Cellectar Reports Financial Results for Year Ended

Financial Results for Year Ended December 31, 2018 and Provides a Corporate Update

N.J., February 26, 2019 -- Cellectar Biosciences, Inc. (NASDAQ: CLRB), a clinical-stage biopharmaceutical company

focused on the discovery, development and commercialization of drugs for the treatment of cancer, today announced financial results

for the year ended December 31, 2018, and provided a corporate update.

and Recent Corporate Highlights

to make meaningful progress with the clinical development of CLR 131 and have now reported activity in three cohorts of our ongoing

Phase 2 study in challenging relapse/refractory hematologic cancers: diffuse large B cell, Waldenstrom's lymphoma and multiple

myeloma. The recently announced 30% response rate in relapsed/refractory multiple myeloma coupled with the median overall survival

of 22 months in patients receiving a single dose from the Phase 1 study is very encouraging," said James Caruso, president

and CEO of Cellectar. "Going forward, we believe CLR 131, with a higher and more patient-friendly fractionated dosing regimen,

has the potential to further improve upon its product profile and be an effective treatment in relapsed/refractory hematologic

cancers. We look forward providing further updates and data for CLR 131 during 2019."

Research and development expense for the

year ended December 31, 2018 was $6.8 million, compared to $9.5 million for the year ended December 31, 2017. The overall decrease

in research and development expense of 28% was due primarily to a decrease in accelerated depreciation expense due to the reassessed

estimated useful life of the leasehold improvements and laboratory equipment in 2017. The reassessment of the useful lives for

these assets was due to the company's decision to close its manufacturing facility and outsource all of its manufacturing.

General and administrative

expense for the year ended December 31, 2018 was $4.8 million, compared to $4.1 million for the year ended December 31, 2017. The

increase of 17% for 2018 was primarily related to an increase of approximately $229,000 in purchased services related to accounting,

investor relations and public company costs offset by a decrease in legal fees of approximately $157,000; and an increase of approximately

$510,000 in personnel related costs.

The net loss attributable

to year ended December 31, 2018 was ($15.5) million, or ($5.23) per share, respectively, compared with a net loss attributable

to common stockholders for the year ended December 31, 2017 of ($15.0) million, or ($10.70) per share.

31, 2018, the company had cash, cash equivalents and restricted cash of $13.3 million compared to $10.1 million at December 31,

2017. The increase was largely attributable to cash received from financing activities of approximately $15.0 million, offset by

cash used in operating activities of $11.4 million and cash used in investing activities of approximately $330,000. Consistent

with prior guidance, the company believes its cash on hand is adequate to fund operations into the first quarter of 2020.

About Cellectar Biosciences,

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 to broaden our proprietary and partnered product pipelines.

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 plans to initiate a Phase 1 study with CLR 131 in pediatric solid tumors and lymphoma.

product pipeline also includes one preclinical PDC chemotherapeutic program (CLR 1900) and partnered assets including PDCs from

multiple R&D collaborations.

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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 studies, 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-K for the year ended December 31, 2018, 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.

CELLECTAR BIOSCIENCES, INC.

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CELLECTAR BIOSCIENCES, INC.

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