Full Press Release Details
Cellectar Biosciences Reports Second
Financial and Corporate Performance
Madison, Wisc. (August 14,
2017) -- Cellectar Biosciences, Inc. (Nasdaq: CLRB), an oncology-focused, clinical stage biotechnology
company (the "company"), today announces financial results for the second quarter of 2017.
Management will host a teleconference and live webcast to review these results, including a review of corporate performance, at
Summary of Q2 and Q3 2017 Accomplishments to Date
"We have realigned our investments into
programs with the greatest potential to accelerate Cellectar's growth and development, and are encouraged by the pace of
this repositioning and execution on our strategic plan," said Jim Caruso, president and CEO of Cellectar Biosciences. "The
CLR 131 clinical data observed to date have been promising and we look forward to announcing additional results from our Phase
1 and Phase 2 trials. We are also driving value creation through strategic collaborations such as the Avicenna deal to enrich the
company's small molecule pipeline with proprietary assets."
Summary of Q2 2017 Financial Results
Research and development expenses were $2.2 million, an increase of $1.2 million from the prior year. The increase was due primarily
to the initiation of our Phase 2 clinical trial in hematologic malignancies and the establishment of a secondary CLR 131 manufacturing
capability, while investing to support the company's ongoing Phase 1 relapsed/refractory multiple myeloma trial remained
relatively consistent.
General and administrative expenses totaled $1.0 million, which
was a $0.3 million reduction from the second quarter of 2016. The improvement was due to lower spending on professional services,
particularly consulting, legal and accounting fees.
The company generated a loss from operations of $3.2 million
for the three months ended June 30, 2017, while in the second quarter of 2016 the operating loss was $2.3 million; the larger
loss resulted from the increase in research and development investment referenced above.
Net loss for second quarter 2017 was $3.1 million, or $0.23
per share. As of June 30, 2017, the company had $8.3 million in cash and cash equivalents on hand, as compared to December 31,
2016, when the company had $11.4 million in cash and cash equivalents. In line with previous guidance, the company estimates that
available cash and cash equivalents will fund its planned operations into the second quarter of 2018. Additional capital will be
required for operations beyond the second quarter of 2018.
Conference Call Details
will be holding a conference call at 5:00 PM ET today to review Q2 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/apb4wvyw.
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, including sites of metastasis 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. The company's lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131
has been designated as an orphan drug by the US FDA and is currently being evaluated in a Phase 1 clinical study in patients with
relapsed or refractory multiple myeloma and a Phase 2 clinical study to assess efficacy in a range of B-cell malignancies. The
company is also developing proprietary PDCs for targeted delivery of chemotherapeutics and has several preclinical stage product
candidates, 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.