Cellectar Reports Third Quarter 2019 Financial Results and Provides a Corporate Update

Third Quarter 2019 Financial Results and Provides a Corporate Update

N.J., November 12, 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

third quarter ended September 30, 2019, and provided a corporate update.

and Recent Corporate Highlights

to effectively manage our financial resources to fund our budgeted operations into 2021 while advancing multiple clinical and preclinical

programs. The third quarter proved to be highly productive for Cellectar with CLR 131 receiving FDA Fast Track Designation for

DLBCL and Orphan Drug Designation for multiple myeloma from the European Commission. In addition, we presented incremental positive

data at international scientific conferences," said Jim Caruso, CEO of Cellectar. "We continue to anticipate data from

our ongoing clinical studies by the end of this year and in early 2020."

and Nine Months Summary of Financial Results

Cash and Cash Equivalents: As of

September 30, 2019, cash and cash equivalents were approximately $13.3 million compared to $13.3 million as of December 31, 2018.

The company believes the cash balance is adequate to fund its budgeted operations into the first quarter 2021. Cash used in operating

activities was approximately $9.0 million during the nine months ended September 30, 2019 as compared to $8.7 million used during

the nine months ended September 30, 2018.

Development Expense: Research and development (R&D) expense for the three months ended September 30, 2019 was $2.7 million

compared to $2.0 million in the three months ended September 30, 2018. The cumulative R&D spending for the first nine months

of 2019 was $6.8 million as compared to $5.8 million for the first nine months of 2018. The majority of the company's R&D

spend for year-to-date 2019 was dedicated to the start-up costs and support of our pediatric study. Clinical project costs and

manufacturing expenses were $2.1 million and $5.0 million for the three and nine months ending September 30, 2019, respectively.

Administrative Expense: General and administrative (G&A) expense for the three months ended September 30, 2019 was approximately

$1.3 million compared to approximately $1.1 million in the three months ended September 30, 2018. The cumulative G&A spending

for the first nine months of 2019 were of $4.0 million as compared to $3.6 million for the first nine months of 2018.

Net loss attributable to common stockholders for the three months ended September 30, 2019 was $(3.9) million, or a loss of $(0.42)

per diluted share, compared to a net loss of $(5.3) million, or a loss of $(1.65) per diluted share, in the three months ended

September 30, 2018. Net loss attributable to common stockholders for the nine months ended September 30, 2019 was $(10.7) million,

or a loss of $(1.51) per diluted share, compared to a net loss of $(11.7) million, or a loss of $(5.29) per diluted share, in the

nine months ended September 30, 2018.

CLR 131 is a small-molecule, targeted Phospholipid

Drug Conjugate (PDC) designed to deliver cytotoxic radiation directly to cancer cells, while limiting exposure to healthy

cells. CLR 131 is the company's lead product candidate and is currently being evaluated in a Phase 2 study in B-cell lymphomas,

and two Phase 1 dose-escalating clinical studies, one in multiple myeloma and one in pediatric solid tumors and lymphoma. CLR 131

was granted Orphan Drug designation for the treatment of multiple myeloma, and was granted Orphan Drug and Rare Pediatric Disease

designations for the treatment of neuroblastoma, rhabdomyosarcoma, Ewing's sarcoma and osteosarcoma.

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 (R&D) collaborations. The company's core objective

is to leverage its proprietary Phospholipid Drug ConjugateTM (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 three clinical studies - one Phase 2 study, and two Phase 1 studies. The Phase 2

clinical study (CLOVER-1) is in relapsed/refractory (R/R) B-cell malignancies, including multiple myeloma (MM), chronic lymphocytic

leukemia/small lymphocytic lymphoma (CLL/SLL), lymphoplasmacytic lymphoma (LPL), 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

R/R multiple myeloma (MM) and a Phase 1 study in 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

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, 2018 and Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30,2019.

These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking

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