MADISON, 1 Aug 2017 – Cellectar Biosciences, Inc. (Nasdaq:CLRB), an oncology-focused, clinical stage biotechnology company (the "company"), today announces the initiation of a collaboration with Avicenna Oncology GmbH, a leading precision medicine company based in Basel, Switzerland. The collaboration will focus on the development of new phospholipid drug conjugates (PDCs) combining Cellectar's patented phospholipid ether delivery platform with Avicenna's novel cytotoxic payloads (potent anti-cancer small molecules).

"We believe the combination of our targeted PDC delivery with Avicenna's proprietary payloads has tremendous potential for the development of selective therapeutics for patients suffering with cancer," said Jim Caruso, president and CEO of Cellectar Biosciences. "This collaboration further validates the utility of our PDC delivery platform to provide targeted treatment of various resistant cancers, expands and accelerates our conjugate program research and potentially increases our novel, small molecule PDC pipeline."

Under the terms of the research collaboration, Avicenna will provide their novel payloads to Cellectar, which will leverage its expertise in chemical conjugation to link the molecules to its phospholipid ether (PDC platform). Cellectar will oversee the in vitro and in vivo testing of these molecules alongside an antibody drug conjugate (ADC) with the same payload. Both companies will have the option to advance the development of any of the newly conjugated molecules (PDCs). Financial terms of the collaboration have not been disclosed.

"There remains a significant unmet medical need for providing patients with new generations of targeted treatments with improved therapeutic index. Combining Cellectar's PDC platform with our payloads is a very promising approach that could potentially overcome some of the disadvantages presently seen with ADCs," said Zaki Sellam, MSc, MBA, founder and CEO of Avicenna Oncology. "In line with our common vision, we are very excited to combine our collective expertise to potentially provide new treatment options for patients"