centre for Probe Development and

Commercialization (CPDC), the sole supplier of Cellectar's drug CLR 131.

As announced on August 10, 2018, Cellectar was informed by CPDC

of the Import Alert on August 7, 2018, and further learned that the basis for the Import Alert was not related to CLR 131 or to

CPDC's production facility associated with CLR 131. Since notification of the Import Alert, Cellectar has been actively assisting

CPDC to secure the timely removal of the Import Alert. Recently, the FDA initiated direct talks with Cellectar on a potential pathway

to remove CLR 131 from the Import Alert and allow CPDC to resume supply of CLR 131.

"We are encouraged that the FDA initiated a direct dialogue

with us regarding a potential resolution for the Import Alert that is affecting CLR 131," said James Caruso, president and

CEO of Cellectar Biosciences. "This issue remains a top priority for Cellectar and although we are not currently able to

assess whether the FDA will exempt CLR 131 from the Import Alert, we are working closely with the agency and plan to respond quickly

to any information requests."

CLR 131 is Cellectar's

investigational radioiodinated PDC therapy that exploits the tumor-targeting properties of the company's proprietary phospholipid

ether (PLE) and PLE analogs to selectively deliver radiation to malignant tumor cells, thus minimizing radiation exposure to normal

tissues. CLR 131 is in a Phase 2 clinical study in R/R MM and a range of B-cell malignancies and a Phase 1b clinical study

in patients with R/R MM exploring fractionated dosing. The objective of the multicenter,

open-label, Phase 1b dose-escalation study is the characterization of safety and tolerability of CLR 131 in patients with R/R MM.

Patients in Cohorts 1-4 received single doses of CLR 131 ranging from 12.5 mCi/m2 to 31.25 mCi/m2 as well

as a fractionated dose of 15.625 mCi/m2 given twice over seven days in Cohort 5. All study doses and regimens have been

deemed safe and well tolerated by an independent Data Monitoring Committee. The company is currently initiating a Phase

1 study with CLR 131 in pediatric solid tumors and lymphoma and is planning a second Phase 1 study in combination with external

beam radiation for head and neck cancer.

About Cellectar Biosciences, Inc.

Cellectar Biosciences is focused on the discovery, development

and commercialization of drugs for the treatment of cancer. The company plans to develop proprietary drugs independently and through

research and development (R&D) collaborations. The core drug development strategy is to leverage our PDC platform to develop

therapeutics that specifically target treatment to cancer cells. Through R&D collaborations, the company's strategy is

to generate near-term capital, supplement internal resources, gain access to novel molecules or payloads, accelerate product candidate

development and broaden our proprietary and partnered product pipelines.

The company's lead PDC therapeutic, CLR 131, is in a Phase 1

clinical study in patients with R/R MM and a Phase 2 clinical study in R/R MM and a range of B-cell malignancies. The company is

currently initiating a Phase 1 study with CLR 131 in pediatric solid tumors and lymphoma and is planning a second Phase 1 study

in combination with external beam radiation for head and neck cancer. The company's product pipeline also includes two preclinical

PDC chemotherapeutic programs (CLR 1700 and 1900) and partnered assets include PDCs from multiple R&D collaborations.

For more information please visit www.cellectar.com.

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 raise additional capital, uncertainties

related to the disruptions at our sole source supplier of CLR 131, 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, 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, 2017 and

our Form 10-Q for the quarterly period ended June 30, 2018. These forward-looking statements are made only as of the date hereof,

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

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