Full Press Release Details
Cellectar Reports Recent Corporate Highlights
and 2018 First Quarter Financial Results
MADISON, Wis., May 11, 2018 (GLOBAL NEWSWIRE) -
Cellectar Biosciences (Nasdaq: CLRB), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization
of drugs for the treatment of cancer, today reported recent corporate highlights and financial results for the three months ended
Recent Corporate Highlights
"The first quarter and recent weeks brought significant
progress on both the clinical and regulatory fronts. We advanced both Phase 1 and Phase 2 studies for CLR 131, presented new data
at major scientific conferences, and received orphan drug designation and rare pediatric disease designation from the FDA to treat
neuroblastoma in pediatric patients, as well as an orphan drug designation to treat rhabdomyosarcoma," said James Caruso,
president and CEO of Cellectar Biosciences. "We are particularly excited to begin our upcoming Phase 1 study to explore CLR
131 as a treatment option for children with life-threatening rare pediatric cancers."
First Quarter 2018 Financial Results
Research and development expense for the first quarter of 2018
was $2.1 million, compared with $1.9 million for the first quarter of 2017. The year over year increase is attributable to higher
preclinical and clinical project costs, manufacturing, and general research and development costs.
General and administrative expense for the first quarter of
2018 was $1.3 million, compared with $1.0 million for the first quarter of 2017. The year over year increase is attributable to
higher consulting, legal and marketing fees, as well as one-time personnel costs incurred in connection with the decision to outsource
The net loss attributable to common stockholders for the first
quarter of 2018 was $3.5 million, or $0.21 per share based on 16.8 million shares outstanding, compared with a net loss attributable
to common stockholders for the first quarter of 2017 of $2.9 million, or $0.24 per share based on 12.0 million shares outstanding.
Cash and cash equivalents as of March 31, 2018 were $6.8 million,
compared with $10.0 million as of December 31, 2017.
About Cellectar Biosciences, Inc.
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 broaden our proprietary and partnered product pipelines.
The company's lead PDC therapeutic, CLR 131, is in a Phase 1
clinical study in patients with relapsed or refractory (R/R) MM and a Phase 2 clinical study in R/R MM and a range of B-cell malignancies.
In 2018 the company plans to initiate a Phase 1 study with CLR 131 in pediatric solid tumors and lymphoma, and a second Phase 1
study in combination with external beam radiation for head and neck cancer. The company's product pipeline also includes
two preclinical PDC chemotherapeutic programs (CLR 1700 and 1900) and partnered assets include PDCs from multiple R&D collaborations.
For more information please visit www.cellectar.com.
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 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, 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. These forward-looking statements are made only as
of the date hereof, and we disclaim any obligation to update any such forward-looking statements.
LHA Investor Relations