Cellectar Biosciences (CLRB)

Anne Marie Fields Senior Vice President, Investor Relations-LHA
Jim Caruso Chief Executive Officer
John Hamill Interim Chief Financial Officer
John Friend Chief Medical Officer
Jarrod Longcor Chief Business Officer
Wangzhi Li Ladenburg
Sean Lee H.C. Wainwright
Call transcript
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Welcome to the Cellectar Biosciences 2017 Financial Results and Business Update Conference Call. At this time, all participants are in a listen-only mode.

Following management’s prepared remarks, we’ll hold a Q&A session. [Operator Instructions] As a reminder, this conference is being recorded March 22, 2018. I would now like to turn the conference over to Anne Marie Fields. Ma’am. ahead, go Please

Anne Marie Fields

morning. LHA Anne all Investor call. in Good Vice for Fields, President today’s at Relations. This you. Marie is Senior participating Thank Thank you

on Officer; for Biosciences John Dr. disclosing yesterday, release Chief After December Medical Longcor, Caruso, Joining the Financial Jarrod Friend, are and fiscal Annual and Business Report the from interim Chief Cellectar Chief its ended me Executive Chief news John Officer; filed close Hamill, Officer; SEC the Jim results a Officer. U.S. Form Cellectar financial XX, with issued the markets year financial XX-K its XXXX. of

Jim statements. XX, forward-looking required law contain the is of this of conference broadcast, only the sensitive as information the in update no said, differ SEC we cause that that I Before contents or regarding time accurate and encourage future XX-K, call like live Form or the indicates factors date XXXX. as conference Furthermore, Jim? will date and that the you to contain the Cellectar obligation I results you forward-looking reflect of results Except conference March to review the actual including comments or operations from Cellectar. call call. involve that remind With uncertainties of call will to made without limitation any begin, by statements event identifies management company’s and this of filings I’d over to statement Caruso. to X-K, by revise materially circumstances specific during may the that those this which to described XX-Q Company’s after risks the event turn

Jim Caruso

throughout significant us. XXXX to Drug a made accomplishments and for with joining morning, across Conjugate Phospholipid important own a progress company in oncology of origins partnership transition or both purely in Anne thank The on number our diagnostics in XXXX. you, us of Cellectar Marie. Good achieve balance well company platform others. to therapeutic XXXX creating and of our and its we’ve from everyone, a leveraging throughout imaging our the milestones PDC position number Thank to you indications, made value

types datasets infrastructure are Phase strategy tandem, further we a scalable markets two study for programs. them. of research platform have are third We We end, breadth conduct malignancies. pediatric of PDC the niche expanded molecules X we and the and commercial the studies can required can resources we rapidly, demonstrate Phase oncology building that B-cell delivery we where the relapsed/refractory parties rare proof-of-concept indications, oncology These on activities in we on our development wholly multiple multi-faceted the are compete with large large X partner that where focused a and smaller investigational filed We in own. in new on market implementing, drug can have enrollment trial variety initiated a with an our to to cohort application in In approval for orphan of myeloma. advancing Toward cancers programs and our Phase fifth we hematologic utilize. where pursuing advanced initiated clinical in can X numbers and our patient promote pediatric conduct PDC studies owned study that markets

in the areas of to clinical as detail in across and off gotten platform important this Fabre. XXXX Acunova Avicenna PDC greater a our advance to Pierre continue through will strong ones start Oncology, research with we corporate also Therapeutics that we both have and number third-party with discuss We collaborations a call. such later progress has

a over XXXX call Hamill John to review the our for turn John? of financial me let Now results.

John Hamill

everyone. good and morning, Jim, Thanks,

achieving toward the we we pleased As our are meaningful progress making are noted, strategic with Jim objectives.

in management order financial very to for continue promising our to in disciplined resources development conserve We our programs. investment apply

November made the for XXXX we our period I let on touch me the we presentation XXXX, stock based change on a prior Before, underwritten A A and offering the equity. XX-K, Series XXXX, correctly statement C stock financial the between warrants allocated Series preferred of our proceeds a the and recorded to review results operations. preferred as XXXX fair In of Series value

Series associated beneficial However, the was conversion embedded properly not stock feature the with A considered. preferred

our dividend XXXX As approximately a reflect a presentation the to in we were of million financial deemed result, required $X.X results. of

financial shares. these the attributable net to per $X.XX. of the per to XXXX, in computing period condition in effect equity quarterly the prior were period. and subsequent or the any These had considering within shareholders was company. cash, XXXX. of approximately increase financial also shares to effect on period flow during common operations used or loss no stockholders the After It on material flow, net adjustments statements quantitative cash, XXXX as cash well The million of number XXXX diluted basic annual shareholders’ financial common no as two share Additionally, loss, effect changes is had in and net equity loss or by for X.X by share overstated the not and qualitative to cash effects statements XXXX net assess the

compensation expenses as increase X operating XXXX. include $XX.X R&D was million, support non-cash The $X.X of XXXX, million approximately for XXXX one-time ongoing million million malignancies, approximately higher million expenses a with results primarily common to myeloma as outstanding. attributable expense $X.XX deemed Company’s $XX $X.XX share compares include our XX.X attributable as $X.X $XX.X in share leasehold $X.XX down $X.X Cash, Wisconsin, approximately equivalents trial expanded well approximately development million on outstanding. The relatively based as remained million XXXX. depreciation shares expense X.X a in XXXX The were per million, operation equipment. with hematologic both approximately for approximately loss December ongoing million, the costs. for trial Now, is cash or This non-cash, well XXXX. based let’s to per for approximately X General December share clinical XX, $X.X Phase of per approximately XXXX. shares XXXX approximately years. $X.X facility common compared Research with for of in to as for Also for XXXX due manufacturing $X.X per approximately loss XXXX, in on of approximately with of expenses $X.X net at and million XX, development Madison, in non-cash preclinical in stockholders $X.X or stockholders turn for to and consistent $X.X associated net Investment approximately discontinuing XXXX XXXX, compared from $X.XX administrative for dividend million small-scale the million, and improvements in the stock-based were Company’s relapsed/refractory share multiple and million XXXX for XXXX. in including million as were results and Phase

proceeds XXXX. B core a fourth raised we approximately Friend preferred that fund a for in warrants. regarding programs. will cash net programs our clinical well and budgeted licensing potential registered Series we’ll of current of invest of stock, With to the overview, and opportunities. quarter in as equivalents to discussion call clinical believe million continue financial me During XXXX, first a that quarter remain sufficient private we Throughout of let cash operations placement the of our as are and in offering D of direct to brands, into $X.X stock Series John turn common the We XXXX, partnerships opportunistic over

John Friend

John. you, Thank

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business a to turn initiatives of development Longcor Jarrod? our and over of Let our preclinical me now the activities. for call certain Jarrod discussion

Jarrod Longcor

everyone. good John morning Thanks, and

an earlier, that As of a Jim laid foundation has Cellectar. ahead year substantial XXXX exciting for said for was progress year the

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Jim Caruso

and those updates, for you Thank John Jarrod.

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[Operator the Instructions] from Wangzhi line with of And your first Li question comes Ladenburg.

Wangzhi Li

taking questions provided year. my with and the half in throughout thanks I morning, in second good going the and think preliminary the congratulations progresses a Cohort for finish you XXXX. first Maybe remaining of questions the potentially few for the data you’re Hey, a starting X, to mentioned quarter

second the in assume I quarter So too?

Jim Caruso

That is correct.

Wangzhi Li

tumor upcoming types, – mentioned the think that see preclinical are what that on fractionated also I what fractionated color – and and many the benefit to of we the Right Maybe tumor should types AACR, doses dose. tumor to going presentation Any going different you’re a versus the what in of terms from of how doses. have single AACR? of or provide any the the the data additional types many type you color

Jim Caruso

Wangzhi. Absolutely,

dose, the But response, perspective XX-minute another additional color. activity potentially with in and important I’ll very, And we it our where turn Jarrod as some XXX targeted I dose preclinical the activity we multi-type PDC AE based in you this fractionated literature, can to that over or we on the further think Before I to profile may for single it an really beyond believe the turn over own nice that area. XXX said observed observed his delivery sits. way platform. infusion. and our some say both from our to know very advance currently that, like significant research him work a with product team dose done of have in serve an and a effects as for sit it’s Jarrod we’ve also minimal what profile, we further off we’ve nature target validating And

Jarrod Longcor

Sure. And Wangzhi. thank you Thanks, Jim.

to at Just to cases, tested give malignancies. the we’ve that both what models different this to this will prepared say general, paradigm. significant both would the I’m as over all benefit as dosing any his vivo types. some all in and of and to statistically seen to benefit looking have in that tumor color John list animals tumor a XX a in solid I I And different see hematologic number as refer of survival we alluded to in in we compared But we tumor other – this, say, volume in reduction not going animal remarks. reduction

be But the will say will be other the I will there. to there model that data animal also putting we multiple that expect in be sharing support seeing to related We to data data. we myeloma we’re be what have. that will definitely in experience

Wangzhi Li

improvements you see would the think expect event tumor the profile and adverse it, mostly you improvement is efficacy Got in or the reduction. also to survival

Jarrod Longcor

know we would way the one I sure other. say, or don’t for

However, the Cohort potential literature dosing out from however, looking there sort played to be based and/or potential other is X paradigms Phase an cohorts different effect, that you X at the profile, in will would research see aspects, additional that in PK/PD you modeling of that study. some see on – event adverse a of prior what is in would improvement improve

Wangzhi Li

X like the pediatric for program, to second try Phase Okay, for that the potentially you got X, it. your looks I also multi-dose question can is at look And do it the design the for related – right.

included in I that. in also those study that assume So types tumor preclinical pediatric your in

multi-dose pediatric trial? pediatric what rational the upcoming also in try potentially to – So the is

Jim Caruso

preclinical have that not, data presented your So some we have on data point correct. are we you based we and that have the to

things sarcomas, lymphomas, that brain things at gliomas We’re and nature. tumors, of looking malignant of high-grade

trial the over We I’m we our early there. multi-dose not But turn of initiate are design. going – John for on, dose a be John? will Phase the pediatric to will study single with it to it and X treatment review

John Friend

That’s morning. good right. Wangzhi, exactly Hi,

study of Just safety and be well dose. days demonstrate it’s a off study the single safety efficacy now, it at tolerability, XX multi-dose X infusion so on XXX, to thereafter. of then as as single dose stands into design, XX-minute assess the right approximately CLR based Phase over later moving important as the will least potentially And infusion

pretty some Number but tumors. clear As initiating we’re in one, ongoing Wangzhi, safety with you excited multiple in studies we’ve XXX hematologic because obviously CLR solid can also tell both the study demonstrated now, for extremely reasons. this about

were as solid tumor. CLR the recall, in up with So INDs XXX you initial opened

agents XXX and tolerability. So both diapeutic demonstrating nice we but some imaging and solid of of some our agents have and tumors safety also exposure

presentation excited CLR the barrier We studies and potential oral platform Biology therapy Obviously the which whereby again sarcomas high-grade are have University this we the the of in analogous pre-clinical meeting xenograft upcoming done about standard off-label Wisconsin in that single World about Medicine MIBG, mice. MIBG models glioma. brain demonstrate an mouse XXX essentially of the as through with delivery exciting in spoken in at the blood Nuclear of also the survival our XXX to cross are carry able patients. extensive neuroblastoma reductions the as lastly burden, really the a these in and in we’ve of terms utilized well tumor overall is xenograft And PDC, CLR dose XXX

past some pheochromocytoma for also both the the diagnostic the for improvement there’s in MIBG. this and seeing significant responses the with XXXXs overall XX% we’re in range initially neuroblastoma success, terms obviously with of the for that is couple some neuroblastoma as used room So decades but off-label in to treatment patients, a been but has XX% over discovered of

study of So XXX this pediatric determine orphan – rare patients. we’re get the potential excited extremely off and kick to these CLR this value in

Jim Caruso

on to it’s space in highly spaces. pathway patients it once represents to study is this and on very fits medical unmet that are I with Wangzhi, scalable important for need of and in say also malignancies, design relative not rear an disease, And accelerated very, niche this small of think strategy and there to like overall to our market, they our high B-cell nicely a competition the market, competitive enroll is terms significant a population, terms focus patient

is a from could scalable this a very space. it’s that highly perspective area and we we it’s believe for both clinical we a So in clearly a feel an from as suited CLR sandbox and a commercial nicely perspective XXX if marketing where win

Wangzhi Li

it. Got

that’s So follow-up line comments MIBG-IXXX, John’s mentioned second that’s the just you in off-label the couldn’t treatment, neuroblastoma just for right?

John Friend

Yes, been not it Wangzhi. off-label is correct, That’s approved.

Wangzhi Li

it. Got

John Friend

the square, as know of associate this nothing matter delivery iodine-XXX dosing time. patients these refractory/relapsed nonselective platform of doses extremely we curie high one are whereas kids with dosing that XX the per And receiving this iodine-XXX. meter of with doses a essentially worth being square, these are iodine-XXX, millicurie are meter dosed MIBG As for fact, and at millicurie there’s up the you children total is XX to and neuroblastoma approved probably of

So nonselective with associated delivery all there these and are the obviously adverse some effects over issues and kids. MIBG with

some we response but some benefits low. as are And also encouraged it again does see encouraged. highly I that quite rates are efficacy, or mentioned the are – we So

from So well. we think of have room as perspective efficacy terms some we an winning in

Wangzhi Li

it. Got

that and doctor to your maybe follow-up if MIBG got a you show or over so is to XXX you if is So MIBG that refractory/relapsed more line CLR can take or FDA willing the should be IXXX better would – second equal you’ve then with the to going IXXX, approval, strategy other your targeted performance – be strategy? neuroblastoma,

Jim Caruso

It is.

at going we neuroblastoma. including the I would where looking pediatric be tumors think for that and least to now is be Phase relapsed/refractory X

that the I have So would patients would had assume most exposure. MIBG of neuroblastoma

be that but first tumors. even open, the I probably there’s moving with it rare would So forward, these pediatric strategy in unmet huge a first leaves line need our mean,

Wangzhi Li

it. Got

easier you I for that can seen you by indications leverage once you – in so are maybe to or doctor for on Okay, maybe, of get oncologists by neuroblastoma, they’re neuroblastoma, all osteosarcoma; these setting? – seen sarcoma expanding last is, children these by, question doctor, into kind doctors indications clinical other for same they’re if this all different seen seen can pediatric same or mean, the have the like and

Jim Caruso

All right.

talk U.S. all will across in terms patients academic these so of general are world, in in seen So the we centers large

In the across So malignant oncologists even cancer general say, in pediatric large I these potentially would the by sarcoma glioma, similar seen yes. at high-grade centers. these the and very the are kids these tumor, brain

John Friend

to of centers filter one at through to these And excellence majority of XX or that are Wangzhi, patients point, so XX point catchment your centers the it’s another.

scalable. So when trial when you cost share it’s very the you think drive about key use opinion because leadership, and limited, it’s a to space, and in very sustain And growth so the it’s limited adoption about think group.

there’s unmet I with top high well value. for patients a drive marketing really the to for medical move investment order in is limited we in importantly opportunity here opportunity perspective. as of pricing needle from an premium shareholder and line something this have need really an significant we of think serve the amount a And levels great most as communities do to

Wangzhi Li

CLR Maybe you already? preclinical the – BTK, one And on right. recall molecule noticed from achieve question. it. and and you got your molecule to what what tried had to market what’s BTKs the product available of program maybe do and you given hope Okay, last your XXXX, there what I differentiate maybe the differentiate position the the

Jim Caruso

job both we’ve So platform. research broad demonstrated Wangzhi, cases wide team of able our variety with PDC like specifically been utility and solid all that to-date. of target different a pretty leading a used with in We’ve hematological of really like we’re it’s we great the And his we Jarrod see have and to in variety of here. what tumors. obviously malignancies a delivery action the mechanisms We compounds done

detail. So turn over it for to I’ll some him

Jarrod Longcor

think, more going Jim maybe just I’d and with where I of bit Sure. say on a – some was that. And

the what’s cleavage, to or our think regard various out with novel whether One to attach that, information are novel small other we to gives not addition delivery ability we the XX% ability but small if it’s about versions all of chemistry, of attach about linkers program vehicle. the of and in potential And marketplace there beauties PDC ADC mechanism that BTK an payloads. us XX% use our versions of to molecules. with you to to molecules the of our other learn And linker various have the the of various molecules in releasing unlike to molecules the also have that programs, only

The sort ADC vehicles. other there would BTK be not showing and to delivery important is, via of because what thing targeted that with be the normally that’s we’re inhibitor or able

Wangzhi So that’s really you’ve profiles referred one that seen we’re that so it’s BTK inhibitors. to to one aspect billion are represent adverse overcome with $X molecule, a attempting aspect. a to us. as however, like various The market very aspect over is event of effective number company that The inhibitors for the BTK do with for space,

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Wangzhi Li

it. Got

Thank helpful. very much, Okay, again year. you very the and congrats on then

Jim Caruso

your you Thank for Wangzhi. terrific, questions. right, All


go your from Lee Please with Wainwright. ahead H.C. Our question. Sean is next question with

Sean Lee

you question on and cost the H.C.W, Pierre R.K., Acunova a first Could guys, is, of terms more My stepping question questions. your in of of sharing for with first this what is on ownership from in color structure you you and for focus Hi – is my and provide partnerships partnership thank that Sean each what Fabre. my the molecules little and develop? the is new taking

Jim Caruso


our the our Before model end to group, of Sean, that associated his want believe I pass we – platform. opportunity I the to on collaboration really we with share Jarrod front the over or thoughts, this are secure to also with

us, quickly therapeutic and create modify proof-of-concept. for very effective have every card that also terms that We And for very and continue index our potentially working each in that’s been advance unfortunately that we toxic. turn to positive compounds program to highly turning very, capacity is and to are and of

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Jarrod Longcor

you. Thank

it. take me let So,

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Sean Lee

yes. correct, That’s

Jarrod Longcor

compounds In treatment was the class that class molecules. was Fabre class today. interesting for novel collaboration, very Pierre Fabre compounds. potential of That efficacy Pierre of tremendous a developing showed and It

the with make own unable to a However, did They therapeutic. attempt experience the their infusible programs antibody as associated we’re and in-house molecules an continue drug molecule. the toxicities generalized of molecule of development through they significant did to conjugate

molecule to not enforce successful, the as well with an here efficacious However, the seen it, dose associated it. getting again as tolerability was with

collaboration deliver our in the So to that we goal could the was, first, show molecule.

efficacy efficacy that show tolerable dose that be show could that forward. Second, we show can potentially a that then to move utilized get meaningfully to upon and program

IP As to programs, our you with in select all all ownership of asked associated PDC new that molecules being created. cases related owns the the rights to the are regard or with the

And new matter intellectual all this, and property and subsequent composition so with obviously that. with associated associated of that’s

the Avicenna with Our exercise that has elect to so to choose. they associated their authorization select series option, right those follow-up Acunova, exercise If can partners not move an maybe individual programs that we with –molecule, if whether associated Pierre they get the that molecule they have to right Fabre option. or that any forward owns option and

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to a different there better target. answer is question? bit that the And that little goal really so and the just Does improve

Sean Lee

guys XXXX? great. development any or that’s Yes, noticed a Aren’t quarter. region the there Japan that My Thank I’ve second plans in collaborations. additional in have for solved patterns solid few additional international partnership business a is deal you in on the question color. quite in you that a last for

Jim Caruso

say always opportunistic, are this, So, I’ll Sean, right. we

believe a have very So portfolio of very we assets. – we interesting a

further continue obviously further clinic further merchandise will vehicle. those and concept market data that programming perspective, advances to As the larger the from we us and a and preclinical create attracting partners the help through of assets and proof-of delivery in both these could we advance and clinical our hopes accelerate value our

share don’t from In anything you… we specific really other haven’t certainly them, show perspective that any or at to planning that collaboration a partnership, – terms of this comments put out in Jarrod, we we time, the any have domain, public

Jarrod Longcor

we are that any this. – discussions parties say only with expect territories would be all active. We partnerships various I in in you seek naturally and to actively with us globally the that would

Jim Caruso

things done intellectual really the with one NPV way, our another runway we understand of have understanding we this. of your function or Because value said portfolio is of assets I we’ve property truly that that a the do of an perspective. commercially work the the the appreciate from

to intellectual continuing very out fences further, that I to like work I’m forward So built appreciative you’ve for create portfolio. us that our collaborations, think identified look a can you hard picket just we’ve And to robust property assets.

Sean Lee

Great. for year. successful questions. Congratulations you again on And a taking thank my

Jim Caruso

and for for being questions. the much call on the Very thanks Sean, appreciated.


presentation your remarks. There or time. Caruso, are with this closing no Mr. at proceed further questions please any

Jim Caruso

making your you, appreciate our of to participation. appreciate Have a conference all look for our progress you on continued call. Thank look strategy, and we forward the Certainly our on in update XXXX provide to certainly progress, quarter today, timely forward and call first continued good day. to executing our updates business Cellectar business operator. also on We And interest reporting in the achievements. Thank you. of your


lines. today. We ask concludes that your your your and thank gentlemen, and for participation Ladies conference please that call you for disconnect you