Full Press Release Details
Cellectar Biosciences Reports First Quarter
Financial and Corporate Performance
Madison, Wisc. (May 11,
2017) -- Cellectar Biosciences, Inc. (Nasdaq: CLRB), (the "company"), an oncology-focused,
clinical stage biotechnology company, today announces financial results for first quarter of 2017.
Management will host a teleconference and live webcast to review these results, including a review of corporate performance, at
Summary of Q1 and Q2 2017 Accomplishments to Date:
"We continue to advance the clinical development
of our lead product candidate, CLR 131, now in a fourth cohort of a Phase 1 trial for multiple myeloma, and an NCI-supported Phase
2 study in hematological malignancies. We have also successfully worked to enhance our intellectual property portfolio to protect
the value in our pipeline," said Jim Caruso, president and CEO of Cellectar Biosciences. "The additions to our management
team and board underscore our commitment to progressing Cellectar strategically as we continue our clinical and preclinical development
Summary of Q1 2017 Financial Results:
Research and development expenses were $1.9 million,
an increase of $0.8 million from the same period the prior year, largely a result of the increase in activities surrounding the
initiation of the company's Phase 2 clinical trial of CLR 131 in hematologic malignancies in addition to the ongoing Phase
1 trial in relapse/refractory multiple myeloma. General and administrative expenses totaled $1.0 million, consistent with Q1 2016.
The operating loss was $2.8 million, compared to $2.0
million in 2016. Net loss for the first quarter of 2017 was $2.9 million, or $0.24 per share, compared to net income of $0.8 million,
or $0.96 per share, for the first quarter of 2016.
As of March 31, 2017, Cellectar reported $11.2 million
in cash and cash equivalents on hand, compared to $11.4 million in cash and cash equivalents as of December 31, 2016.
Finally, the company received approximately $3 million
from warrants exercised during the quarter, which extends Cellectar's available cash and cash equivalents to fund planned
operations into the second quarter of 2018. This is an improvement from the previous guidance of funding into the first quarter
2018. Additional capital will be required for operations beyond the second quarter of 2018.
Conference Call Details
Cellectar will be holding a conference
call at 4:30 PM ET today to review Q1 2017 financial results, and corporate performance. The call may be accessed by dialing (888)
646-8293 (US domestic) or (973) 453-3065 (international), or participate via webcast at http://edge.media-server.com/m/p/2qdweuf4.
The live and archived webcast can also be accessed via the company's website at http://investor.cellectar.com/events.cfm.
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 I clinical
study in patients with relapsed or refractory multiple myeloma. In addition, the company has initiated a Phase II clinical study
to assess efficacy in a range of B-cell malignancies. 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 more information please visit www.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, 2016. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to
update any such forward-looking statements.