Full Press Release Details
First Quarter 2020 Financial Results
N.J., May 7, 2020 -- 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 three months ended March 31, 2020 and provided a corporate update.
and Recent Corporate Highlights
"CLR 131 has consistently demonstrated
favorable safety and tolerability across dosing levels and encouraging response rates even in a very difficult to treat sixth line
patient population that included high risk, triple class refractory and daratumamab refractory patients," said James Caruso,
president and CEO of Cellectar. "We continue to enroll patients at the 100mCi level and believe the two-cycle dosing regimen
we now use will further increase response rates, the durability of responses and maintain or improve upon CLR 131's predictable
safety and tolerability product profile."
The health and safety of our employees
has always been paramount and that does not change during this pandemic. Within our employee base, we are not aware of any confirmed
cases of COVID-19 to date. We will continue taking appropriate measures to prevent the outbreak from affecting our employees, while
also managing the financial well-being of the company. Furthermore, at this time, the pandemic has not caused any disruption in
our supply chain or in enrollment within our ongoing clinical studies.
2020 Financial Highlights
Cellectar Biosciences
is focused on the discovery, development and commercialization 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, delivering 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 collaborations.
lead PDC therapeutic, CLR 131, is currently in two clinical studies - one Phase 2 study and one Phase 1 study, having just completed
its Phase 1 relapsed/refractory multiple myeloma dose escalation study. The Phase 2 clinical study (CLOVER-1) is being conducted
in relapsed/refractory (r/r) B-cell malignancies, including multiple myeloma (MM), chronic lymphocytic leukemia/small lymphocytic
lymphoma (CLL/SLL), lymphoplasmacytic lymphoma/Waldenstrom's macroglobulinemia (LPL/WM), marginal zone lymphoma (MZL), mantle
cell lymphoma (MCL), and diffuse large B-cell lymphoma (DLBCL). The company is also conducting a Phase 1 dose escalation study
in patients with pediatric solid tumors and lymphomas.
product pipeline also includes one preclinical PDC chemotherapeutic program (CLR 1900) and several partnered PDC assets.
For more information,
please visit www.cellectar.com or join the conversation by liking and following us on
the company's social media channels: Twitter, LinkedIn,
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 including our expectations of the impact of the recent
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 CLR 131, 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 CLR
131,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, 2019 and our Form 10-Q for the quarter ended March 31, 2020,
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.
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, 2020 (Unaudited) | December 31, 2019 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 7,092,099 | $ | 10,614,722 | ||||
| Prepaid expenses and other current assets | 771,337 | 770,951 | ||||||
| Total current assets | 7,863,436 | 11,385,673 | ||||||
| Fixed assets, net | 411,700 | 435,083 | ||||||
| Right-of-use asset, net | 333,199 | 348,841 | ||||||
| Long-term assets | 81,214 | 75,000 | ||||||
| Other assets | - | 6,214 | ||||||
| TOTAL ASSETS | $ | 8,689,549 | $ | 12,250,811 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and accrued liabilities | $ | 2,941,395 | $ | 2,663,873 | ||||
| Lease liability | 109,257 | 105,885 | ||||||
| Total current liabilities | 3,050,652 | 2,769,758 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Lease liability | 392,950 | 421,644 | ||||||
| Total long-term liabilities | 392,950 | 421,644 | ||||||
| TOTAL LIABILITIES | 3,443,602 | 3,191,402 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 7) | ||||||||
| STOCKHOLDERS' EQUITY: | ||||||||
| Preferred stock, $0.00001 par value; 7,000 shares authorized; Series C preferred stock: 215 issued and outstanding as of March 31, 2020 and December 31, 2019 | 1,148,204 | 1,148,204 | ||||||
| Common stock, $0.00001 par value; 80,000,000 shares authorized; 9,396,015 and 9,386,689 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 94 | 94 | ||||||
| Additional paid-in capital | 119,736,512 | 119,592,366 | ||||||
| Accumulated deficit | (115,638,863 | ) | (111,681,255 | ) | ||||
| Total stockholders' equity | 5,245,947 | 9,059,409 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 8,689,549 | $ | 12,250,811 |
CELLECTAR BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
| Three Months Ended March 31, | ||||||||
| 2020 | 2019 | |||||||
| COSTS AND EXPENSES: | ||||||||
| Research and development | $ | 2,616,337 | $ | 2,308,397 | ||||
| General and administrative | 1,342,318 | 1,321,415 | ||||||
| Total costs and expenses | 3,958,655 | 3,629,812 | ||||||
| LOSS FROM OPERATIONS | (3,958,655 | ) | (3,629,812 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Loss on revaluation of derivative warrants | - | (4,000 | ) | |||||
| Interest income, net | 1,047 | 12,171 | ||||||
| Total other income, net | 1,047 | 8,171 | ||||||
| NET LOSS | $ | (3,957,608 | ) | $ | (3,621,641 | ) | ||
| BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | $ | (0.42 | ) | $ | (0.76 | ) | ||
| SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | 9,389,661 | 4,773,500 |