Cellectar Biosciences Receives Positive NASDAQ Listing Determination
07 April 2016 - 2:30PM
Cellectar Biosciences, Inc. (NASDAQ:CLRB) (“Cellectar” or the
“company”), an oncology-focused biotechnology company, announced
today that on April 6, 2016, the NASDAQ Listing Qualifications
Panel (the “panel”) issued a determination granting the company’s
request for the continued listing of its common stock on the NASDAQ
Capital Market (“NASDAQ”).
The company’s continued listing on NASDAQ is
subject to, among other things, the company evidencing compliance
with the minimum $2.5 million stockholders’ equity requirement by
May 16, 2016. Cellectar must also provide the panel with
updated information regarding its ability to maintain compliance
for a period of one year.
“We are pleased with the panel’s decision to
support Cellectar’s continued listing on NASDAQ,” said Jim Caruso,
president and CEO of Cellectar Biosciences. “We are confident in
our capability to successfully satisfy the required evidence of
compliance.”
The company is taking definitive steps to
evidence compliance with the terms of the Panel’s decision;
however, there can be no assurance that it will be able to do
so.
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, 2015. 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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