Cellectar Biosciences: Reports second quarter 2014 financial results and recent highlights

MADISON, Wis., Aug. 20, 2014 (GLOBE NEWSWIRE) — Cellectar Biosciences,
Inc. (Nasdaq:CLRB), a clinical stage biopharmaceutical company
developing innovative agents for the detection and treatment of cancer,
is providing an overview of its development programs and financial
results for the second quarter 2014.

“During the second quarter 2014, we completed the management transition
initiated in late 2013, made meaningful progress in our development
programs and garnered well-earned recognition for the innovative nature
of our platform technology,” commented Dr. Simon Pedder, Cellectar’s
president and chief executive officer. “In addition to having clinical
results from our PET imaging and therapeutic programs selected for
poster and platform presentation at this year’s ASCO annual meeting, we
were honored to have a publication detailing the selective uptake and
prolonged retention of our molecules chosen as the cover article for
the prestigious journal Science Translational Medicine. This
publication reflects nearly a decade of research related to our
platform technology and highlights the potential of our agents to
enable truly personalized dual modality cancer therapy that combines
tumor imaging and therapy using the same highly-selective,
cancer-targeting core delivery platform.”

Recent Highlights:

— Publication by lead author Dr. Jamey Weichert, Cellectar’s chief
scientific officer and founder, detailing cancer-selective uptake and
retention of Cellectar’s delivery platform, PET imaging and therapeutic
agents selected as cover story for June 11, 2014 issue of Science
Translational Medicine

— Presented data from Phase Ib trial of I-131-CLR1404 at the American
Society of Clinical Oncology (ASCO) 2014 Annual Meeting

— Filed Investigational New Drug (IND) application to evaluate
I-131-CLR1404 in clinical trials in relapsed/refractory multiple myeloma,
an incurable cancer of plasma cells

— Secured orphan drug designation for I-124-CLR1404 as a diagnostic for the
management of glioma, the most common and aggressive form of brain cancer

— Appointed Chad J. Kolean Chief Financial Officer

— Dr. Simon Pedder became full-time president and chief executive officer

— Completed underwritten offering generating new gross proceeds of $13.5
million

— Eliminated $4.0 million debt issued in February 2014 private placement

— Obtained approval for common stock to begin trading on Nasdaq Capital
Market

“With the data from our on-going Phase II imaging trial of
1-124-CLR1404 in glioblastoma expected in the first half of 2015 and
data from our proof of concept trials of 1-131-CLR1404 for the
treatment of multiple myeloma and CLR1502 for real time optical imaging
in breast cancer surgery expected by year-end 2015, the coming year is
poised to be a big one for Cellectar,” continued Dr. Pedder. “Having
now completed an underwritten offering generating new gross proceeds of
$13.5 million and simultaneously receiving approval for our stock to
begin trading on the Nasdaq Capital Market, we are now well-positioned
to meaningfully advance these three key clinical programs and drive
both near and long term shareholder value.”

Financial Results for the Quarter and Six Months Ended June 30, 2014:

Cellectar reported a net loss for the quarter ended June 30, 2014 of
approximately $2.1 million or ($0.73) per share in line with the net
loss of $2.1 million or ($0.72) per share reported for the comparable
period in 2013. For the first six months of 2014, Cellectar reported a
net loss of $5.0 million or ($1.75) per share compared to a net loss of
$5.5 million or ($2.03) per share for the first half of 2013.

Research and development (R&D) expenses for the quarter ended June 30,
2014 were $1.4 million, compared to $1.6 million for the second quarter
of 2013. For the six months ended June 30, 2014, Cellectar’s research
and development expenses were $3.1 million compared to $3.2 million
during the first six months of 2013.

Cellectar’s general and administrative (G&A) expenses were essentially
unchanged year-over-year with second quarter 2014 G&A expenses totaling
approximately $1.0 million compared to $1.1 million during the second
quarter 2013. Similarly, G&A expenses for the six months ended June 30,
2014 were approximately $2.0 million compared to $2.2 million for the
comparable period in 2013.

Cellectar ended the quarter with $1.6 million in cash and cash
equivalents compared to $2.4 million in cash and cash equivalents at
December 31, 2013.

On August 20, 2014, Cellectar completed an underwritten offering of
shares and warrants that generated new gross proceeds of $13.5 million.
The proceeds of this offering will be used for further research and
development of Cellectar’s pipeline. Cellectar anticipates that the
cash and cash equivalents at quarter-end combined with net proceeds
from its August offering will fund the company’s planned research and
development programs into the fourth quarter 2015.