Cellectar Reports Financial Results for Third Quarter 2022 and Provides a Corporate Update

Cellectar Reports Financial

Results for Third Quarter 2022 and Provides a Corporate Update

PARK, N.J., November 3, 2022 -- Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage biopharmaceutical

company focused on the discovery, development and commercialization of targeted treatments for cancer, today announced financial results

for the third quarter ended September 30, 2022 and provided a corporate update.

Recent Corporate Highlights

"Iopofosine continues

to demonstrate its potential as a novel targeted radiotherapeutic in multiple ongoing trials in Waldenstrom's macroglobulinemia

(WM), multiple myeloma, CNS lymphoma, pediatric brain tumors and sarcomas. Additionally, we appreciate the recognition and additional

grant from the NCI to support the expansion of our pediatric brain tumor trial into a Phase 1b based on demonstrated safety and activity,"

said James Caruso, president and CEO of Cellectar. "Our third quarter cash balance of $17.8 million, combined with the net proceeds

from our successful October financing, provide the necessary capital to achieve several key milestones. We look forward to sharing topline

data from our pivotal Phase 2b WM trial in the first half of 2023, and anticipate providing additional data from our phase 2a trial and

our phase 1 pediatric trial in the near term."

Financial Highlights

About Cellectar Biosciences,

Cellectar Biosciences

is focused on the discovery and development of drugs for the treatment of cancer. The company is developing proprietary drugs independently

and through research and development collaborations. The company's core objective is to leverage its proprietary Phospholipid Drug

Conjugate (PDC) delivery platform to develop PDCs that specifically target cancer cells to deliver improved efficacy and better

safety as a result of fewer off-target effects. The company's PDC platform possesses the potential for the discovery and development

of the next-generation of cancer-targeting treatments, and it plans to develop PDCs independently and through research and development

The company's product

pipeline includes iopofosine, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope), proprietary preclinical

PDC chemotherapeutic programs and multiple partnered PDC assets. The company is currently investigating iopofosine in a global, open-label,

pivotal expansion cohort in relapsed or refractory WM patients who have received at least two prior lines of therapy, including those

who have failed or had a suboptimal response to Bruton tyrosine kinase inhibitors. The WM cohort will enroll up to 50 patients to evaluate

the efficacy and safety of iopofosine for marketing approval. The company is also evaluating iopofosine in highly refractory multiple

myeloma patients in its Phase 2 CLOVER-1 study and relapsed/refractory pediatric cancer patients with sarcomas or brain tumors in the

Phase 1 CLOVER-2 study.

The Phase 1 pediatric

study is an open-label, sequential-group, dose-escalation study to evaluate the safety and tolerability of iopofosine in children and

adolescents with relapsed or refractory cancers, including malignant brain tumors, neuroblastoma, sarcomas, and lymphomas (including Hodgkin's

lymphoma). The Phase 1 study is being conducted internationally at seven leading pediatric cancer centers.

more information, please visit www.cellectar.com and www.wmclinicaltrial.com or join the conversation by liking and

following us on the company's social media channels: Twitter, LinkedIn, and Facebook.

Forward-Looking Statement

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 including our expectations of the impact of the COVID-19 pandemic. 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 iopofosine,

the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development

thereof, patient enrollment and the completion of clinical studies, the FDA review process and other government regulation, our ability

to maintain orphan drug designation in the United States for iopofosine, 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, 2021, and our Form

10-Q for the quarter ended September 30, 2022, when filed. 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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