Cellectar Biosciences Announces Year End 2015 Financial Results
10 März 2016 - 10:15PM
Cellectar Biosciences, Inc. (NASDAQ:CLRB), an oncology-focused
biotechnology company, today announces financial results for the
year ending December 31, 2015. Management will host a
teleconference and live webcast to review these financial results,
followed by a review of corporate performance and 2016 objectives,
at 5:00 PM EST today.
Summary of Recent Key Accomplishments:
- Positive initial data in phase 1 study of CLR 131 in
multiple myeloma
- Research collaboration with Pierre Fabre involving PDC
Delivery Platform
- $2.3 million NCI Fast Track SBIR Grant for study of CLR
125
- New IP protection for PDC Delivery Platform with CTX
patent application
Summary of Financial Results:
Research and development expenses for 2015 were $5.2 million, a
reduction of $0.8 million from the prior year. This reflects the
company’s continued focus on research and development efforts and
implementation of operating improvements that have resulted in
reductions to its cost structure. General and administrative
expenses for the year totaled $3.4 million, which is an improvement
from 2014 of $0.3 million. The company also incurred $0.2 million
of restructuring charges in fiscal 2015, which is consistent with
2014.
Operating loss was $8.8 million for 2015, compared to $9.9
million in 2014. Other income was $3.3 million for fiscal
2015, as compared to $1.8 million in 2014. These amounts are
almost exclusively non-cash in nature, and are due to changes in
the valuation of certain warrants that are classified as
liabilities on Cellectar’s balance sheet. As a result, the
company’s net loss for the year ended December 31, 2015 was $5.5
million, or ($7.03) per share, compared to a 2014 net loss of $8.1
million, or ($17.53) per share.
As of December 31, 2015, the company had $3.9 million in cash
and cash equivalents on hand, compared to $9.4 million in cash and
cash equivalents at December 31, 2014. While Cellectar
anticipates its available cash and cash equivalents should fund its
planned operations into the second quarter of 2016, management
believes capital will be required to complete its planned clinical
and preclinical development.
“The last two quarters of 2015 through the first quarter
of 2016 continue to represent a significant shift in corporate
objectives, culture and branding for Cellectar Biosciences,” said
Jim Caruso, president and CEO of Cellectar Biosciences.
“Significant progress has been achieved and we remain confident in
our corporate strategy, operating plan execution and our PDC
Delivery Platform technology. We are pleased with the resulting
program advancements and look forward to providing further details
about our objectives for continued success on today’s call.”
CELLECTAR BIOSCIENCES, INC. |
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
(Unaudited) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,857,791 |
|
|
$ |
9,422,627 |
|
|
Restricted cash |
|
|
55,000 |
|
|
|
55,000 |
|
|
Prepaid expenses and other current
assets |
|
|
267,783 |
|
|
|
220,611 |
|
|
Total current assets |
|
|
4,180,574 |
|
|
|
9,698,238 |
|
|
FIXED ASSETS, NET |
|
|
1,728,471 |
|
|
|
2,033,944 |
|
|
GOODWILL |
|
|
1,675,462 |
|
|
|
1,675,462 |
|
|
OTHER ASSETS |
|
|
11,872 |
|
|
|
11,872 |
|
|
TOTAL ASSETS |
|
$ |
7,596,379 |
|
|
$ |
13,419,516 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Current maturities of notes
payable |
|
$ |
243,590 |
|
|
$ |
119,923 |
|
|
Accounts payable and accrued
liabilities |
|
|
675,924 |
|
|
|
933,988 |
|
|
Derivative liability |
|
|
4,781,082 |
|
|
|
5,176,915 |
|
|
Capital lease obligations, current
portion |
|
|
2,449 |
|
|
|
2,180 |
|
|
Total current liabilities |
|
|
5,703,045 |
|
|
|
6,233,006 |
|
|
LONG-TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Notes payable, less current
maturities |
|
|
86,632 |
|
|
|
330,077 |
|
|
Deferred rent |
|
|
148,924 |
|
|
|
147,774 |
|
|
Capital lease obligations, less
current portion |
|
|
7,975 |
|
|
|
11,126 |
|
|
Total long-term liabilities |
|
|
243,531 |
|
|
|
488,977 |
|
|
Total liabilities |
|
|
5,946,576 |
|
|
|
6,721,983 |
|
|
TOTAL STOCKHOLDERS’
EQUITY: |
|
|
1,649,803 |
|
|
|
6,697,533 |
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
7,596,379 |
|
|
$ |
13,419,516 |
|
|
CELLECTAR BIOSCIENCES, INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(Unaudited) |
|
|
|
|
|
Year Ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
Research and development |
$ |
5,158,874 |
|
$ |
5,964,453 |
|
General and administrative |
|
3,395,360 |
|
|
3,704,676 |
|
Restructuring costs |
|
203,631 |
|
|
221,816 |
|
Total costs and expenses |
|
8,757,865 |
|
|
9,890,945 |
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS |
|
(8,757,865 |
) |
|
(9,890,945 |
) |
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
Gain on revaluation of derivative
warrants |
|
3,667,826 |
|
|
2,285,157 |
|
Loss on issuance of
derivative warrants |
|
(404,150 |
) |
|
— |
|
Interest expense, net |
|
(841 |
) |
|
(446,314 |
) |
Total other income, net |
|
3,262,835 |
|
|
1,838,843 |
|
NET LOSS |
$ |
(5,495,030 |
) |
$ |
(8,052,102 |
) |
BASIC AND DILUTED NET
LOSS PER COMMON SHARE |
$ |
(7.03 |
) |
$ |
(17.53 |
) |
SHARES USED IN
COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE |
|
781,975 |
|
|
459,266 |
|
|
|
|
|
|
|
|
Conference Call Participation Details:
Cellectar will be holding a conference call at 5:00 PM ET today
to review 2015 financial results, followed by a review of corporate
performance and 2016 objectives. The call can be accessed by
calling 888-646-8293. The call will also be webcast and
replays will be available, both via the Investor Relations section
of the company’s website: investor.cellectarbiosciences.com.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is developing phospholipid drug conjugates
(PDCs) designed to provide cancer targeted delivery of diverse
oncologic payloads to a broad range of cancers and cancer stem
cells. Cellectar's PDC Delivery Platform is based on the company's
proprietary phospholipid ether analogs. These novel small-molecules
have demonstrated highly selective uptake and retention in a broad
range of cancers. Cellectar's PDC pipeline includes product
candidates for cancer therapy and cancer diagnostic imaging. The
Company's lead therapeutic PDC, CLR 131, utilizes iodine-131, a
cytotoxic radioisotope, as its payload. CLR 131 is currently being
evaluated under an orphan drug designated Phase 1 study in patients
with relapsed or refractory multiple myeloma. The company is also
developing PDCs for targeted delivery of chemotherapeutics such as
paclitaxel (CLR 1602-PTX), a preclinical stage product candidate,
and plans to expand its PDC chemotherapeutic pipeline through both
in-house and collaborative R&D efforts. For additional
information please visit www.cellectarbiosciences.com.
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, 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/A for the year ended December 31, 2014. These
forward-looking statements are made only as of the date hereof, and
we disclaim any obligation to update any such forward-looking
statements.
INVESTOR AND MEDIA CONTACT:
Jules Abraham
JQA Partners
917-885-7378
jabraham@jqapartners.com
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