NorthStar Medical Radioisotopes Executes Supply Agreement With Cellectar Biosciences for Therapeutic Radioisotope Actinium-225 (Ac-225)

• NorthStar to provide non-carrier added actinium-225 (n.c.a Ac-225) to Cellectar for use in its expanded portfolio of clinical programs
• This includes CLR 121225 an actinium-labeled phospholipid ether (PLE), expected to enter a Phase 1 study in pancreatic cancer in 2025

BELOIT, Wis.--(BUSINESS WIRE)-- NorthStar Medical Radioisotopes, LLC today announced the signing of a strategic Master Supply Agreement with Cellectar Biosciences, Inc. (NASDAQ: CLRB) under which Cellectar will acquire and integrate NorthStar’s n.c.a. Ac-225 into Cellectar’s proprietary Phospholipid Ethers (PLE) delivery platform to expand the platform’s capability to produce a diverse range of radiotherapeutic molecules.

NorthStar is a global innovator in the development, production, and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging. Cellectar Biosciences is a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of cancer.

“Our PLE platform provides a unique ability to optimize delivery of any radioisotope and can be designed for the treatment of specific tumor types. Our leading alpha emitter program, CLR 121225, utilizes Ac-225 and has demonstrated promising preclinical results in pancreatic, triple negative breast and other solid tumors, justifying the progression to clinical development,” said James Caruso, president and CEO of Cellectar. “We plan to advance CLR 121225 into human clinical trials in 2025 as part of a broader strategy to bring first-and best-in-class radiotherapeutics to market. This agreement with NorthStar provides a reliable source of Ac-225, which is a critical to our clinical development strategy.”

“Cellectar’s novel TAT compounds, including CLR 121225 and others, have demonstrated their potential in devastating diseases like pancreatic cancer, that for too long have had no highly effective treatments,” said Frank Scholz, president and CEO of NorthStar. “Recent years have seen an increased interest in alpha-emitting radiotherapies like Cellectar’s compound which is expected to enter a Phase 1 first-in-human study next year,” he continued, “but developments have been hampered by the relative scarcity of Ac-225 supply. At NorthStar, our passion is to reduce technological and operational barriers to give companies like Cellectar a reliable source of environmentally preferred, high purity (n.c.a) Ac-225 that will help make these new therapies possible.“

About NorthStar Medical Radioisotopes, LLC (NorthStar)

NorthStar Medical Radioisotopes is a commercial-stage radiopharmaceutical company at the forefront of advancing patient care by utilizing novel technologies to produce commercial-scale radioisotopes that, once attached to a molecule, have the ability to detect and treat cancer and other serious diseases. NorthStar’s expanding industry-leading position in the emerging field of radiopharmaceutical therapy is supported by its unique capabilities in the sophisticated production of radioisotopes, proven management team, and state-of-the-art, environmentally preferable technologies. NorthStar routinely produces copper-67 (Cu-67) and is poised to be the first commercial-scale producer of non-carrier-added (n.c.a.) actinium-225 (Ac-225). The Company’s Radiopharmaceutical Contract Development and Manufacturing Organization (CDMO) services unit provides customized service offerings and specialized radiopharmaceutical expertise to help biopharmaceutical companies rapidly advance their development and commercial programs. For more information about NorthStar’s comprehensive portfolio and patient-focused services, visit: www.northstarnm.com.

About Cellectar Biosciences, Inc.

Cellectar Biosciences is a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of novel drugs for the treatment of cancer, independently and through research and development collaborations. The company’s core objective is to leverage its proprietary Phospholipid Drug Conjugate™ (PDC) delivery platform to develop the next-generation of cancer cell-targeting treatments, delivering improved efficacy and better safety as a result of fewer off-target effects. The company’s product pipeline includes lead asset iopofosine I 131, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope), proprietary preclinical PDC chemotherapeutic programs and multiple partnered PDC assets. For more information, please visit www.cellectar.com or join the conversation by liking and following us on the company’s social media channels: Twitter, LinkedIn, and Facebook.

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For NorthStar Medical Radioisotopes, LLC

Corporate:

Alison Hess

Vice President, Chief of Staff

608-295-9806

ahess@northstarnm.com

Investor Relations:

Paul Estrem

Executive Vice President and Chief Financial Officer

608-987-8318

pestrem@northstarnm.com

Source: NorthStar Medical Radioisotopes, LLC