FLORHAM PARK, N.J., Feb. 26, 2019 (GLOBE NEWSWIRE) -- 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.

Fourth Quarter and Recent Corporate Highlights

“We continue 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 relapsed/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.”

2018 Financial Highlights

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.

As of December 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, 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 to 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 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.

The company’s product pipeline also includes one preclinical PDC chemotherapeutic program (CLR 1900) and partnered assets including 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 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.

Contacts

Investors:                          
Monique Kosse
Managing Director
LifeSci Advisors
646-915-3820
monique@lifesciadvisors.com


CELLECTAR BIOSCIENCES, INC.

CONSOLIDATED BALANCE SHEETS

  December 31,
2018		  December 31,
2017		 
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $13,255,616  $10,006,421 
Restricted cash  55,000   55,000 
Prepaid expenses and other current assets  641,218   412,173 
Total current assets  13,951,834   10,473,594 
Fixed assets, net  543,339   244,713 
Goodwill  —   1,675,462 
Long-term assets  540,823   465,823 
Other assets  18,086   11,872 
TOTAL ASSETS $15,054,082  $12,871,464 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
CURRENT LIABILITIES:        
Accounts payable and accrued liabilities $1,543,819  $1,867,758 
Derivative liability  43,000   105,050 
Capital lease obligations, current portion  2,213   3,036 
Deferred rent  33,090   138,944 
Total current liabilities  1,622,122   2,114,788 
LONG-TERM LIABILITIES:        
Capital lease obligation, less current portion  —   2,213 
Deferred rent, less current portion  170,999   — 
Total long-term liabilities  170,999   2,213 
TOTAL LIABILITIES  1,793,121   2,117,001 
COMMITMENTS AND CONTINGENCIES        
STOCKHOLDERS’ EQUITY:        
Preferred stock, $0.00001 par value; 7,000 shares authorized;        
Series B preferred stock: none and 18 issued and outstanding as of December 31, 2018 and 2017, respectively  —   995,782 
Series C preferred stock: 473 and none issued and outstanding as of December 31, 2018 and 2017, respectively  2,526,049   — 
Common stock, $0.00001 par value; 80,000,000 shares authorized; 4,732,387 and 1,666,144 shares issued and outstanding at December 31, 2018 and 2017, respectively  47   16 
Additional paid-in capital  108,323,208   94,107,981 
Accumulated deficit  (97,588,343)  (84,349,316)
Total stockholders’ equity  13,260,961   10,754,463 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $15,054,082  $12,871,464 


CELLECTAR BIOSCIENCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

  Year Ended December 31, 
  2018  2017 
       
COSTS AND EXPENSES:        
Research and development $6,835,229  $9,465,666 
General and administrative  4,820,073   4,135,304 
Impairment of goodwill  1,675,462   — 
Total costs and expenses  13,330,764   13,600,970 
         
LOSS FROM OPERATIONS  (13,330,764)  (13,600,970)
         
OTHER INCOME:        
Gain on revaluation of derivative warrants  62,050   22,075 
Interest income, net  29,687   16,605 
Total other income, net  91,737   38,680 
NET LOSS  (13,239,027)  (13,562,290)
DEEMED DIVIDEND ON PREFERRED STOCK  (2,241,795)  (1,448,945)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS  (15,480,822)  (15,011,235)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE $(5.23) $(10.70)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE  2,961,972   1,403,132