<SEC-DOCUMENT>0001144204-16-094876.txt : 20160418
<SEC-HEADER>0001144204-16-094876.hdr.sgml : 20160418
<ACCEPTANCE-DATETIME>20160418172644
ACCESSION NUMBER:		0001144204-16-094876
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160418
DATE AS OF CHANGE:		20160418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cellectar Biosciences, Inc.
		CENTRAL INDEX KEY:			0001279704
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				043321804
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-208638
		FILM NUMBER:		161577524

	BUSINESS ADDRESS:	
		STREET 1:		3301 AGRICULTURE DRIVE
		CITY:			MADISON
		STATE:			WI
		ZIP:			53716
		BUSINESS PHONE:		617-244-1616

	MAIL ADDRESS:	
		STREET 1:		3301 AGRICULTURE DRIVE
		CITY:			MADISON
		STATE:			WI
		ZIP:			53716

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVELOS THERAPEUTICS, INC.
		DATE OF NAME CHANGE:	20050617

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMON HORIZONS INC
		DATE OF NAME CHANGE:	20040211
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>v437251_424b4.htm
<DESCRIPTION>424B4
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(4)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-208638</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: red"><B>PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 60%; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: red"><B></B></FONT></TD></TR>
</TABLE>
<P STYLE="color: red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>1,378,364
Shares of Common Stock, Pre-Funded Warrants to Purchase 1,908,021 Shares of Common Stock and<BR> Warrants to Purchase
3,286,385 Shares of Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="ts1alogo.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are offering 1,378,364 shares of common stock, together
with warrants (the &ldquo;Series A warrants&rdquo;) to purchase 1,378,364 shares of common stock, at a purchase price of
$2.13 (and the shares issuable from time to time upon exercise of the warrants) pursuant to this prospectus. The shares and
warrants will be separately issued, but the shares and warrants will be issued and sold to purchasers in the ratio of one to
one. Each Series A warrant will have an exercise price of $3.04 per share, will be exercisable upon issuance and will expire
five years from the date of issuance. The warrants will be issued in book-entry form pursuant to a warrant agency agreement
between us and American Stock Transfer and Trust Company, as warrant agent, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also offering to those purchasers, whose
purchase of shares of common stock in this offering would result in the purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% of our outstanding common stock following the consummation of this
offering, the opportunity to purchase, if they so choose, in lieu of the shares of our common stock that would result in
ownership in excess of 4.99%, pre-funded warrants (the &ldquo;Series B warrants&rdquo;) to purchase 1,908,021 shares of our
common stock together with Series A warrants to purchase 1,908,021 shares of common stock. The purchase price for each such Series
B warrant will equal the per share public offering price for the common stock in this offering less the $0.01 per share
exercise price of each such Series B warrant, and the exercise price of each Series B warrant will equal $0.01 per share.
Each Series B warrant is being sold together with the same Series A warrants described above being sold with each share of
common stock. The Series B warrants and Series A warrants are immediately separable and will be issued separately in this
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common stock is listed on the NASDAQ Capital Market
under the symbol &ldquo;CLRB.&rdquo; On April 8, 2016, the last reported sale price of our common stock on the NASDAQ
Capital Market was $3.60 per share. We have applied for the listing of the Series A warrants offered hereby on the NASDAQ
Capital Market and will use our best efforts to have that listing effective on or before the closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in the offered securities involves a high degree
of risk. See &ldquo;Risk Factors&rdquo; beginning on page 9 of this prospectus for a discussion of information that you should
consider before investing in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE
SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per&nbsp;Share&nbsp;and<BR>
    Series A Warrant</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Per Series
    B <BR>
    Warrant and <BR>
    Series A Warrant</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 43%; font-size: 10pt">Public offering price</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">2.13</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">2.12</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">6,980,919.84</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Underwriting discount</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.15975</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.15900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">523,568.99</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds, before expenses, to us</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.97025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.96100</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,457,350.85</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have granted a 45-day option to the underwriter, to purchase
up to an additional 492,957 shares and/or warrants from us solely to cover over-allotments, if any.
The shares and/or warrants issuable upon exercise of the underwriter option are identical to those offered by this prospectus and
have been registered under the registration statement of which this prospectus forms a part. If the underwriters exercise the option
in full, the total discount and commission will be $602,318.87 and the total net proceeds, before expenses, to us
will be $7,428,599.38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriter expects to deliver the shares and warrants
to purchasers in the offering on or about April 20, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of our officers, directors and their affiliates
have indicated an interest in purchasing up to an aggregate of approximately $850,000
in securities in this offering at the public offering price. However, because indications of interest are not binding agreements
or commitments to purchase, the underwriters could determine to sell more, less or no securities to any of these potential investors
and any of these potential investors could determine to purchase more, less or no securities in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>LADENBURG
THALMANN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The date of
this prospectus is April 15, 2016.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 427.5pt; text-align: right; text-indent: 13.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 86%; text-align: right; padding-right: 6pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center"><B>Page</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_001">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="vertical-align: bottom">3</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_002">RISK FACTORS</A></TD>
    <TD STYLE="vertical-align: bottom">9</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_003">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="vertical-align: bottom">20</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_004">USE OF PROCEEDS</A></TD>
    <TD STYLE="vertical-align: bottom">21</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_005">CAPITALIZATION</A></TD>
    <TD STYLE="vertical-align: bottom">22</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_006">MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</A></TD>
    <TD STYLE="vertical-align: bottom">23</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_007">DILUTION</A></TD>
    <TD STYLE="vertical-align: bottom">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_008">BUSINESS</A></TD>
    <TD STYLE="vertical-align: bottom">25</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_009">MANAGEMENT</A></TD>
    <TD STYLE="vertical-align: bottom">38</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_010">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
    MANAGEMENT</A></TD>
    <TD STYLE="vertical-align: bottom">40</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_011">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD>
    <TD STYLE="vertical-align: bottom">43</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_012">UNDERWRITING</A></TD>
    <TD STYLE="vertical-align: bottom">44</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_013">DESCRIPTION OF SECURITIES</A></TD>
    <TD STYLE="vertical-align: bottom">47</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_014">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
    FOR SECURITIES ACT LIABILITIES</A></TD>
    <TD STYLE="vertical-align: bottom">51</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_015">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="vertical-align: bottom">51</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_016">LEGAL MATTERS</A></TD>
    <TD STYLE="vertical-align: bottom">52</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_017">EXPERTS</A></TD>
    <TD STYLE="vertical-align: bottom">52</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_018">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="vertical-align: bottom">52</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 6pt"><A HREF="#a_019">GLOSSARY OF CERTAIN SCIENTIFIC TERMS</A></TD>
    <TD STYLE="vertical-align: bottom">53</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No dealer, salesperson or other person
has been authorized to give any information or to make any representations other than those contained in this prospectus in connection
with the offer contained in this prospectus and, if given or made, such information or representations must not be relied upon
as having been authorized by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither the delivery of this prospectus
nor any sale made hereunder shall under any circumstances create an implication that there has been no change in our affairs since
the date hereof. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy securities other than
those specifically offered hereby or of any securities offered hereby in any jurisdiction where, or to any person to whom, it is
unlawful to make such offer or solicitation. The information contained in this prospectus speaks only as of the date of this prospectus
unless the information specifically indicates that another date applies. In this prospectus, references to &ldquo;Cellectar Biosciences,
Inc.,&rdquo; &ldquo;Cellectar Bio&rdquo;, &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our,&rdquo;
refer to Cellectar Biosciences, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus has been prepared based
on information provided by us and by other sources that we believe are reliable. This prospectus summarizes certain documents and
other information in a manner we believe to be accurate, but we refer you to the actual documents, if any, for a more complete
understanding of what we discuss in this prospectus. All of such documents are filed as exhibits to the registration statement
of which this prospectus is a part. In making a decision to invest in the securities offered in this prospectus, you must rely
on your own examination of us and the terms of the offering and securities offered in this prospectus, including the merits and
risks involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not making any representation to
you regarding the legality of an investment in the securities offered in this prospectus under any legal investment or similar
laws or regulations. You should not consider any information in this prospectus to be legal, business, tax or other advice. You
should consult your own attorney, business advisor and tax advisor for legal, business and tax advice regarding an investment in
our securities. You may only rely on the information contained in or incorporated by reference into this prospectus or that we
have referred you to.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not authorized anyone to provide
you with different information. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities
other than the securities offered by this prospectus. No offers will be made to, nor accepted from, any person that does not meet
the definition of an &ldquo;institutional investor&rdquo; under the blue sky laws of its state of domicile unless otherwise specified
in the &ldquo;Underwriting&rdquo; section below. Neither the delivery of this prospectus nor any sale made in connection with this
prospectus shall, under any circumstances, create any implication that there has been no change in our affairs since the date of
this prospectus or that the information contained by reference to this prospectus is correct as of any time after its date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should also read and consider the information
in the documents to which we have referred you under the captions &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
of Documents by Reference&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March 4, 2016 at 5:00 p.m. Eastern
Standard Time, the Company effected a reverse stock split at a ratio of 1-for-10. All share and per share information presented
herein has been retroactively restated to reflect the reverse split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>This summary highlights information
contained elsewhere in this prospectus and does not contain all of the information that you should consider in making your investment
decision. Before investing in our securities, you should carefully read this entire prospectus, including the documents to which
we have referred you under the headings &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Documents
by Reference&rdquo; and the information set forth under the headings &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations&rdquo; in each case included elsewhere in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Please refer to the Glossary of Certain
Scientific Terms on page 53 of this prospectus for definitions of certain technical and scientific terms used throughout this
prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cellectar Biosciences, Inc. (the Company)
is a clinical stage biopharmaceutical company focused on the development of targeted phospholipid drug conjugates (PDCs) for the
treatment and imaging of cancer. The Company&rsquo;s research and development program is based on its proprietary PDC cancer targeting
delivery platform. The delivery platform possesses the potential for the discovery and development of a broad range of cancer
targeting agents. The company&rsquo;s pipeline is comprised of pre-clinical and clinical product candidates including radiotherapeutic
and chemotherapeutic PDC&rsquo;s. The pipeline also includes diagnostic and optical imaging assets. The company&rsquo;s research
and development resources are focused on the clinical advancement of its therapeutic PDC&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our core company strategy is to leverage
our industry leading PDC, proprietary cancer targeting delivery platform to generate capital, supplement internal resources and
accelerate and broaden product candidate clinical development through strategic asset and research collaborations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our shares are listed on the NASDAQ&reg;
Capital Market under the symbol CLRB; prior to August 15, 2014, our shares were quoted on the OTCQX&reg; marketplace, and prior
to February 12, 2014 were quoted under the symbol NVLT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our PDC platform is based on our cancer-targeting
and delivery technology which provides selective delivery of a diverse range of oncologic payloads to cancer cells and cancer
stem cells. By linking various drug payloads to our proprietary phospholipid ether cancer-targeting vehicle, we believe we can
create PDCs with the potential to provide highly targeted delivery of chemotherapeutic and radiotherapeutic payloads to a broad
range of cancers. As a result, our PDC platform has the potential to improve the therapeutic index of drug payloads, enhancing
or maintaining efficacy while reducing adverse events by minimizing drug delivery to healthy cells, increasing delivery to cancer
cells and a broad range of cancerous tumors. The PDC product portfolio includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 131
                                         is a small-molecule, broad-spectrum, cancer-targeting radiotherapeutic PDC that is designed
                                         to deliver cytotoxic (cell-killing) radiation directly and selectively to cancer cells
                                         and cancer stem cells. CLR 131 is our lead PDC radiotherapeutic product candidate and
                                         is currently being evaluated in a Phase 1 study for the treatment of relapse or refractory
                                         multiple myeloma. Multiple myeloma is an incurable cancer of plasma cells. This cancer
                                         type was selected for both clinical and commercial rationales, including multiple myeloma&rsquo;s
                                         highly radiosensitive nature, continued unmet medical need in the relapse/refractory
                                         setting and the receipt of an orphan drug designation. The Investigational New Drug (IND)
                                         application was accepted by the U.S. Food and Drug Administration (FDA) in March 2014.
                                         In December 2014, the FDA granted orphan drug designation for CLR 131 for the treatment
                                         of multiple myeloma. The Phase 1 study was initiated in April 2015 and we announced performance
                                         results from the first patient cohort in January of 2016. The study&rsquo;s Data Monitoring
                                         Committee (DMC), unanimously agreed to advance CLR 131 into the second cohort. Patient
                                         enrollment is currently ongoing and the company plans to provide a study update in the
                                         third quarter of 2016. The primary goals of the Phase 1 study are to assess the compound&rsquo;s
                                         safety, identify the optimal Phase 2 dose, and possibly obtain an early evaluation of
                                         low dose drug activity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company
                                         is exploring the creation of additional PDCs ranging from newly discovered to well-characterized
                                         chemotherapeutic payloads under its CLR CTX Chemotherapeutic PDC program. The objective
                                         of our CTX program is to develop PDC chemotherapeutics through conjugation of our delivery
                                         vehicle and non-targeted anti-cancer agents to improve therapeutic indices and expand
                                         potential indications through the targeted delivery of chemotherapeutic payloads. Initial
                                         CTX product candidates include CLR 1601-PTX, CLR 1602-PTX and CLR 1603-PTX; all are small-molecule,
                                         broad-spectrum, cancer-targeting chemotherapeutics in pre-clinical research. These PDCs
                                         are designed to selectively deliver paclitaxel, a chemotherapeutic payload to cancer
                                         cells and cancer stem cells to increase the therapeutic index of paclitaxel as a monotherapy.
                                         Each of our paclitaxel PDC&rsquo;s have been evaluated <I>in vitro</I> to demonstrate
                                         formulation stability and CLR 1602-PTX is currently being studied <I>in vivo</I> to further
                                         explore the PDC&rsquo;s cancer targeting selectivity. In December of 2015, the Company initiated a research collaboration for our PDC technology with Pierre Fabre Laboratories,
                                         the third largest French pharmaceutical company. The objective of the research collaboration
                                         is to co-design a library of PDC&rsquo;s employing Pierre Fabre&rsquo;s natural product
                                         derived chemotherapeutics in combination with our proprietary cancer targeting delivery
                                         vehicle. The newly developed PDC&rsquo;s may provide enhanced therapeutic indices to
                                         otherwise highly potent, non-targeted payloads through the targeted delivery to cancer
                                         cells provided by our cancer targeted delivery vehicle.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 125
                                         is a broad-spectrum, cancer-targeting radiotherapeutic currently under pre-clinical investigation
                                         for the treatment of micrometastatic disease. In October, 2015, the company was awarded
                                         a national Cancer Institute Fast-Track Small Business Innovation Research (SBIR) grant
                                         to further advance its PDC delivery platform through CLR 125 preclinical and clinical
                                         research. The collaboration is designed to further explore the targeted delivery of radioisotopes
                                         for improved cancer therapy outcomes. The grant is awarded in two installments with up
                                         to $2.3 million in funding. Similar to CLR 131, the selective uptake and retention of
                                         CLR 125 has been observed in malignant tissues during pre-clinical studies. CLR 125 uses
                                         the radioisotope Iodine-125 (which has a 60-day half-life), which may provide an excellent
                                         tumor kinetics match with Cellectar&rsquo;s proprietary delivery vehicle. Ongoing pre-clinical
                                         research includes: chemistry, manufacturing and controls of CLR 125; biodistribution
                                         and toxicity studies of CLR 125 in pre-clinical models; and efficacy and dose-response
                                         studies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 124
                                         is a small-molecule, broad-spectrum, cancer-targeting positron emission tomography (PET)
                                         imaging PDC that we believe has the potential to be the first of its kind for the selective
                                         detection of tumors and metastases in a broad range of cancers. CLR 124 has been used
                                         for PET/CT imaging in a broad array of tumor types through Company and investigator-sponsored
                                         clinical trials. We are in the process of evaluating the data from those studies. In
                                         April 2014, the FDA granted CLR 124 orphan status as a diagnostic for the management
                                         of glioma.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 1502
                                         is a small-molecule, broad-spectrum, cancer-targeting NIR-fluorophore optical imaging
                                         PDC for intraoperative tumor and tumor margin illumination. This past June, after review
                                         of the Company's IND application, the FDA determined that CLR 1502 will be evaluated
                                         as a combination product and assigned to the Center for Devices and Radiological Health
                                         (CDRH). As a result of this classification, the FDA has advised Cellectar that it will
                                         need to submit a new investigational application for the combination product prior to
                                         initiating its Phase 1 study in breast cancer surgery. As a result, Cellectar is working
                                         to identify the optimal clinical development and value optimizing strategic pathway.
                                         Based on our assessment, the Company believes that product will be similarly treated
                                         post marketing approval regardless of the regulatory pathway.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe our PDC platform has potential
to provide targeted delivery of a diverse range of oncologic payloads, as exemplified by the product candidates listed above,
that may result in improvements upon current standard of care (SOC) for the treatment and imaging of a broad range of human cancers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Key Risks and Uncertainties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to numerous risks and uncertainties,
including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We will
                                         require additional capital in order to continue our operations, and may have difficulty
                                         raising additional capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>NASDAQ granted
                                         us a further extension to regain compliance with their continuing listing rules, specifically
                                         their requirement that we maintain stockholders&rsquo; equity of at least $2,500,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We are a
                                         clinical-stage company with a going concern qualification to our financial statements
                                         and a history of losses, and we can provide no assurance as to our future operating results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have
                                         a history of recurring losses and an accumulated deficit, which, among other factors,
                                         raise substantial doubt about our ability to continue as a going concern, which in turn
                                         may hinder our ability to obtain future financing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have
                                         had significant management turnover in the last year, we continue to depend on key personnel
                                         who may terminate their employment with us at any time and our success will depend on
                                         our ability to hire additional qualified personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>At present,
                                         our success depends solely on the successful development and commercialization of our
                                         compounds in development, which cannot be assured;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The failure
                                         to complete development of our technology, to obtain government approvals, including
                                         required FDA approvals, or to comply with ongoing governmental regulations could prevent,
                                         delay or limit the introduction or sale of proposed products and result in failure to
                                         achieve revenues or maintain our ongoing business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Clinical
                                         trials involve a lengthy and expensive process with an uncertain outcome, and results
                                         of earlier studies and trials may not be predictive of future trial results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We may be
                                         required to suspend or discontinue clinical trials due to unexpected side effects or
                                         other safety risks that could preclude approval of our product candidates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have
                                         limited in-house research and manufacturing capacity and will continue to rely, to some
                                         extent, on research and manufacturing facilities at various universities, hospitals,
                                         contract research organizations and contract manufacturers for a portion of our research,
                                         development and manufacturing. In the event we exceed our in-house capacity or lose access
                                         to those facilities, our ability to gain FDA approval and commercialization of our drug
                                         delivery technology and products could be delayed or impaired;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We expect
                                         to rely heavily on orphan drug status to develop and commercialize our product candidates,
                                         but our orphan drug designations may not confer marketing exclusivity or other expected
                                         benefits;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We are exposed
                                         to product, clinical and pre-clinical liability risks that could create a substantial
                                         financial burden should we be sued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Acceptance
                                         of our products in the marketplace is uncertain and failure to achieve market acceptance
                                         will prevent or delay our ability to generate revenues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We may face
                                         litigation from third parties who claim that our products infringe on their intellectual
                                         property rights, particularly because there is often substantial uncertainty about the
                                         validity and breadth of medical patents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If we are
                                         unable to protect or enforce our rights to intellectual property adequately or to secure
                                         rights to third-party patents, we may lose valuable rights, experience reduced market
                                         share, assuming any, or incur costly litigation to protect our intellectual property
                                         rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Confidentiality
                                         agreements with employees and others may not adequately prevent disclosure of our trade
                                         secrets and other proprietary information and may not adequately protect our intellectual
                                         property, which could limit our ability to compete;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We may be
                                         subject to claims that our employees have wrongfully used or disclosed alleged trade
                                         secrets of their former employers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The use
                                         of hazardous materials, including radioactive materials, in our research and development
                                         imposes certain compliance costs on us and may subject us to liability for claims arising
                                         from the use or misuse of these materials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Due to our
                                         limited marketing, sales and distribution experience, we may be unsuccessful in our efforts
                                         to sell our proposed products, enter into relationships with third parties or develop
                                         a direct sales organization;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If we are
                                         unable to convince physicians of the benefits of our intended products, we may incur
                                         delays or additional expense in our attempt to establish market acceptance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The market
                                         for our proposed products is rapidly changing and competitive, and new therapeutics,
                                         new drugs and new treatments that may be developed by others could impair our ability
                                         to maintain and grow our business and remain competitive;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If users
                                         of our products are unable to obtain adequate reimbursement from third-party payers,
                                         or if additional healthcare reform measures are adopted, it could hinder or prevent our
                                         product candidates&rsquo; commercial success;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our stock
                                         price has experienced price fluctuations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Six of our
                                         stockholders beneficially own in the aggregate in excess of 51% of our outstanding common
                                         stock, which limits the influence of other stockholders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If we fail
                                         to maintain effective internal controls over financial reporting, the price of our common
                                         stock may be adversely affected;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We are required
                                         to comply with certain provisions of Section 404 of the Sarbanes-Oxley Act of 2002 and
                                         if we fail to continue to comply, our business could be harmed and our stock price could
                                         decline;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our common
                                         stock could be further diluted as the result of the issuance of additional shares of
                                         common stock, convertible securities, warrants or options;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Provisions
                                         of our charter, bylaws, and Delaware law may make an acquisition of us or a change in
                                         our management more difficult; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have
                                         not paid dividends in the past and do not expect to pay dividends for the foreseeable
                                         future. Any return on investment may be limited to the value of our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For more information regarding the
material risks and uncertainties we face, please see &ldquo;Risk Factors&rdquo; beginning on page 9 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On August 14, 2015 we received
a notice from NASDAQ of non-compliance with its continuing listing rules, namely that our stockholders&rsquo; equity at
June 30, 2015 of $2,373,371, as reported in our Form 10-Q for the quarter then ended, was less than $2,500,000 minimum.
The failure to meet continuing compliance standards subjects our common stock to delisting. At a hearing on March 31, 2016,
the Company requested, and NASDAQ subsequently granted, an extension of time to effect transactions to allow us to regain
compliance and to report the same. There can be no assurance  that we will be able to effect such transactions on a timely
basis or at all. The delisting of our common stock from NASDAQ may make it more difficult for us to raise capital on
favorable terms in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On January 21, 2016 we received a
notice from NASDAQ of non-compliance with its listing rules regarding the requirement that the listed securities maintain a
minimum bid price of $1 per share. At a special meeting held on February 8, 2016, the Company&rsquo;s stockholders approved
an amendment to the Company&rsquo;s certificate of incorporation to effect a reverse split of the Company&rsquo;s common
stock at a ratio between 1:5 to 1:10 and authorized the board of directors to determine the ratio at which the reverse split
would be. The board of directors authorized the ratio of the reverse split, and effective at the close of business on March
4, 2016, the Company&rsquo;s certificate of incorporation was amended to effect a 1-for-10 reverse split of the
Company&rsquo;s common stock (the &ldquo;2016 Reverse Split&rdquo;). The number of shares of common stock that the Company is
authorized to issue remains unchanged at 40,000,000. All share and per share numbers included in this prospectus give effect
to the 2016 Reverse Split. On March 21, 2016, Nasdaq notified the Company that we had regained compliance with the minimum
bid price requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Warrant Restructuring</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On October 1, 2015 we sold warrants
(the &ldquo;October 2015 Purchase Warrants&rdquo;) to purchase up to 150,000 shares of common stock at an exercise price of $28.30
and pre-funded warrants (the &ldquo;October 2015 Pre-Funded Warrants&rdquo; and together with the October 2015 Purchase Warrants,
the &ldquo;October 2015 Warrants&rdquo;) to acquire up to 48,274 shares of common stock. The October 2015 Purchase Warrants provide,
among other things, that until we complete an equity financing with gross proceeds of at least $10.0 million, if we issue shares
of common stock or common stock equivalents for a purchase price less than the then-effective exercise price for the October 2015
Purchase Warrants, the exercise price of the October 2015 Purchase Warrants will be reduced to equal such lower price. Similarly,
the October 2015 Pre-Funded Warrants provide that if we issue shares of common stock or common stock equivalents at a purchase
price less than the then-effective warrant share purchase price for the Pre-Funded Warrants, which was initially $22.00 per share,
the number of shares of common stock issuable upon the exercise of the October 2015 Pre-Funded Warrants will be increased to equal
(i) the product of the then-effective warrant share purchase price multiplied by the number of shares of common stock for which
the October 2015 Pre-Funded Warrants may be exercised, divided by (ii) such lower sale price. Following any such adjustment, the
warrant share purchase price for the October 2015 Pre-Funded Warrants shall be adjusted to be the lower sale price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">On April 13, 2016, we entered
into an exchange and amendment agreement (the &ldquo;Warrant Restructuring Agreement&rdquo;) with the holders of the October
2015 Warrants pursuant to which we agreed with those holders that upon the consummation of the offering to which
this prospectus relates, the exercise price of the October 2015 Purchase Warrants will be reduced to the public offering
price per share of the shares of common stock sold in this offering and that the warrants would be amended such that the
exercise price would no longer be subject to adjustment in connection with future equity offerings we may undertake. In
consideration of this amendment, we agreed to issue to each of those holders a new warrant to purchase an additional number
of shares of common stock equal to twice the number of shares of common stock underlying the October 2015 Purchase Warrants
held by them. The new warrants will have an exercise price equal to the public offering price of the shares of common stock
sold in this offering, will become exercisable on the date that is six months following their initial issuance date and will
expire on the fifth anniversary of the date on which they initially become exercisable. We have agreed to file a registration
statement on Form S-3 within 60 calendar days of the closing of the offering to which this prospectus relates to provide for
the resale of the shares of common stock issuable upon the exercise of the newly issued warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Pursuant to the
Warrant Restructuring Agreement, we also agreed to exchange October 2015 Pre-Funded Warrants relating to 48,274 shares of our
common stock for shares of a newly designated Series  Z Convertible Preferred Stock (the &ldquo;Series  Z Preferred
Stock&rdquo;) having an aggregate stated value equal to approximately $1,062,000 (assuming no October 2015 Pre-Funded
Warrants are exercised prior to effectiveness of the exchange), which was the aggregate purchase price of the October 2015 Pre-Funded
Warrants. The Series  Z Preferred Stock will initially be convertible into an aggregate of 498,605 shares of common stock,
reflecting the consummation of the offering to which this prospectus relates, subject to further adjustment for equity
issuances at less than the then-effective exercise price prior to the exchange for the Series Z Preferred Stock. The shares
of Series Z Preferred Stock will have limited voting rights and will not be entitled to dividends, except as declared on our
common stock, and will participate with the common stock, on a <I>pari passu</I> basis, in any dividend or distribution upon
liquidation. The terms of the Series  Z Preferred Stock are otherwise substantially similar to the terms of the October 2015
Pre-Funded Warrants, including with respect to the adjustment of the conversion rate in connection with future offerings of
our common stock at prices less than the public offering price in this offering. The exchange of the October 2015 Pre-Funded
Warrants for shares of Series Z Preferred Stock is conditioned upon our obtaining the approval of our stockholders as
required by the applicable rules and regulations of the Nasdaq Stock Market. We have agreed to hold a meeting of
stockholders, which may be our annual meeting of stockholders, to obtain their approval of the Series  Z Preferred Stock
within 90 days of the closing of the offering to which this prospectus relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">In this prospectus, we refer to the
transactions contemplated by the Warrant Restructuring Agreement as the &ldquo;Warrant Restructuring.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our headquarters and manufacturing
operation is located at 3301 Agriculture Drive, Madison, Wisconsin 53716. We maintain a website at www.cellectarbiosciences.com.
The information included or referred to on, or accessible through, our website does not constitute part of, and is not incorporated
by reference into, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><I>Securities offered by us:</I></TD>
    <TD STYLE="width: 50%">1,378,364 shares of our common stock, Series B pre-funded warrants to purchase 1,908,021 shares of
    common stock and     Series A     warrants     to     purchase  3,286,385 shares of common stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><I>Description of Series A Warrants:</I></TD>
    <TD>The shares and warrants will be separately transferable immediately upon issuance, but the shares and warrants will
    be issued and sold to purchasers in the ratio of one to one.     Each warrant will have an exercise price of 3.04 per share,
    will be exercisable upon issuance     and will expire five years from the date of issuance. We
    have applied for the listing of the Series     A warrants offered hereby on the NASDAQ Capital Market and will use our best
    efforts to have that listing effective on or     before closing. The Series A warrants are callable by us in certain
    circumstances.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin: 0pt 0"><I>Description of Series B pre-funded warrants:</I></P>


</TD>
    <TD><P STYLE="margin: 0pt 0">If the issuance of shares of our common stock to a purchaser in this offering would result
        in such purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% of our
        outstanding common stock following the consummation of this offering, then such purchaser may purchase, if they so choose,
        in lieu of the shares of our common stock that would result in such excess ownership, a Series B warrant to purchase shares
        of our common stock for a purchase price per share of common stock subject to such warrant equal to the per share public
        offering price for the common stock in this offering less the $0.01 per share exercise price of such warrant. Each Series
        B warrant will have an exercise price of $0.01 per share, will be exercisable upon issuance and will expire five years
        from the date of issuance. Purchasers of Series B warrants would also receive Series A warrants as if such purchasers
        were buying shares of our common stock in this offering. This prospectus also relates to the offering of the shares of
        common stock issuable upon exercise of these Series B warrants.</P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><I>Common Stock to be outstanding after this offering:</I></TD>
    <TD>2,236,377 shares (1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><I>Use of Proceeds:</I></TD>
    <TD>We expect to use the net proceeds received from this offering to fund our research and development activities and for
    general corporate purposes. For a more complete description of our anticipated use of proceeds from this offering, see &ldquo;Use
    of Proceeds.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><I>Risk Factors:</I></TD>
    <TD>See &ldquo;Risk Factors&rdquo; beginning on page 9 and the other information included in this prospectus for
    a discussion of factors you should carefully consider before deciding whether to purchase our securities.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><I>NASDAQ symbol for our common stock</I></TD>
    <TD>CLRB</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The number of shares of our common stock outstanding before
                                         and after this offering is based on 858,013 shares of common stock outstanding as of
                                         March 31, 2016 and excludes, as of that date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an aggregate
                                         of 68,582 shares of common stock issuable upon the exercise of outstanding stock options
                                         issued to employees, directors and consultants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an aggregate
                                         of 106,577 additional shares of common stock reserved for future issuance under our 2015
                                         Stock Incentive Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an aggregate
                                         of 48,274 additional shares of common stock issuable upon the exercise of the October
                                         2015 Pre-Funded warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                         aggregate of 816,509 additional shares of common stock reserved for issuance under outstanding
                                         warrants having expiration dates between December 6, 2016 and April 1, 2021, <FONT STYLE="font-size: 10pt">and
                                         exercise prices ranging from $22.00 per share to $250.00 per share.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless we specifically state otherwise,
the share information in this prospectus is as of March 31, 2016,  reflects or assumes no exercise of outstanding options or
warrants to purchase shares of our common stock and does not give effect to the Warrant Restructuring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary Historical Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes our
financial data. We derived the following summary of our statements of operations data for the years ended December 31, 2015 and
2014 and the summary of our balance sheet data as of December 31, 2015 and 2014 from our audited consolidated financial statements,
for the applicable periods, which have been incorporated by reference in this prospectus. The following summary of our financial
data set forth below should be read together with our financial statements and the related notes to those statements referred
to under the heading &ldquo;Documents Incorporated by Reference.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Year
                                         Ended</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December
                                         31,</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Statement&nbsp;of Operations Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 18.35pt">Costs and expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9pt; padding-left: 27.35pt">Research and development</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,158,874</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,964,453</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 27.35pt">General and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,395,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,704,676</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 27.35pt">Restructuring costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">203,631</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">221,816</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.5in">Total costs and expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,757,865</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,890,945</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 18.35pt">Loss from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,757,865</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,890,945</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 18.35pt">Other income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 27.35pt">Gain on revaluation of derivative warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,667,826</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,285,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 27.35pt">Loss on issuance of derivative warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(404,150</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 27.35pt">Interest income (expense),
    net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(841</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(446,314</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.5in">Total other income, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,262,835</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,838,843</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 18.35pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,495,030</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(8,052,102</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 18.35pt">Basic and diluted net loss
    per common share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7.03</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(17.53</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 18.35pt">Shares used in computing
    basic and diluted net loss per common share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">781,975</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">459,266</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Balance Sheet Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 9pt">Current assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,180,574</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">9,698,238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Working capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,522,471</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,465,232</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,596,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,419,516</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Long term debt, including current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Total stockholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,649,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,697,533</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks Related to Our Business and
Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We will require additional capital in order to continue
our operations, and may have difficulty raising additional capital.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that we will continue to generate significant
operating losses for the foreseeable future. At December 31, 2015, our consolidated cash balance was approximately $3,858,000.
We believe our cash balance at December 31, 2015, is adequate to fund operations into the second quarter of 2016. We will require
additional funds to conduct research and development, establish and conduct clinical and pre-clinical trials, establish commercial-scale
manufacturing arrangements and provide for the marketing and distribution of our products. Our ability to execute our operating
plan depends on our ability to obtain additional funding via the sale of equity and/or debt securities, a strategic transaction
or otherwise. We plan to actively pursue financing alternatives. However, there can be no assurance that we will obtain the necessary
funding in the amounts we seek or that it will be available on a timely basis or upon terms acceptable to us. If we obtain capital
by issuing debt or preferred stock, the holders of such securities would likely obtain rights that are superior to those of holders
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our capital requirements and our ability to meet them depend
on many factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the number of potential products and technologies in
                                         development;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>continued progress and cost of our research and development
                                         programs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>progress with pre-clinical studies and clinical trials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the time and costs involved in obtaining regulatory
                                         clearance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>costs involved in preparing, filing, prosecuting, maintaining
                                         and enforcing patent claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>costs of developing sales, marketing and distribution
                                         channels and our ability to sell our drugs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>costs involved in establishing manufacturing capabilities
                                         for clinical trial and commercial quantities of our drugs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>competing technological and market developments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>market acceptance of our products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>costs for recruiting and retaining management, employees
                                         and consultants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>costs for educating physicians regarding the application
                                         and use of our products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether we are able to maintain our listing on a national
                                         exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>uncertainty and economic instability resulting from
                                         terrorist acts and other acts of violence or war; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the condition of capital markets and the economy generally,
                                         both in the U.S. and globally.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may consume available resources more rapidly than currently
anticipated, resulting in the need for additional funding sooner than expected. We may seek to raise any necessary additional funds
through the issuance of warrants, equity or debt financings or executing collaborative arrangements with corporate partners or
other sources, which may be dilutive to existing stockholders or have a material effect on our current or future business prospects.
In addition, in the event that additional funds are obtained through arrangements with collaborative partners or other sources,
we may have to relinquish economic and/or proprietary rights to some of our technologies or products under development that we
would otherwise seek to develop or commercialize by ourselves. If we cannot secure adequate financing when needed, we may be required
to delay, scale back or eliminate one or more of our research and development programs or to enter into license or other arrangements
with third parties to commercialize products or technologies that we would otherwise seek to develop ourselves and commercialize
ourselves. In such an event, our business, prospects, financial condition, and results of operations may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will require additional funds to conduct research and development,
establish and conduct pre-clinical and clinical trials, establish commercial-scale manufacturing arrangements and provide for the
marketing and distribution of our products. Our ability to execute our operating plan depends on our ability to obtain additional
funding via the sale of equity and/or debt securities, a strategic transaction or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We have received notices from NASDAQ of non-compliance
with its continuing listing rules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 14, 2015 we received a notice from NASDAQ of non-compliance
with its continuing listing rules, namely that our stockholders&rsquo; equity at June 30, 2015 of $2,373,371, as reported in our
Form 10-Q for the quarter then ended, was less than $2,500,000 minimum. The failure to meet continuing compliance standards subjects
our common stock to delisting. The Company submitted a plan to NASDAQ to regain compliance, which was approved by NASDAQ, that
required a number of actions to be completed by February 10, 2016, including the filing of a registration statement with the SEC
for a underwritten public offering of equity and the closing of that offering. The registration statement was timely filed, however
the Company did not complete the offering by that date. Nasdaq issued a second notice of noncompliance on February 11, 2016, which
the Company appealed. At a hearing on March 31, 2016, the Company requested, and Nasdaq subsequently granted, an extension of
time to effect transactions to allow us to regain compliance and to report the same. There can be no assurance that we will be
able to effect such transactions on a timely basis or at all. In the event our common stock is delisted from NASDAQ, it may be
more difficult for us to raise capital on favorable terms in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 21, 2016 we received a notice from NASDAQ
of non-compliance with its listing rules regarding the requirement that the listed securities maintain a minimum bid price of
$1 per share. Based upon the closing bid price for the 30 consecutive business days preceding the notice, the Company no
longer met this requirement. However, the Rules also provide the Company a period of 180 calendar days in which to regain
compliance. On March 4, 2016, the Company effected a reverse stock split at a ratio of 1-for-10, which, among other things,
resulted in an increase in the bid price adequate to allow the Company to regain compliance with the minimum bid price
requirement. On March 21, 2016, Nasdaq notified the Company that we had regained compliance with the minimum bid price
requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are a clinical-stage company with a going concern qualification
to our financial statements and a history of losses, and we can provide no assurance as to our future operating results.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a clinical-stage company and have incurred net losses
and negative cash flows since inception. We currently have no product revenues, and may not succeed in developing or commercializing
any products that will generate product or licensing revenues. We do not expect to have any products on the market for several
years. Our primary activity to date has been research and development. In addition, development of our product candidates requires
a process of pre-clinical and clinical testing, during which our product candidates could fail. We may not be able to enter into
agreements with one or more companies experienced in the manufacturing and marketing of therapeutic drugs and, to the extent that
we are unable to do so, we may not be able to market our product candidates. Whether we achieve profitability or not will depend
on our success in developing, manufacturing, and marketing our product candidates. We have experienced net losses and negative
cash flows from operating activities since inception and we expect such losses and negative cash flows to continue for the foreseeable
future. As of December 31, 2015, we had working capital of approximately $(1,522,000) and stockholders&rsquo; equity of approximately
$1,650,000. For the period from Cellectar, Inc.&rsquo;s inception in November 2002 until the business combination with Novelos
Therapeutics, Inc. on April 8, 2011, and thereafter through December 31, 2015, the Company incurred aggregated net losses of approximately
$64,607,000. The net loss for the twelve months ended December 31, 2015 was approximately $5,495,000. We may never achieve profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We have a history of recurring losses and an accumulated
deficit, which, among other factors, raise substantial doubt about our ability to continue as a going concern, which in turn may
hinder our ability to obtain future financing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our financial statements as of December 31, 2015 were prepared
under the assumption that we will continue as a going concern. The independent registered public accounting firm that audited
our 2015 financial statements, in their report, included an explanatory paragraph referring to our recurring losses since inception
and expressing substantial doubt in our ability to continue as a going concern. Our financial statements do not include any adjustments
that might result from the outcome of this uncertainty. Our ability to continue as a going concern depends on our ability to obtain
additional equity or debt financing, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate
revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We depend on key personnel who may terminate their employment
with us at any time, and our success will depend on our ability to hire additional qualified personnel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success will depend to a significant degree on the continued
services of our executive officers. There can be no assurance that these individuals will continue to provide services to us. In
addition, our success may depend on our ability to attract and retain other highly skilled personnel. We may be unable to recruit
such personnel on a timely basis, if at all. Our management and other employees may voluntarily terminate their employment with
us at any time. The loss of services of key personnel, or the inability to attract and retain additional qualified personnel, could
result in delays in development or approval of our products, loss of sales and diversion of management resources. To date, we have
not experienced difficulties in attracting and retaining highly qualified personnel, but there can be no assurance we will be successful
in doing so in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At present, our success is dependent on one or more of the following
to occur: The successful development of CLR 131 for the treatment of multiple myeloma or another cancer type, the development of
new phospholipid drug conjugates, specifically new products developed from our CTX program and the advancement of our therapeutic
or diagnostic imaging agents through research and development and/or commercialization partnerships, none of which can be assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are focused on the development of radiotherapeutic and chemotherapeutic
compounds for the treatment of cancer. We possess cancer diagnostic imaging agents also based on our PDC Platform. Our PDC platform
is based on our cancer-targeting and delivery technology which provides selective delivery of a diverse range of oncologic payloads
to cancer cells and cancer stem cells. By linking various payloads to our proprietary phospholipid ether cancer-targeting vehicle,
we believe we can create PDCs with the potential to provide highly targeted delivery of chemotherapeutic and radiotherapeutic payloads
to a broad range of cancers. As a result, our PDC platform has the potential to improve the therapeutic index of payloads by minimizing
delivery to healthy cells while enhancing delivery to a broad range of cancers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our proposed products and their potential applications are in
an early stage of clinical and manufacturing/process development and face a variety of risks and uncertainties. Principally, these
risks include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>future clinical trial results may show that our cancer-targeting
                                         technologies are not well tolerated by recipients at its effective doses or are not efficacious;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>future clinical trial results may be inconsistent with
                                         testing results obtained to-date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>even if our cancer-targeting technologies are shown
                                         to be safe and effective for their intended purposes, we may face significant or unforeseen
                                         difficulties in obtaining or manufacturing sufficient quantities at reasonable prices
                                         or at all;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our ability to complete the development and commercialization
                                         of our cancer-targeting technologies for their intended use is substantially dependent
                                         upon our ability to raise sufficient capital or to obtain and maintain experienced and
                                         committed partners to assist us with obtaining clinical and regulatory approvals for,
                                         and the manufacturing, marketing and distribution of, our products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>even if our cancer-targeting technologies are successfully
                                         developed, commercially produced and receive all necessary regulatory approvals, there
                                         is no guarantee that there will be market acceptance of our products; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our competitors may develop therapeutics or other treatments
                                         which are superior or less costly than our own with the result that our product candidates,
                                         even if they are successfully developed, manufactured and approved, may not generate
                                         sufficient revenues to offset the development and manufacturing costs of our product
                                         candidates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are unsuccessful in dealing with any of these risks, or
if we are unable to successfully advance the development of our cancer-targeting technologies for some other reason, our business,
prospects, financial condition, and results of operations may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The failure to complete development of our technology, to
obtain government approvals, including required FDA approvals, or to comply with ongoing governmental regulations could prevent,
delay or limit introduction or sale of proposed products and result in failure to achieve revenues or maintain our ongoing business.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our research and development activities and the manufacture
and marketing of our intended products are subject to extensive regulation for safety, efficacy and quality by numerous government
authorities in the U.S. and abroad. Before receiving clearance to market our proposed products by the FDA, we will have to demonstrate
that our products are safe and effective for the patient population for the diseases that are to be treated. Clinical trials, manufacturing
and marketing of drugs are subject to the rigorous testing and approval process of the FDA and equivalent foreign regulatory authorities.
The Federal Food, Drug and Cosmetic Act and other federal, state and foreign statutes and regulations govern and influence the
testing, manufacturing, labeling, advertising, distribution and promotion of drugs and medical devices. As a result, clinical trials
and regulatory approval can take many years to accomplish and require the expenditure of substantial financial, managerial and
other resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to be commercially viable, we must successfully research,
develop, obtain regulatory approval for, manufacture, introduce, market and distribute our technologies. This includes meeting
a number of critical developmental milestones including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>demonstrating benefit from delivery of each specific
                                         drug for specific medical indications;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>demonstrating through pre-clinical and clinical trials
                                         that each drug is safe and effective; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>demonstrating that we have established viable Good
                                         Manufacturing Practices capable of potential scale-up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The timeframe necessary to achieve these developmental milestones
may be long and uncertain, and we may not successfully complete these milestones for any of our intended products in development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the risks previously discussed, our technology
is subject to developmental risks that include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>uncertainties arising from the rapidly growing scientific
                                         aspects of drug therapies and potential treatments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>uncertainties arising as a result of the broad array
                                         of alternative potential treatments related to cancer and other diseases; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>expense and time associated with the development and
                                         regulatory approval of treatments for cancer and other diseases.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to conduct the clinical trials that are necessary to
obtain approval by the FDA to market a product, it is necessary to receive clearance from the FDA to conduct such clinical trials.
The FDA can halt clinical trials at any time for safety reasons or because we or our clinical investigators do not follow the FDA&rsquo;s
requirements for conducting clinical trials. If any of our trials are halted, we will not be able to obtain FDA approval until
and unless we can address the FDA&rsquo;s concerns. If we are unable to receive clearance to conduct clinical trials for a product,
we will not be able to achieve any revenue from such product in the U.S. as it is illegal to sell any drug for use in humans in
the U.S. without FDA approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if we do ultimately receive FDA approval for any of our
products, these products will be subject to extensive ongoing regulation, including regulations governing manufacturing, labeling,
packaging, testing, dispensing, prescription and procurement quotas, record keeping, reporting, handling, shipment and disposal
of any such drug. Failure to obtain and maintain required registrations or to comply with any applicable regulations could further
delay or preclude development and commercialization of our drugs and subject us to enforcement action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Clinical trials involve a lengthy and expensive process with
an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to obtain regulatory approval for the commercialization
of our product candidates, we must conduct, at our own expense, extensive clinical trials to demonstrate safety and efficacy of
these product candidates. Clinical testing is expensive, it can take many years to complete and its outcome is uncertain. Failure
can occur at any time during the clinical trial process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may experience delays in clinical testing of our product
candidates. We do not know whether planned clinical trials will begin on time, will need to be redesigned or will be completed
on schedule, if at all. Clinical trials can be delayed for a variety of reasons, including delays in obtaining regulatory approval
to commence a trial, in reaching agreement on acceptable clinical trial terms with prospective sites, in obtaining institutional
review board approval to conduct a trial at a prospective site, in recruiting patients to participate in a trial or in obtaining
sufficient supplies of clinical trial materials. Many factors affect patient enrollment, including the size of the patient population,
the proximity of patients to clinical sites, the eligibility criteria for the trial, competing clinical trials and new drugs approved
for the conditions we are investigating. Prescribing physicians will also have to decide to use our product candidates over existing
drugs that have established safety and efficacy profiles. Any delays in completing our clinical trials will increase our costs,
slow down our product development and approval process and delay our ability to generate revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the results of pre-clinical studies and early clinical
trials of our product candidates do not necessarily predict the results of later-stage clinical trials. Product candidates in later
stages of clinical trials may fail to show the desired safety and efficacy traits despite having progressed through initial clinical
testing. The data collected from clinical trials of our product candidates may not be sufficient to support the submission of a
new drug application or to obtain regulatory approval in the United States or elsewhere. Because of the uncertainties associated
with drug development and regulatory approval, we cannot determine if or when we will have an approved product for commercialization
or achieve sales or profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our clinical trials may not demonstrate sufficient levels of
efficacy necessary to obtain the requisite regulatory approvals for our drugs, and our proposed drugs may not be approved for marketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may be required to suspend or discontinue clinical trials
due to unexpected side effects or other safety risks that could preclude approval of our product candidates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our clinical trials may be suspended at any time for a number
of reasons. For example, we may voluntarily suspend or terminate our clinical trials if at any time we believe that they present
an unacceptable risk to the clinical trial patients. In addition, regulatory agencies may order the temporary or permanent discontinuation
of our clinical trials at any time if they believe that the clinical trials are not being conducted in accordance with applicable
regulatory requirements or that they present an unacceptable safety risk to the clinical trial patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Administering any product candidates to humans may produce undesirable
side effects. These side effects could interrupt, delay or halt clinical trials of our product candidates and could result in the
FDA or other regulatory authorities denying further development or approval of our product candidates for any or all targeted indications.
Ultimately, some or all of our product candidates may prove to be unsafe for human use. Moreover, we could be subject to significant
liability if any volunteer or patient suffers, or appears to suffer, adverse health effects as a result of participating in our
clinical trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We have limited in-house research and manufacturing capacity
and will continue to rely, to some extent, on research and manufacturing facilities at various universities, hospitals, contract
research organizations and contract manufacturers for a portion of our research, development, and manufacturing. In the event we
exceed our in-house capacity or lose access to those facilities, our ability to gain FDA approval and commercialization of our
drug delivery technology and products could be delayed or impaired.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We remain in the research and development and clinical and pre-clinical
trial phase of product commercialization and have limited experience in establishing, supervising and conducting commercial manufacturing.
Accordingly, if our products are approved for commercial sale, we will need to establish the capability, work with our existing
contract manufacturer to expand their capability, or engage a contract manufacturer that has the capability, to commercially manufacture
our products in accordance with FDA and other regulatory requirements. There can be no assurance that we would be able to successfully
establish any such capability, or identify a suitable manufacturing partner on acceptable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the present time, we have limited research, development or
manufacturing capabilities within our facilities. Our manufacturing facility in Madison, Wisconsin has capacity to supply drug
product for Phase 2 studies of CLR 131. The company would need to expand internal capacity for a Phase 3 study, or engage a third
party GMP manufacturing vendor. GMP manufacturing of CLR 124 is currently conducted by our collaborator, the University of Wisconsin
in Madison, using drug substance produced in our Madison manufacturing facility. CLR 1502 is synthesized at our facility in Madison,
WI facility. We rely and expect to continue to rely, to some extent, on contracting with third parties to use their facilities
to conduct research, development and manufacturing. The limited facilities we have to conduct research, development and manufacturing
may delay or impair our ability to gain FDA approval and commercialization of our drug delivery technology and products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may rely on third-party contract research organizations,
service providers and suppliers to support development and clinical testing of our products. This may expose us to the risks of
not being able to directly oversee the production and quality of the manufacturing process. Furthermore, these contractors, whether
foreign or domestic, may experience regulatory compliance difficulties, mechanical shutdowns, employee strikes or other unforeseeable
acts that may delay production. Failure of any of these contractors to provide the required services in a timely manner or on commercially
reasonable terms could materially delay the development and approval of our products, increase our expenses and materially harm
our business, prospects, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that we have a good working relationship with our
contractors. However, should the situation change, we may be required to relocate these activities on short notice, and we do not
currently have access to alternate facilities to which we could relocate our research, development and/or manufacturing activities.
The cost and time to establish or locate an alternate research, development and/or manufacturing facility to develop our technology
would be substantial and would delay obtaining FDA approval and commercializing our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We expect to rely heavily on orphan drug status to develop
and commercialize our product candidates, but our orphan drug designations may not confer marketing exclusivity or other expected
commercial benefits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to rely heavily on orphan drug exclusivity for our
product candidates. Orphan drug status confers seven years of marketing exclusivity under the Federal Food, Drug, and Cosmetic
Act, and up to ten years of marketing exclusivity in Europe for a particular product in a specified indication. We have been granted
orphan drug designation in the United States for CLR 124 as a diagnostic for the management of glioma and for CLR 131 as a therapeutic
for the treatment of multiple myeloma. While we have been granted these orphan designations, we will not be able to rely on them
to exclude other companies from manufacturing or selling products using the same principal molecular structural features for the
same indication beyond these timeframes. For any product candidate for which we have been or will be granted orphan drug designation
in a particular indication, it is possible that another company also holding orphan drug designation for the same product candidate
will receive marketing approval for the same indication before we do. If that were to happen, our applications for that indication
may not be approved until the competing company&rsquo;s period of exclusivity expires. Even if we are the first to obtain marketing
authorization for an orphan drug indication, there are circumstances under which a competing product may be approved for the same
indication during the seven-year period of marketing exclusivity, such as if the later product is shown to be clinically superior
to the orphan product, or if the later product is deemed a different product than ours. Further, the seven-year marketing exclusivity
would not prevent competitors from obtaining approval of the same product candidate as ours for indications other than those in
which we have been granted orphan drug designation, or for the use of other types of products in the same indications as our orphan
product, or during such seven-year period for other indications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are exposed to product, clinical and pre-clinical liability
risks that could create a substantial financial burden should we be sued.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our business exposes us to potential product liability and other
liability risks that are inherent in the testing, manufacturing and marketing of pharmaceutical products. In addition, the use,
in our clinical trials, of pharmaceutical products that we or our current or potential collaborators may develop and then subsequently
sell may cause us to bear a portion of or all product liability risks. While we carry an insurance policy covering up to $5,000,000
per occurrence and $5,000,000 in the aggregate of liability incurred in connection with such claims should they arise, there can
be no assurance that our insurance will be adequate to cover all situations. Moreover, there can be no assurance that such insurance,
or additional insurance, if required, will be available in the future or, if available, will be available on commercially reasonable
terms. Furthermore, our current and potential partners with whom we have collaborative agreements or our future licensees may not
be willing to indemnify us against these types of liabilities and may not themselves be sufficiently insured or have a net worth
sufficient to satisfy any product liability claims. A successful product liability claim or series of claims brought against us
could have a material adverse effect on our business, prospects, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acceptance of our products in the marketplace is uncertain
and failure to achieve market acceptance will prevent or delay our ability to generate revenues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our future financial performance will depend, at least in part,
on the introduction and customer acceptance of our proposed products. Even if approved for marketing by the necessary regulatory
authorities, our products may not achieve market acceptance. The degree of market acceptance will depend on a number of factors
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>receiving regulatory clearance of marketing claims
                                         for the uses that we are developing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>establishing and demonstrating the advantages, safety
                                         and efficacy of our technologies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>pricing and reimbursement policies of government and
                                         third-party payers such as insurance companies, health maintenance organizations and
                                         other health plan administrators;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our ability to attract corporate partners, including
                                         pharmaceutical companies, to assist in commercializing our intended products; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our ability to market our products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physicians, patients, payers, or the medical community in general,
may be unwilling to accept, use or recommend any of our products. If we are unable to obtain regulatory approval or commercialize
and market our proposed products as planned, we may not achieve any market acceptance or generate revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may face litigation from third parties who claim that
our products infringe on their intellectual property rights, particularly because there is often substantial uncertainty about
the validity and breadth of medical patents.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may be exposed to future litigation by third parties based
on claims that our technologies, products or activities infringe on the intellectual property rights of others or that we have
misappropriated the trade secrets of others. This risk is exacerbated by the fact that the validity and breadth of claims covered
in medical technology patents and the breadth and scope of trade-secret protection involve complex legal and factual questions
for which important legal principles are unresolved. Any litigation or claims against us, whether or not valid, could result in
substantial costs, could place a significant strain on our financial and managerial resources and could harm our reputation. The
U. Mich. License does require, and license agreements that we may enter into in the future would likely require, that we pay the
costs associated with defending this type of litigation. In addition, intellectual property litigation or claims could force us
to do one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>cease selling, incorporating or using any of our technologies
                                         and/or products that incorporate the challenged intellectual property, which would adversely
                                         affect our ability to generate revenue;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>obtain a license from the holder of the infringed intellectual
                                         property right, which license may be costly or may not be available on reasonable terms,
                                         if at all; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>redesign our products, which would be costly and time-consuming.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we are unable to protect or enforce our rights to intellectual
property adequately or to secure rights to third-party patents, we may lose valuable rights, experience reduced market share, assuming
any, or incur costly litigation to protect our intellectual property rights.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our ability to obtain licenses to patents, maintain trade-secret
protection and operate without infringing the proprietary rights of others will be important to commercializing any products under
development. Therefore, any disruption in access to the technology could substantially delay the development of our technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The patent positions of biotechnology and pharmaceutical companies,
such as ours, that involve licensing agreements are frequently uncertain and involve complex legal and factual questions. In addition,
the coverage claimed in a patent application can be significantly reduced before the patent is issued or in subsequent legal proceedings.
Consequently, our patent applications and any issued and licensed patents may not provide protection against competitive technologies
or may be held invalid if challenged or circumvented. To the extent we license patents from third parties, as in the case of the
U. Mich. License, the early termination of any such license agreement would result in the loss of our rights to use the covered
patents, which could severely delay, inhibit or eliminate our ability to develop and commercialize compounds based on the licensed
patents. Our competitors may also independently develop products similar to ours or design around or otherwise circumvent patents
issued or licensed to us. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent
as U.S. law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also rely on trade secrets, technical know-how and continuing
technological innovation to develop and maintain our competitive position. Although we generally require our employees, consultants,
advisors and collaborators to execute appropriate confidentiality and assignment-of-inventions agreements, our competitors may
independently develop substantially equivalent proprietary information and techniques, reverse engineer our information and techniques,
or otherwise gain access to our proprietary technology. We may be unable to meaningfully protect our rights in trade secrets, technical
know-how and other non-patented technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may have to resort to litigation to protect our rights for
certain intellectual property or to determine their scope, validity or enforceability of our intellectual property rights. Enforcing
or defending our rights is expensive, could cause diversion of our resources and may not prove successful. Any failure to enforce
or protect our rights could cause us to lose the ability to exclude others from using our technology to develop or sell competing
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Confidentiality agreements with employees and others may
not adequately prevent disclosure of our trade secrets and other proprietary information and may not adequately protect our intellectual
property, which could limit our ability to compete.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We operate in the highly technical field of research and development
of small molecule drugs, and rely in part on trade-secret protection in order to protect our proprietary trade secrets and unpatented
know-how. However, trade secrets are difficult to protect, and we cannot be certain that our competitors will not develop the same
or similar technologies on their own. We have taken steps, including entering into confidentiality agreements with our employees,
consultants, outside scientific collaborators, sponsored researchers and other advisors, to protect our trade secrets and unpatented
know-how. These agreements generally require that the other party keep confidential and not disclose to third parties all confidential
information developed by the party or made known to the party by us during the course of the party&rsquo;s relationship with us.
We also typically obtain agreements from these parties that provide that inventions conceived by the party in the course of rendering
services to us will be our exclusive property. However, these agreements may not be honored and may not effectively assign intellectual
property rights to us. Enforcing a claim that a party has illegally obtained and is using our trade secrets or know-how is difficult,
expensive and time consuming, and the outcome is unpredictable. In addition, courts outside the United States may be less willing
to protect trade secrets or know-how. The failure to obtain or maintain trade-secret protection could adversely affect our competitive
position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may be subject to claims that our employees have wrongfully
used or disclosed alleged trade secrets of their former employers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As is common in the biotechnology and pharmaceutical industry,
we employ individuals who were previously employed at other biotechnology or pharmaceutical companies, including our competitors
or potential competitors. Although no claims against us are currently pending, we may be subject to claims that we or these employees
have used or disclosed trade secrets or other proprietary information of their former employers, either inadvertently or otherwise.
Litigation may be necessary to defend against these claims. Even if we are successful in defending against these claims, litigation
could result in substantial costs and be a distraction to management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The use of hazardous materials, including radioactive materials,
in our research and development imposes certain compliance costs on us and may subject us to liability for claims arising from
the use or misuse of these materials.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our research and development, manufacturing and administration
of our drugs involve the controlled use of hazardous materials, including chemicals and radioactive materials, such as radioactive
isotopes. We are subject to federal, state and local laws and regulations governing the storage, use and disposal of these materials
and some waste products and are required to maintain both a manufacturer&rsquo;s license and a radioactive materials license with
State of Wisconsin agencies. We believe that our safety procedures for the storage, use and disposal of these materials comply
with the standards prescribed by federal, state and local regulations. However, we cannot completely eliminate the risk of accidental
contamination or injury from these materials. If there were to be an accident, we could be held liable for any damages that result,
which could exceed our financial resources. We currently maintain insurance coverage, with limits of up to $2,500,000 depending
on the nature of the claim, for damages resulting from the hazardous materials we use; however, future claims may exceed the amount
of our coverage. Also, we do not have insurance coverage for pollution cleanup and removal. Currently the costs of complying with
federal, state and local regulations are not significant, and consist primarily of waste disposal expenses and permitting fees.
However, they could become expensive, and current or future environmental regulations may impair our research, development, production
and commercialization efforts. If we are unable to maintain the required licenses and permits for any reason, it will negatively
impact our research and development activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Due to our limited marketing, sales and distribution experience,
we may be unsuccessful in our efforts to sell our proposed products, enter into relationships with third parties or develop a direct
sales organization.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not established marketing, sales or distribution capabilities
for our proposed products. Until such time as our proposed products are further along in the development process, we will not devote
any meaningful time and resources to this effort. At the appropriate time, we will determine whether we will develop our own sales
and marketing capabilities or enter into agreements with third parties to sell our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have limited experience in developing, training or managing
a sales force. If we choose to establish a direct sales force, we may incur substantial additional expenses in developing, training
and managing such an organization. We may be unable to build a sales force on a cost-effective basis or at all. Any such direct
marketing and sales efforts may prove to be unsuccessful. In addition, we will compete with many other companies that currently
have extensive marketing and sales operations. Our marketing and sales efforts may be unable to compete against these other companies.
We may be unable to establish a sufficient sales and marketing organization on a timely basis, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we choose to enter into agreements with third parties to
sell our proposed products, we may be unable to establish or maintain third-party relationships on a commercially reasonable basis,
if at all. In addition, these third parties may have similar or more established relationships with our competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may be unable to engage qualified distributors. Even if engaged,
these distributors may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>fail to adequately market our products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>fail to satisfy financial or contractual obligations
                                         to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>offer, design, manufacture or promote competing products;
                                         or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>cease operations with little or no notice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we fail to develop sales, marketing and distribution channels,
we would experience delays in product sales and incur increased costs, which would have a material adverse effect on our business,
prospects, financial condition, and results of operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we are unable to convince physicians of the benefits of
our intended products, we may incur delays or additional expense in our attempt to establish market acceptance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Achieving use of our products in the target market of cancer
diagnosis and treatment may require physicians to be informed regarding these products and their intended benefits. The time and
cost of such an educational process may be substantial. Inability to successfully carry out this physician education process may
adversely affect market acceptance of our proposed products. We may be unable to timely educate physicians regarding our intended
proposed products in sufficient numbers to achieve our marketing plans or to achieve product acceptance. Any delay in physician
education may materially delay or reduce demand for our proposed products. In addition, we may expend significant funds towards
physician education before any acceptance or demand for our proposed products is created, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The market for our proposed products is rapidly changing
and competitive, and new therapeutics, new drugs and new treatments that may be developed by others could impair our ability to
maintain and grow our business and remain competitive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The pharmaceutical and biotechnology industries are subject
to rapid and substantial technological change. Developments by others may render our technologies and intended products noncompetitive
or obsolete, or we may be unable to keep pace with technological developments or other market factors. Technological competition
from pharmaceutical and biotechnology companies, universities, governmental entities and others diversifying into the field is
intense and is expected to increase. Most of these entities have significantly greater research and development capabilities and
budgets than we do, as well as substantially more marketing, manufacturing, financial and managerial resources. These entities
represent significant competition for us. Acquisitions of, or investments in, competing pharmaceutical or biotechnology companies
by large corporations could increase our competitors&rsquo; financial, marketing, manufacturing and other resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our resources are limited and we may experience management,
operational or technical challenges inherent in such activities and novel technologies. Competitors have developed or are in the
process of developing technologies that are, or in the future may be, the basis for competition. Some of these technologies may
accomplish therapeutic effects similar to those of our technology, but through different means. Our competitors may develop drugs
and drug delivery technologies that are more effective than our intended products and, therefore, present a serious competitive
threat to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The potential widespread acceptance of therapies that are alternatives
to ours may limit market acceptance of our products even if they are commercialized. Many of our targeted diseases and conditions
can also be treated by other medication or drug delivery technologies. These treatments may be widely accepted in medical communities
and have a longer history of use. The established use of these competitive drugs may limit the potential for our technologies and
products to receive widespread acceptance if commercialized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If users of our products are unable to obtain adequate reimbursement
from third-party payers, or if additional healthcare reform measures are adopted, it could hinder or prevent our product candidates&rsquo;
commercial success.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The continuing efforts of government and insurance companies,
health maintenance organizations and other payers of healthcare costs to contain or reduce costs of healthcare may adversely affect
our ability to generate future revenues and achieve profitability, including by limiting the future revenues and profitability
of our potential customers, suppliers and collaborative partners. For example, in certain foreign markets, pricing or profitability
of prescription pharmaceuticals is subject to government control. The U.S. government is implementing, and other governments have
shown significant interest in pursuing, healthcare reform. Any government-adopted reform measures could adversely affect the pricing
of healthcare products and services in the U.S. or internationally and the amount of reimbursement available from governmental
agencies or other third-party payers. The continuing efforts of the U.S. and foreign governments, insurance companies, managed
care organizations and other payers of healthcare services to contain or reduce healthcare costs may adversely affect our ability
to set prices for our products, should we be successful in commercializing them, and this would negatively affect our ability to
generate revenues and achieve and maintain profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New laws, regulations and judicial decisions, or new interpretations
of existing laws, regulations and decisions, that relate to healthcare availability, methods of delivery or payment for healthcare
products and services, or sales, marketing or pricing of healthcare products and services, also may limit our potential revenue
and may require us to revise our research and development programs. The pricing and reimbursement environment may change in the
future and become more challenging for several reasons, including policies advanced by the current or future executive administrations
in the U.S., new healthcare legislation or fiscal challenges faced by government health administration authorities. Specifically,
in both the U.S. and some foreign jurisdictions, there have been a number of legislative and regulatory proposals to change the
healthcare system in ways that could affect our ability to sell our products profitably. In the U.S., changes in federal healthcare
policy were enacted in 2010 and are being implemented. Some reforms could result in reduced reimbursement rates for our product
candidates, which would adversely affect our business strategy, operations and financial results. Our ability to commercialize
our products will depend in part on the extent to which appropriate reimbursement levels for the cost of our products and related
treatment are obtained by governmental authorities, private health insurers and other organizations, such as health maintenance
organizations (HMOs). Third-party payers are increasingly challenging the prices charged for medical drugs and services. Also,
the trend toward managed healthcare in the U.S. and the concurrent growth of organizations such as HMOs that could control or significantly
influence the purchase of healthcare services and drugs, as well as legislative proposals to reform healthcare or change government
insurance programs, may all result in lower prices for or rejection of our drugs. The cost containment measures that healthcare
payers and providers are instituting and the effect of any healthcare reform could materially harm our ability to operate profitably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our stock price has experienced price fluctuations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There can be no assurance that the market price for our common
stock will remain at its current level and a decrease in the market price could result in substantial losses for investors. The
market price of our common stock may be significantly affected by one or more of the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>announcements or press releases relating to the biopharmaceutical
                                         sector or to our own business or prospects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>regulatory, legislative, or other developments affecting
                                         us or the healthcare industry generally;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>sales by holders of restricted securities pursuant
                                         to effective registration statements, or exemptions from registration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>market conditions specific to biopharmaceutical companies,
                                         the healthcare industry and the stock market generally; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our ability to maintain our status on the NASDAQ.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks Related to Our Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Six of our stockholders beneficially own approximately
51% of our outstanding common stock, which limits the influence of other stockholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 31, 2016, approximately 51% of our outstanding
common stock is beneficially owned by six stockholders. The interests of these stockholders may differ from those of other stockholders.
These stockholders will likely continue to have the ability to significantly affect the outcome of all corporate actions requiring
stockholder approval, including the following actions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the election of directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the amendment of charter documents; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the approval of certain mergers and other significant
                                         corporate transactions, including a sale of substantially all of our assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One of these stockholders has indicated an interest in purchasing
securities in this offering.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we fail to maintain effective internal controls over financial
reporting, the price of our common stock may be adversely affected.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We identified a material weakness in our internal control over
financial reporting, the disclosure of which may have an adverse impact on the price of our common stock. We are required to establish
and maintain appropriate internal controls over financial reporting. Failure to establish those controls, or any failure of those
controls once established, could adversely affect our public disclosures regarding our business, prospects, financial condition
or results of operations. In addition, management&rsquo;s assessment of internal controls over financial reporting may identify
weaknesses and conditions that need to be addressed in our internal controls over financial reporting or other matters that may
raise concerns for investors. Any actual or perceived weaknesses and conditions that need to be addressed in our internal control
over financial reporting or disclosure of management&rsquo;s assessment of our internal controls over financial reporting may have
an adverse impact on the price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are required to comply with certain provisions of Section
404 of the Sarbanes-Oxley Act of 2002 and if we fail to continue to comply, our business could be harmed and our stock price could
decline.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rules adopted by the SEC pursuant to Section 404 of the Sarbanes-Oxley
Act of 2002 require an annual assessment of internal controls over financial reporting, and for certain issuers an attestation
of this assessment by the issuer&rsquo;s independent registered public accounting firm. The standards that must be met for management
to assess the internal controls over financial reporting as effective are evolving and complex, and require significant documentation,
testing, and possible remediation to meet the detailed standards. We expect to incur significant expenses and to devote resources
to Section 404 compliance on an ongoing basis. It is difficult for us to predict how long it will take or costly it will be to
complete the assessment of the effectiveness of our internal control over financial reporting for each year and to remediate any
deficiencies in our internal control over financial reporting. As a result, we may not be able to complete the assessment and remediation
process on a timely basis. In addition, although attestation requirements by our independent registered public accounting firm
are not presently applicable to us we could become subject to these requirements in the future and we may encounter problems or
delays in completing the implementation of any resulting changes to internal controls over financial reporting. In the event that
our Chief Executive Officer or Chief Financial Officer determine that our internal control over financial reporting is not effective
as defined under Section 404, we cannot predict how regulators will react or how the market prices of our shares will be affected;
however, we believe that there is a risk that investor confidence and share value may be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our common stock could be further diluted as the result of
the issuance of additional shares of common stock, convertible securities, warrants or options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the past, we have issued common stock, convertible securities
(such as convertible preferred stock and notes) and warrants in order to raise capital. We have also issued options as compensation
for services and incentive compensation for our employees and directors. We have shares of common stock reserved for issuance upon
the exercise of certain of these securities and may increase the shares reserved for these purposes in the future. Our issuance
of additional common stock, convertible securities, options and warrants could affect the rights of our stockholders, could reduce
the market price of our common stock or could result in adjustments to exercise prices of outstanding warrants (resulting in these
securities becoming exercisable for, as the case may be, a greater number of shares of our common stock), or could obligate us
to issue additional shares of common stock to certain of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Provisions of our charter, bylaws, and Delaware law may make
an acquisition of us or a change in our management more difficult.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain provisions of our certificate of incorporation and
bylaws could discourage, delay or prevent a merger, acquisition or other change in control that stockholders may consider favorable,
including transactions in which an investor might otherwise receive a premium for their shares. These provisions also could limit
the price that investors might be willing to pay in the future for shares of our common stock or warrants, thereby depressing
the market price of our common stock. Stockholders who wish to participate in these transactions may not have the opportunity
to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, these provisions could prevent or frustrate attempts
by our stockholders to replace or remove our management. These provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>provide for the division of our board into three classes
                                         as nearly equal in size as possible with staggered three-year terms and further limit
                                         the removal of directors and the filling of vacancies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>authorize our board of directors to issue without stockholder
                                         approval blank-check preferred stock that, if issued, could operate as a &ldquo;poison
                                         pill&rdquo; to dilute the stock ownership of a potential hostile acquirer to prevent
                                         an acquisition that is not approved by our board of directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>require that stockholder actions must be effected at
                                         a duly called stockholder meeting and prohibit stockholder action by written consent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>establish advance notice requirements for stockholder
                                         nominations to our board of directors or for stockholder proposals that can be acted
                                         on at stockholder meetings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>limit who may call stockholder meetings; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>require the approval of the holders of 75% of the outstanding
                                         shares of our capital stock entitled to vote in order to amend certain provisions of
                                         our certificate of incorporation and bylaws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, because we are incorporated in Delaware, we are
governed by the provisions of Section 203 of the Delaware General Corporation Law, which may, unless certain criteria are met,
prohibit large stockholders, in particular those owning 15% or more of our outstanding voting stock, from merging or combining
with us for a prescribed period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We have not paid dividends in the past and do not expect
to pay dividends for the foreseeable future. Any return on investment may be limited to the value of our common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No cash dividends have been paid on our common stock. We do
not expect to pay cash dividends in the near future. Payment of dividends would depend upon our profitability at the time, cash
available for those dividends, and other factors as our board of directors may consider relevant. If we do not pay dividends, our
common stock may be less valuable because a return on an investor&rsquo;s investment will only occur if our stock price appreciates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks Related to this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our management team will have immediate and broad discretion
over the use of the net proceeds from this offering and we may use the net proceeds in ways with which you disagree.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The net proceeds from this offering will be immediately available
to our management to use at their discretion. We currently intend to use the net proceeds from this offering to fund our research
and development activities, for general corporate purposes, and possibly for acquisitions of other companies, products or technologies,
though no such acquisitions are currently contemplated. See &ldquo;Use of Proceeds.&rdquo; We have not allocated specific amounts
of the net proceeds from this offering for any of the foregoing purposes. Accordingly, our management will have significant discretion
and flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard
to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether
the proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a
favorable, or any, return for us or our stockholders. The failure of our management to use such funds effectively could have a
material adverse effect on our business, prospects, financial condition, and results of operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You may experience dilution&nbsp;in the future.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> In  the past, we issued options and warrants to acquire shares of common stock. To the extent these
options are ultimately exercised, you will sustain future dilution. We may also acquire or license other technologies or finance
strategic alliances by issuing equity, which may result in additional dilution to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_003"></A><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus, including the documents
that we incorporate by reference, contains forward-looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended (the Securities Act), and Section 21E of the Exchange Act. Such forward-looking statements include those that
express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical
fact. These forward-looking statements are based on our current expectations and projections about future events and they are subject
to risks and uncertainties known and unknown that could cause actual results and developments to differ materially from those expressed
or implied in such statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In some cases, you can identify forward-looking
statements by terminology, such as &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;intends,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;seeks,&rdquo; &ldquo;may,&rdquo; &ldquo;should&rdquo;, &ldquo;could&rdquo;
or the negative of such terms or other similar expressions. Accordingly, these statements involve estimates, assumptions and uncertainties
that could cause actual results to differ materially from those expressed in them. Any forward-looking statements are qualified
in their entirety by reference to the factors discussed throughout this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should read this prospectus and the
documents that we reference herein and therein and have filed as exhibits to the registration statement, of which this prospectus
is part, completely and with the understanding that our actual future results may be materially different from what we expect.
You should assume that the information appearing in this prospectus is accurate as of the date on the front cover of this prospectus
or such prospectus supplement only. Because the risk factors referred to above could cause actual results or outcomes to differ
materially from those expressed in any forward-looking statements made by us or on our behalf, you should not place undue reliance
on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we
undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible
for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent
to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements. We qualify all of the information presented in this prospectus and any accompanying prospectus supplement, and particularly
our forward-looking statements, by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on a public offering price
of $2.13 per share of common stock and warrant, we estimate that the net proceeds to us from the sale of the
securities that we are offering, assuming gross proceeds of $6.98 million and no exercise of the overallotment
option, will be approximately $6.25 million, after deducting underwriting discounts and commissions and estimated
offering expenses. In addition, if all of the warrants offered pursuant to this prospectus are exercised in full for cash, we will
receive approximately an additional $10 million in cash. However, the warrants contain a cashless exercise
provision that permit exercise of warrants on a cashless basis at any time where there is no effective registration statement under
the Securities Act of 1933, as amended, covering the issuance of the underlying shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect to use any proceeds received
from this offering as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to fund our research and development activities, including
                                         the further development of CLR 131, and the research advancement of our CTX Program,
                                         including product candidates, CLR 1601-PTX and CLR 1602-PTX.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>for general corporate purposes, such as human resource
                                         acquisition to support organizational priorities, general and administrative expenses,
                                         capital expenditures, working capital, repayment of debt, prosecution and maintenance
                                         of our intellectual property, and the potential investment in technologies, products
                                         or collaborations that complement our business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if we sell all of the securities subject
to this offering, we will still need to obtain additional financing in the future in order to fully fund these product candidates
through the regulatory approval process. We may seek such additional financing through public or private equity or debt offerings
or other sources, including collaborative or other arrangements with corporate partners, and through government grants and contracts.
There can be no assurance we will be able to obtain such additional financing. Although we currently anticipate that we will use
the net proceeds of this offering as described above, there may be circumstances where a reallocation of funds may be necessary.
The amounts and timing of our actual expenditures will depend upon numerous factors, including the progress of our development
and commercialization efforts, the progress of our clinical studies, whether or not we enter into strategic collaborations or partnerships
and our operating costs and expenditures. Accordingly, our management will have significant flexibility in applying the net proceeds
of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The costs and timing of drug development
and regulatory approval, particularly conducting clinical studies, are highly uncertain, are subject to substantial risks and can
often change. Accordingly, we may change the allocation of use of these proceeds as a result of contingencies such as the progress
and results of our clinical studies and other development activities, the establishment of collaborations, our manufacturing requirements
and regulatory or competitive developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pending the application of the net proceeds
as described above or otherwise, we may invest the proceeds in short-term, investment-grade, interest-bearing securities or guaranteed
obligations of the U.S. government or other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth our
cash and cash equivalents and capitalization, each as of December 31, 2015 on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>an actual basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: right">&nbsp;</TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a
                                         pro forma basis to give effect to the Warrant Restructuring; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a pro forma as adjusted basis to give effect to the
                                         adjustments described above and the issuance of the securities offered hereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should consider this table in conjunction
with our financial statements and the notes to those financial statements included elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December
    31, 2015</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;Pro
    Forma<SUP> (1)</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Pro
    Forma<SUP> (2)</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: left; padding-left: 0in">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">3,857,791</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">3,857,791</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">10,107,208</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Notes payable to the Wisconsin Department of Commerce</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">330,222</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">330,222</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">330,222</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Deferred rent</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">148,924</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">148,924</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">148,924</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0in">Capital lease obligations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,424</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,424</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,424</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0in">Total debt obligations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">489,570</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">489,570</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">489,570</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Stockholders&rsquo; equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in; text-indent: -0.125in">Preferred stock, par value $0.00001 per share:
    7,000 shares authorized; none actual; 107 pro forma</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,062,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,062,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in; text-indent: -0.125in">Common stock, par value $0.00001 per share: 40,000,000
    shares authorized; 858,140 actual; 2,236,504 pro forma</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Additional paid in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66,256,494</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt; text-align: right">66,256,494</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">72,505,897</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0in">Accumulated deficit</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(64,606,700</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(63,781,700</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(63,781,700</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Total stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,649,803</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,536,803</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,757,220</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Total capitalization</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,139,373</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,026,373</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,246,790</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Assumes
                                         that the Warrant Restructuring was completed and approved by stockholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Assumes
                                         that $7,000,000 of securities are sold in this offering at an  offering price
                                         of $2.13 per share and warrant and that the net proceeds thereof are approximately $6,249,000
                                         after underwriter&rsquo;s discounts, commissions and estimated offering expenses.</TD>
</TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_006"></A><B>MARKET FOR COMMON EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to February 12, 2014, our stock
was quoted under the ticker symbol NVLT; on that date, our ticker symbol was changed to CLRB in connection with the change in
our corporate name. Our common stock was quoted under the CLRB ticker symbol on the OTCQX platform until August 15, 2014, since
which time it has been listed on the NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table provides, for the
periods indicated, the high and low intraday sale prices for our common stock as reported by Nasdaq. Historical stock prices have
been adjusted to give effect to a 1-for-10 reverse split of the Company&rsquo;s common stock effective at the close of business
on March 4, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fiscal&nbsp;Year&nbsp;2016</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%">First Quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">12.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Second Quarter (through April 8, 2016)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Fiscal&nbsp;Year&nbsp;2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">First Quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">32.90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">21.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Third Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.80</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Fiscal&nbsp;Year&nbsp;2014</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">First Quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">90.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">70.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Third Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March 31, 2016 there were 359 holders
of record of our common stock. This number does not include stockholders for whom shares were held in a &ldquo;nominee&rdquo;
or &ldquo;street&rdquo; name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not declared or paid any cash dividends
on our common stock and do not anticipate declaring or paying any cash dividends in the foreseeable future. We currently expect
to retain future earnings, if any, for the continued development of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our transfer agent and registrar is American
Stock Transfer and Trust Company, 6201 15<SUP>th</SUP>&nbsp;Avenue, Brooklyn, NY 11219.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our net tangible book value as of December
31, 2015, was approximately $4.8 million, or $5.54 per share of common stock, based upon 858,140 shares outstanding. Net tangible
book value per share is determined by dividing such number of outstanding shares of common stock into our net tangible book value,
which is our total tangible assets, less total liabilities, excluding the derivative liability of $4,781,082 at that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After giving effect to the sale of
the securities in this offering at the public offering price of $2.13 per share of common stock, together with a warrant to
purchase one share of common stock, excluding the exercise of the underwriter&rsquo;s overallotment option and
after deducting underwriting discounts and commission and other estimated offering expenses payable by us, our adjusted
net tangible book value at December 31, 2015 would have been approximately $11.0 million, or $4.92 per share. This represents
an immediate decrease in net tangible book value of approximately $0.62 per share to our existing stockholders. There will
be no immediate dilution to investors purchasing securities in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table illustrates the per
share accretion to investors purchasing securities in the offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Assumed public offering price per share
    of common stock, together with a warrant to purchase one share of common stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2.13</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.9pt; padding-left: 9.9pt">Net tangible book value per share as of December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Decrease per share attributable to sale of securities
    to investors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">0.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.9pt; padding-left: 9.9pt">Adjusted net tangible book value per share after
    the offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4.92</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.9pt; padding-left: 9.9pt">Dilution per share to investors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2.79</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: windowtext">The
foregoing illustration does not reflect the impact of the Warrant Restructuring or potential dilution from the exercise of outstanding
options or warrants to purchase shares of our common stock. The foregoing illustration also does not reflect the dilution
that would result from the exercise of the warrants sold in the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cellectar Biosciences, Inc. (the Company)
is a clinical stage biopharmaceutical company focused on the development of targeted phospholipid drug conjugates (PDCs) for the
treatment and imaging of cancer. The Company&rsquo;s research and development program is based on its proprietary PDC cancer targeting
delivery platform. The delivery platform possesses the potential for the discovery and development of a broad range of cancer
targeting agents. The company&rsquo;s pipeline is comprised of pre-clinical and clinical product candidates including radiotherapeutic
and chemotherapeutic PDC&rsquo;s. The pipeline also includes diagnostic and optical imaging assets. The company&rsquo;s research
and development resources are focused on the clinical advancement of its therapeutic PDC&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our core company strategy is to leverage
our industry leading PDC, proprietary cancer targeting delivery platform to generate capital, supplement internal resources and
accelerate and broaden product candidate clinical development through strategic asset and research collaborations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our shares are listed on the NASDAQ&reg;
Capital Market under the symbol CLRB; prior to August 15, 2014, our shares were quoted on the OTCQX&reg; marketplace, and prior
to February 12, 2014 were quoted under the symbol NVLT.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our PDC platform is based on our cancer-targeting
and delivery technology which provides selective delivery of a diverse range of oncologic payloads to cancer cells and cancer
stem cells. By linking various drug payloads to our proprietary phospholipid ether cancer-targeting vehicle, we believe we can
create PDCs with the potential to provide highly targeted delivery of chemotherapeutic and radiotherapeutic payloads to a broad
range of cancers. As a result, our PDC platform has the potential to improve the therapeutic index of drug payloads, enhancing
or maintaining efficacy while reducing adverse events by minimizing drug delivery to healthy cells, increasing delivery to cancer
cells and a broad range of cancerous tumors. The PDC product portfolio includes:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 131
                                         is a small-molecule, broad-spectrum, cancer-targeting radiotherapeutic PDC that is designed
                                         to deliver cytotoxic (cell-killing) radiation directly and selectively to cancer cells
                                         and cancer stem cells. CLR 131 is our lead PDC radiotherapeutic product candidate and
                                         is currently being evaluated in a Phase 1 study for the treatment of relapse or refractory
                                         multiple myeloma. Multiple myeloma is an incurable cancer of plasma cells. This cancer
                                         type was selected for both clinical and commercial rationales, including multiple myeloma&rsquo;s
                                         highly radiosensitive nature, continued unmet medical need in the relapse/refractory
                                         setting and the receipt of an orphan drug designation. The Investigational New Drug (IND)
                                         application was accepted by the U.S. Food and Drug Administration (FDA) in March 2014.
                                         In December 2014, the FDA granted orphan drug designation for CLR 131 for the treatment
                                         of multiple myeloma. The Phase 1 study was initiated in April 2015 and we announced performance
                                         results from the first patient cohort in January of 2016. The study&rsquo;s Data Monitoring
                                         Committee (DMC), unanimously agreed to advance CLR 131 into the second cohort. Patient
                                         enrollment is currently ongoing and the company plans to provide a study update in the
                                         third quarter of 2016. The primary goals of the Phase 1 study are to assess the compound&rsquo;s
                                         safety, identify the optimal Phase 2 dose, and possibly obtain an early evaluation of
                                         low dose drug activity.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company
                                         is exploring the creation of additional PDCs ranging from newly discovered to well-characterized
                                         chemotherapeutic payloads under its CLR CTX Chemotherapeutic PDC program. The objective
                                         of our CTX program is to develop PDC chemotherapeutics through conjugation of our delivery
                                         vehicle and non-targeted anti-cancer agents to improve therapeutic indices and expand
                                         potential indications through the targeted delivery of chemotherapeutic payloads. Initial
                                         CTX product candidates include CLR 1601-PTX, CLR 1602-PTX and CLR 1603-PTX; all are small-molecule,
                                         broad-spectrum, cancer-targeting chemotherapeutics in pre-clinical research. These PDCs
                                         are designed to selectively deliver paclitaxel, a chemotherapeutic payload to cancer
                                         cells and cancer stem cells to increase the therapeutic index of paclitaxel as a monotherapy.
                                         Each of our paclitaxel PDC&rsquo;s have been evaluated <I>in vitro</I> to demonstrate
                                         formulation stability and CLR 1602-PTX is currently being studied <I>in vivo</I> to further
                                         explore the PDC&rsquo;s cancer targeting selectivity. In December of 2015, the Company
                                         initiated a research collaboration for our PDC technology with Pierre Fabre Laboratories,
                                         the third largest French pharmaceutical company. The objective of the research collaboration
                                         is to co-design a library of PDC&rsquo;s employing Pierre Fabre&rsquo;s natural product
                                         derived chemotherapeutics in combination with our proprietary cancer targeting delivery
                                         vehicle. The newly developed PDC&rsquo;s may provide enhanced therapeutic indices to
                                         otherwise highly potent, non-targeted payloads through the targeted delivery to cancer
                                         cells provided by our cancer targeted delivery vehicle.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 125
                                         is a broad-spectrum, cancer-targeting radiotherapeutic currently under pre-clinical investigation
                                         for the treatment of micrometastatic disease. In October, 2015, the company was awarded
                                         a national Cancer Institute Fast-Track Small Business Innovation Research (SBIR) grant
                                         to further advance its PDC delivery platform through CLR 125 preclinical and clinical
                                         research. The collaboration is designed to further explore the targeted delivery of radioisotopes
                                         for improved cancer therapy outcomes. The grant is awarded in two installments with up
                                         to $2.3 million in funding. Similar to CLR 131, the selective uptake and retention of
                                         CLR 125 has been observed in malignant tissues during pre-clinical studies. CLR 125 uses
                                         the radioisotope Iodine-125 (which has a 60-day half-life), which may provide an excellent
                                         tumor kinetics match with Cellectar&rsquo;s proprietary delivery vehicle. Ongoing pre-clinical
                                         research includes: chemistry, manufacturing and controls of CLR 125; biodistribution
                                         and toxicity studies of CLR 125 in pre-clinical models; and efficacy and dose-response
                                         studies.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 124
                                         is a small-molecule, broad-spectrum, cancer-targeting positron emission tomography (PET)
                                         imaging PDC that we believe has the potential to be the first of its kind for the selective
                                         detection of tumors and metastases in a broad range of cancers. CLR 124 has been used
                                         for PET/CT imaging in a broad array of tumor types through Company and investigator-sponsored
                                         clinical trials. We are in the process of evaluating the data from those studies. In
                                         April 2014, the FDA granted CLR 124 orphan status as a diagnostic for the management
                                         of glioma.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CLR 1502
                                         is a small-molecule, broad-spectrum, cancer-targeting NIR-fluorophore optical imaging
                                         PDC for intraoperative tumor and tumor margin illumination. This past June, after review
                                         of the Company's IND application, the FDA determined that CLR 1502 will be evaluated
                                         as a combination product and assigned to the Center for Devices and Radiological Health
                                         (CDRH). As a result of this classification, the FDA has advised Cellectar that it will
                                         need to submit a new investigational application for the combination product prior to
                                         initiating its Phase 1 study in breast cancer surgery. As a result, Cellectar is working
                                         to identify the optimal clinical development and value optimizing strategic pathway.
                                         Based on our assessment, the Company believes that product will be similarly treated
                                         post marketing approval regardless of the regulatory pathway.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe our PDC platform has potential
to provide targeted delivery of a diverse range of oncologic payloads, as exemplified by the product candidates listed above,
that may result in improvements upon current standard of care (SOC) for the treatment and imaging of a broad range of human cancers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Technology Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our product candidates are based on
a cancer-targeting delivery platform of optimized PLE analogs (phospholipid ether proprietary delivery vehicle) that interact
with lipid rafts. Lipid rafts are specialized regions of a cell&rsquo;s membrane phospholipid bilayer that contain high concentrations
of cholesterol and sphingolipids and serve to organize cell surface and intracellular signaling molecules. As a result of enrichment
of lipid rafts in cancer cells, including cancer stem cells, our products provide selective targeting preferentially over normal
healthy cells. The cancer-targeting PLE delivery vehicle was deliberately designed to be combined with therapeutic, diagnostic
and imaging molecules. For example, iodine can be attached via a very stable covalent bond resulting in distinct products differing
only with respect to the isotope of iodine they contain; CLR 131 contains radioactive I-131, CLR 125 contains radioactive I-125,
and CLR 124 contains the shorter-lived radioactive I-124. In addition, non-radioactive molecules, including cytotoxic compounds
can also be attached to the delivery vehicle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company is focused on exploring
the creation of additional PDCs ranging from newly discovered to well-characterized chemotherapeutic payloads under its CLR CTX
Chemotherapeutic PDC program. The objective of our CTX program is to develop PDC chemotherapeutics through conjugation of our
delivery vehicle and non-targeted anti-cancer agents to improve therapeutic indices and expand potential indications through the
targeted delivery of chemotherapeutic payloads. Initial CTX product candidates include CLR 1601-PTX, CLR 1602-PTX and CLR 1603-PTX;
all are small-molecule, broad-spectrum, cancer-targeting chemotherapeutics in pre-clinical research. To date, multiple cancer-targeting
product profiles have been generated from a single chemical core structure that is the foundation of our technology platform.
We also believe that additional cytotoxic PDCs may be developed possessing enhanced therapeutic indices versus the original, non-targeted
cytotoxic payload as a monotherapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the case of CLR 1502, this is a
near-infrared (800 nm) emitting fluorophore whose signal can penetrate through up to approximately 1 cm of tissue. This may enable
the use of CLR 1502 to visualize tumor margins during cancer surgery, effectively acting as an adjunct to a therapeutic agent,
and to non-invasively detect relatively superficial tumors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Malignant tumor targeting, including targeting
of cancer stem cells, has been demonstrated&nbsp;<I>in vivo</I>. Mice without intact immune systems, and inoculated with Panc-1
(pancreatic carcinoma) cells, were injected with CLR 1502, 24 or 96 hours prior to imaging.&nbsp;<I>In vivo</I>&nbsp;optical imaging
showed pronounced accumulation of CLR 1502 in tumors versus non-target organs and tissues. Similarly, PET imaging of tumor-bearing
animals (colon, glioma, triple negative breast and pancreatic tumor xenograft models) administered the imaging agent CLR 124 clearly
shows selective uptake and retention by both primary tumors and metastases, including cancer stem cells. PET/CT analysis following
co-injection of CLR 131 (for therapy) and CLR 124 (for imaging) revealed time-dependent tumor responses and disappearance over
nine days in a cancer xenograft model. We believe that the capability of our technology to target and be selectively retained by
cancer stem cells&nbsp;<I>in vivo,</I>&nbsp;was demonstrated by treating glioma stem cell-derived orthotopic tumor-bearing mice
with another fluorescent-labeled PDC (CLR 1501), and then removing the tumor and isolating cancer stem cells, which continued to
display CLR 1501 labeling even after three weeks in cell culture.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The basis for selective tumor targeting
of our compounds lies in differences between the plasma membranes of cancer cells as compared to those of most normal cells. Data
suggests that lipid rafts serve as portals of entry for PDCs such as CLR 131, CLR 124 and CLR 1502. The marked selectivity of our
compounds for cancer cells versus non-cancer cells is due to the fact that cancer cells are over-expressed with lipid rafts as
compared to normal cells. Following cell entry via lipid rafts, CLR 131, CLR 124 and CLR 1502 are transported into the cytoplasm,
where they distribute to organelle membranes (mitochondria, ER, lysosomes) but not the nucleus. The pivotal role played by lipid
rafts is underscored by the fact that disruption of lipid raft architecture significantly suppresses uptake of our PDC delivery
vehicle into cancer cells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our core technology platform is based on
research conducted by Cellectar, Inc.&rsquo;s founder and Chief Scientific Officer, Dr. Jamey Weichert, beginning in 1994 at the
University of Michigan (U. Mich.), where phospholipid ether analogs were initially designed, synthesized, radiolabeled, and evaluated
in the laboratory of Dr. Raymond Counsell. Since 1998, Dr. Weichert has continued his research at the University of Wisconsin (U.
Wisc.) and subsequently founded Cellectar, Inc. in 2002 to further develop and commercialize the technology. Cellectar, Inc. obtained
exclusive rights to the related technology patents owned by U. Mich. in 2003 and continued development of the PDC platform while
obtaining ownership of numerous additional patents and patent applications (lasting until 2025, 2028, 2030 and 2034 without extensions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Products in Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CLR 131</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 131 is a small-molecule, broad-spectrum,
cancer-targeting molecular radiotherapeutic PDC that we believe has the potential to be the first radiotherapeutic agent to use
PLEs to target cancer cells. CLR 131 is comprised of our proprietary PLE, 18-(p-[I-131]iodophenyl) octadacyl phosphocholine, acting
as a cancer-targeting delivery and retention vehicle, covalently labeled with iodine-131, a cytotoxic (cell-killing) radioisotope
with a half-life of eight days that is already in common use to treat thyroid and other cancer types. It is this &ldquo;intracellular
radiation&rdquo; mechanism of cancer cell killing, coupled with delivery to a wide range of malignant tumor types that we believe
provides CLR 131 with broad-spectrum anti-cancer activity. Selective uptake and retention has been demonstrated in cancer stem
cells compared with normal cells, offering the prospect of longer lasting cancer activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pre-clinical experiments in tumor models
have demonstrated selective killing of cancer cells along with a benign safety profile. CLR 131&rsquo;s anti-tumor/survival-prolonging
activities have been demonstrated in more than a dozen models including breast, prostate, lung, brain, pancreatic, ovarian, uterine,
renal, and colorectal cancers as well as, melanoma and multiple myeloma. In all but two models, a single administration of a well-tolerated
dose of CLR 131 was sufficient to demonstrate efficacy. Moreover, efficacy was also seen in a model employing human uterine sarcoma
cells that have known resistance to many standard chemotherapeutic drugs. CLR 131 was also tested in combination with a standard
efficacious dose of gemcitabine in a pancreatic cancer model. Single doses of CLR 131 or gemcitabine given alone were equally efficacious
while the combination therapy was significantly more efficacious than either treatment alone (additive). In each study, the dose
of CLR 131 was ~100 &micro;Ci, which is approximately 50-fold less than the maximum tolerated dose (MTD) of CLR 131 determined
in a six-month rat radiotoxicity study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Extensive IND-enabling, Good Laboratory
Practices (GLP)&nbsp;<I>in vivo</I>&nbsp;and&nbsp;<I>in vitro</I>&nbsp;pre-clinical pharmacokinetic/ distribution, toxicology and
drug safety studies were successfully completed in 2007 through 2009 using non-pharmacological concentrations/doses of PLE consistent
with its role as a delivery/retention vehicle in CLR 131. Tissue distribution studies supported prediction of acceptable human
organ exposures and body clearance for CLR 131. Importantly, and in sharp distinction from biological products labeled with I-131,
the small-molecule CLR 131 showed very minimal variation in excretion kinetics and tissue distribution among individuals within
species or across a 500-fold variation in dose. Single- and repeated-dose animal toxicology studies indicated very high margins
of safety with our PLE delivery and retention vehicle even when administered at 80-200x over the amount required to deliver the
anticipated maximum human therapy dose of CLR 131.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2009, we filed an IND with the FDA to
study CLR 131 in humans. In February 2010, we completed a Phase 1 dosimetry trial with a single intravenous dose of 10 mCi/m<SUP>2</SUP>&nbsp;CLR
131 in eight patients with relapsed or refractory advanced solid tumors. Single doses of CLR 131 were well tolerated. The reported
adverse events were all considered minimal, manageable and either not dose limiting or not related to CLR 131. There were no serious
adverse events reported. Analysis of total body imaging and blood and urine samples collected over 42 days following injection
indicated that doses of CLR 131 expected to be therapeutically effective could be administered without harming vital organs. Two
subjects (one with colorectal cancer metastasized to lung and another with prostate cancer) had tumors that were imaged with 3D
nuclear scanning (SPECT/CT) on day 6 after administration of CLR 131. Uptake of CLR 131 into tumor tissue (but not adjacent normal
tissue or bone marrow) was clearly demonstrated in both subjects. Echoing animal studies, pharmacokinetic analyses demonstrated
a prolonged half-life of radioactivity in the plasma after CLR 131 administration (approximately 200 hours) and that there was
no significant variation in excretion or radiation dosimetry among subjects. The trial established an initial dose of 12.5 mCi/m<SUP>2</SUP>,
for the Phase 1b escalating dose trial that commenced in January 2012.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The primary objective of the multicenter
Phase 1b dose-escalation trial in patients with a range of advanced solid tumors was to define the MTD of CLR 131. In addition
to determining the MTD, the Phase 1b trial was intended to evaluate overall tumor response (using standard RESIST 1.1 criteria)
and safety. In September 2012, we announced that we had successfully completed the second cohort in this Phase 1b dose-escalation
trial. The second two-patient cohort was successfully dosed with 25 mCi/m<SUP>2</SUP>&nbsp;of CLR 131, triggering enrollment into
the third cohort at 37.5 mCi/m<SUP>2</SUP>. Data from the second cohort indicated CLR 131 was well-tolerated, without any dose
limiting or sub-dose limiting toxicities, enabling enrollment of the third cohort. Data from the two-patient, third cohort indicated
the onset of dose-limiting hematologic toxicities with CLR 131, triggering enrollment into a five-patient, fourth cohort at a dose
midway between those used in the second and third cohorts, as per trial protocol. Four patients were enrolled in the fourth cohort
and we ended enrollment in November 2013. Complete study results, including data from the fourth cohort of this trial were completed
in the first quarter 2014. The results of the trial were presented at the American Society of Clinical Oncology (ASCO) Annual Meeting
in June, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Tumor treatment with radioactive isotopes
has been used as a fundamental cancer therapeutic for decades. The goals of targeted cancer therapy &mdash; selective delivery
of effective doses of isotopes that destroy tumor tissue, sparing of surrounding normal tissue, and non-accumulation in vital
organs such as the liver and kidneys &mdash; remains the focus of new therapies as well. We believe our isotope delivery technology
is poised to achieve these goals. Because, to date, CLR 131 has been shown to reliably and near-universally accumulate in cancer
cells, including cancer stem cells, and because the therapeutic properties of iodine-131 are well known, we believe the risk of
non-efficacy in human clinical trials is less than that of other cancer therapies at this stage of development, although no assurance
can be given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In view of CLR 131&rsquo;s selective
uptake and retention in a wide range of solid tumors and in cancer stem cells, its single-agent efficacy in animal models and
its non-specific mechanism of cancer-killing (radiation), we are initially developing CLR 131 as a monotherapy for cancer indications
with significant unmet medical need. While a number of indications were evaluated as the initial target treatment, multiple myeloma
was selected principally because it is an incurable hematologic disease that is highly radiosensitive with significant unmet medical
need in the relapse or refractory clinical setting, and is designated as an orphan disease. All of which may provide an accelerated
regulatory pathway due to CLR 131 unique benefits versus existing therapeutic treatment options such as a novel mechanism of action
and single dose treatment. The Investigational New Drug (IND) application was accepted by the FDA in September 2014. In December
2014, the FDA granted orphan drug designation for CLR 131 for the treatment of multiple myeloma. We initiated our Phase 1 Study
of CLR 131 for the treatment of Relapsed or Refractory multiple myeloma in April 2015, and provided a performance update on the
first patient cohort and initiated the second study cohort in January 2016. CLR 131 is anticipated to be used as monotherapy through
phase 1 clinical trials, with subsequent exploration of CLR 131 in combination with chemotherapeutic agents (a number of which
are known to be radiosensitizers and thus have the potential to enhance the efficacy of CLR 131) and in combination with external
beam radiotherapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CTX Product Portfolio</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company is exploring the creation
of additional PDCs ranging from newly discovered to well-characterized chemotherapeutic payloads under its CLR CTX Chemotherapeutic
PDC program. The objective of our CTX program is to develop PDC chemotherapeutics through conjugation of our delivery vehicle
and non-targeted anti-cancer agents to improve therapeutic indices and expand potential indications through the targeted delivery
of chemotherapeutic payloads. Initial CTX product candidates include CLR 1601-PTX, CLR 1602-PTX and CLR 1603-PTX; both all are
small-molecule, broad-spectrum, cancer-targeting chemotherapeutics in pre-clinical research. These PDCs are designed to selectively
deliver paclitaxel, a chemotherapeutic payload to cancer cells and cancer stem cells increasing the therapeutic index of paclitaxel
as a monotherapy. Each of our paclitaxel PDC&rsquo;s are being have been evaluated <I>in vitro</I> to demonstrate formulation
stability and CLR 1602-PTX is currently being studied <I>in vivo</I> to demonstrate formulation stability and further explore
the PDC&rsquo;s cancer targeting selectivity. In December of 2015, the company entered into a research collaboration for our PDC
technology with Pierre Fabre laboratories, the third largest French pharmaceutical company. The objective of the research collaboration
is to co-design a library of PDC&rsquo;s employing Pierre Fabre&rsquo;s natural product derived chemotherapeutics in combination
with our proprietary cancer targeting delivery vehicle. The newly developed PDC&rsquo;s may provide enhanced therapeutic indices
to otherwise highly potent, non-targeted payloads through the targeted delivery to cancer cells provided by our cancer targeted
delivery vehicle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CLR 125</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 125 research is fully funded through
an NCI Small Business Research Grant (&ldquo;SBIR&rdquo;). CLR 125 is a broad-spectrum, cancer-targeting, radiotherapeutic currently
under pre-clinical investigation for the treatment of micrometastatic disease. Similar to CLR 131, the selective uptake and retention
of CLR 125 has been observed in malignant tissues during pre-clinical studies. CLR 125 uses the radioisotope iodine-125 (which
has a 60-day half-life), which may provide an excellent tumor kinetics match with Cellectar&rsquo;s proprietary delivery vehicle.
Ultimately, this would yield a superior therapeutic ratio for CLR 125. The feasibility and safety of CLR 125 is currently being
investigated for the treatment of triple-negative breast cancer (TNBC) in the (neo) adjuvant setting. This program was initiated
on October1, 2015. This Phase 1 is part of a larger Phase 1/2 SBIR Fast-Track grant that was awarded Cellectar in September 2015.
Upon successful completion of the preclinical work in Phase 1, an additional grant in the amount of $2.0 million may be awarded
by the NCI for the Phase 2 option period. Based upon pre-clinical performance and a thorough analysis of the clinical and commercial
potential of CLR 125, Cellectar will determine whether to advance or cease additional research. Deliverables of the pre-clinical
research conducted during Phase 1 will include: chemistry, manufacturing and controls (CMC) of CLR 125; biodistribution and toxicity
studies of CLR 125 in pre-clinical models of TNBC; and efficacy and dose-response studies. The anticipated completion date for
the Phase 1 efforts is June 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CLR 124</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 124 is a small-molecule, broad-spectrum,
cancer-targeting imaging agent that we believe has first-in-class potential for selective detection of primary tumors and metastases
in a broad range of cancers. Chemically, CLR 124 is comprised of our proprietary PLE, 18-(p-[I-124] iodophenyl) octadacyl phosphocholine,
acting as a cancer-targeting delivery and retention vehicle, covalently labeled with iodine-124, a PET imaging radioisotope with
a radiation half-life of four days. PET imaging used in conjunction with CT scanning has now become the imaging method of choice
in much of oncology. In pre-clinical studies to date, CLR 124 selectively illuminated malignant tumors in over 60 animal models
of different cancer types, demonstrating broad-spectrum, cancer-selective uptake and retention. Investigator-sponsored Phase 1/2
clinical trials of CLR 124 as a PET imaging agent are ongoing across multiple solid tumor indications. These trials have demonstrated
positive initial imaging results in multiple tumor types.&nbsp; Based on positive initial CLR 124 imaging results in 29 primary
and metastatic brain cancer patients, we believe CLR 124 has potential to address a significant unmet medical need for post-treatment
efficacy assessment and differentiating tumor growth from pseudo-progression. In brain cancer, this has the potential to avoid
unnecessary surgeries, biopsies and inappropriate treatment, resulting in better patient management and lower healthcare costs.
We expect glioblastoma to be our lead indication for CLR 124 with additional development opportunities that could include brain
metastases and other primary brain tumors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These human trials are intended to provide
proof-of-concept for CLR 124 as a PET imaging agent with the potential to supplant current imaging standards of care, FDG for various
solid tumors, or MRI in the case of brain cancers. This is due to what we believe to be CLR 124&rsquo;s superior cancer selectivity.
Furthermore, the radiation half-life of only 110 minutes for fluorine-18 labeled agents, such as FDG, severely limits their use
to locations close to the point of manufacture.&nbsp;CLR 124&rsquo;s much longer radiation half-life affords a longer imaging window
of up to seven days following injection, resulting in more favorable logistics of clinical use, including the ability to be distributed
to clinics throughout the U.S. from a single manufacturing site. As a chemically identical biomarker for CLR 131, CLR 124 imaging
may also be capable of estimating an efficacious dose of CLR 131 in individual cancer patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A three-part investigator-sponsored
Phase 1/2 trial of radiolabeled CLR 1404 for patients with advanced non-small cell lung cancer (NSCLC) was initiated in February
2004 at the University of Wisconsin Carbone Cancer Center (UWCCC). The first part of the trial evaluated imaging characteristics
of CLR 131 in seven patients and the second part of the trial evaluated tumor accumulation in one patient. The third part of the
trial is now evaluating tumor imaging with CLR 124 at increasing doses. Dr. Anne M. Traynor at UWCCC is the principal investigator
for this trial. We provided funding and the data was shared with us while the study progressed and at the conclusion of the study.
A total of 11 patients were enrolled across four dose levels (1.5 mCi/m<SUP>2</SUP>, 3 mCi/m<SUP>2</SUP>, 5 mCi/m<SUP>2</SUP>&nbsp;and
7.5 mCi/m<SUP>2</SUP>) in this part of the Phase 1/2 trial. With the 5 mCi/m<SUP>2</SUP>&nbsp;dose level, we saw clear and sustained
uptake of CLR 124 in cancerous tumors against low background and have not observed any adverse safety signals. In addition, in
one patient, three brain metastases were detected with CLR 124 that were not identified with FDG PET, which following confirmation
with current standard of care (SOC), prompted an alteration to the treatment plan for this patient. Having observed initial cancer-specific
uptake with CLR 124 at a 7.5 mCi/m<SUP>2</SUP>&nbsp;dose in NSCLC patients, study investigators continued exploration of dose
and imaging time points in an effort to optimize dosing and results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An investigator-sponsored Phase 1/2
trial of CLR 124 as a PET imaging agent for brain cancer was initiated in December 2011 at UWCCC and the first patient was enrolled
in March 2012. This trial was funded by both the UWCCC and an Institute for Clinical and Translational Research (ICTR) grant,
and the data is shared with the Company. Enrollment to the trial is complete; 12 patients were dosed with 5 mCi/m<SUP>2</SUP>&nbsp;of
CLR 124. The preliminary results showed avid and sustained uptake of CLR 124 in cancerous tumors against very low background and
no adverse safety signals were observed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An investigator-sponsored Phase 1/2
trial of CLR 124 as a PET imaging agent for glioma was initiated in January 2012 at UWCCC and the clinical trial protocol evaluates
7.5 mCi/m<SUP>2</SUP>&nbsp;and 10 mCi/m<SUP>2</SUP>&nbsp;doses of CLR 124. A total of 19 patients were enrolled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An investigator-sponsored Phase 1/2
trial of CLR 124 as a PET imaging agent for patients with multiple solid tumor types (triple negative breast, prostate, colorectal,
gastric, ovarian, pancreatic, esophageal, soft tissue sarcoma, and head &amp; neck cancer) was initiated in August 2012 at the
UWCCC and the first patient was enrolled in October 2012.&nbsp; We provided funding for the trial and the data was shared with
us.&nbsp; Twelve patients were enrolled, completing the enrollment of the trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CLR 1502</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 1502 is a small-molecule, broad-spectrum,
cancer-targeting, non-radioactive optical imaging agent that we believe has the potential to be the first of its kind for intraoperative
tumor margin illumination and non-invasive tumor imaging. CLR 1502 is comprised of a proprietary PLE, acting as a cancer-targeting
delivery and retention vehicle, covalently attached to a near-infrared (800nm) fluorophore. According to the American Cancer Society,
the majority of cancer patients were expected to have some type of surgery and more than 1.6 million new cancers diagnosed in
the U.S. alone in 2014. CLR 1502 may facilitate and enable diagnostic, staging, debulking and curative cancer surgeries, intraoperatively
in real-time, by defining tumor margins and regional lymph node involvement, resulting in more complete tumor resections and improving
outcome and prognosis. In this context, CLR 1502 could effectively act as an adjunct therapeutic agent. In pre-clinical tumor
models, non-invasive optical imaging showed pronounced accumulation of CLR 1502 in tumors versus normal tissues and successfully
delineated tumor margins during tumor resection. CLR 1502 may also have utility for non-invasive imaging of relatively superficial
tumor types in man (e.g., melanoma, head &amp; neck, colon, esophageal).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our target market is broad and represents
the market for the treatment and imaging of cancer. The American Cancer Society estimated that approximately 1.67 million new
cancer cases were diagnosed in the U.S. in 2015 and approximately 590,000 are expected to die of cancer. The global market for
cancer drugs has reached $100 billion in annual sales (May 2015), and could reach $147 billion by 2018, according to a new report
by the IMS Institute for Healthcare Informatics, a unit of drug data provider IMS Health. This growth will be driven by emerging
targeted therapies, which are expected to change the cancer treatment landscape (Cowen), and an increased use of cancer drug combination
regimens. The National Institutes of Health (NIH) estimated that the direct medical cost for treating cancer in 2010 (the latest
figure available) was $124.6 billion in the U.S., and projects that by 2020, this cost will have risen to at least $158 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to the National Cancer Institute
SEER data base, multiple myeloma is the 2<SUP>nd</SUP>&nbsp;most common hematologic cancer with a U.S. incidence rate of 24,050
and a relapse or refractory patient population of 10,000 to 15,000. A Market Research Engine report from December 2015 indicated
the global cancer diagnostics market is expected to grow at a compound annual growth rate of 7.6% during 2015 to 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Manufacturing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We maintain a Good Manufacturing Practices
compliant (cGMP) radiopharmaceutical manufacturing facility in Madison, Wisconsin, in which we manufacture drug substance for CLR
131, CLR 124, and CLR 1502 product candidates and also manufacture CLR 131 for clinical trials.&nbsp; This facility, consisting
of approximately 19,500 square feet, contains offices, laboratories, a radiopharmaceutical research lab, a cGMP radiopharmaceutical
manufacturing suite and a cGMP analytical laboratory for product release.&nbsp; Our manufacturing facility holds a State of Wisconsin
Department of Health Services Radioactive Materials License which authorizes the use and possession of radioactive material for
both manufacturing and distribution activities. The facility also holds a State of Wisconsin DHS Radioactive Materials License
that authorizes the use and possession of radioactive materials for research and development. The research and development license
permits the use and possession of iodine-125, iodine-131 and iodine-124 in quantities sufficient to support in-house drug substance
and CLR 131manufacturing for current clinical programs and other research needs. Each of these iodine isotopes is purchased from
third party vendors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Manufacturing of cGMP CLR 124 is currently
conducted by our collaborator, the University of Wisconsin-Madison, using drug substance produced in our Madison manufacturing
facility. The agreement contains standard provisions for the protection of data and intellectual property and may be terminated
by either party with 60-days&rsquo; notice, pending the completion of any obligations by either party set forth in an outstanding
statement of work. The proprietary contract manufacturing process is sufficient to provide materials for Phase 2 trials and is
scalable for larger trials. We do not plan to build in-house manufacturing capability for CLR 124.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The drug substance is identical for
CLR 131 and CLR 124 products.&nbsp; The base molecule is a dry powder produced via a six-step synthetic scheme.&nbsp; The release
specifications for drug substance have been established and validated.&nbsp; The impurity levels at small scale are very low,
suggesting that larger scale production is feasible.&nbsp; We have also demonstrated 60-month stability for the drug substance
in desiccated and refrigerated forms.&nbsp; We believe our laboratories are well equipped with the appropriate equipment for manufacturing
pilot and small-scale batches in accordance with cGMP.&nbsp; We believe we have adequate drug substance manufacturing and CLR
131 drug product manufacturing capacity expertise and capacity for non-pivotal clinical trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 1502 drug substance is synthesized
at the Madison facility via a cGMP process from the same chemical precursor used in the manufacture of CLR 131. The facility has
the capability to manufacture the CLR 1502 drug product to support Phase 1 clinical trials. Manufacturing of drug substance and
drug product for subsequent clinical trials will likely be achieved through contract manufacturing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All investigational drug substance and
product intended for human use during clinical studies will be manufactured according to the guidelines of the International Conference
on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use, FDA requirements (CFR part 211) and
cGMP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sales and Marketing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not entered into any joint development,
licensing or similar partnering agreements with respect to any of our clinical stage product candidates or pre-clinical compounds.&nbsp;
We plan to pursue and evaluate all available options to develop, launch and commercialize our compounds.&nbsp; These options presently
include, but are not limited to: entering into a partnering arrangement with one or more pharmaceutical, imaging agent or imaging
device companies with strong development and commercial expertise and infrastructure in the U.S., Europe and/or Japan. While we
currently do not plan to build our own sales force or utilize a contract sales organization for launch and commercialization of
our compounds, we may reconsider that in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition for Our Clinical-Stage Compounds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CLR 131</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently, several classes of approved
products with various mechanisms of action exist, including: immune-modulating agents, proteasome inhibitors, histone deacetylase
inhibitors, monoclonal antibodies, corticosteroids, and traditional chemotherapeutics. While a number of indications were evaluated
as the initial target treatment for CLR 131, multiple myeloma was selected principally because of its highly radiosensitive nature,
single dose treatment, and novel mechanism of action relative to all existing classes of approved drugs. As a result, we believe
CLR 131 is an ideal therapeutic option in the relapse or refractory setting either as a monotherapy or in combination with currently
approved agents, some of which are radiosensitive and maintain exclusive adverse event profiles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CLR 124</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FDG is the current SOC for cancer PET
imaging. FDG accumulates in any tissue having increased glucose metabolism (i.e. energy utilization) compared to surrounding tissue.&nbsp;
As a result, and in contrast to CLR 124, FDG is not selective for malignant tumors.&nbsp; FDG localizes in certain normal tissue
such as heart, liver and brain tissues that also have high glucose metabolism as well as kidney and bladder due to FDG excretion
paths.&nbsp; FDG is also known to localize in inflammatory sites, which are often found in the vicinity of malignancies and can
result in diagnostic and treatment plan uncertainties.&nbsp; Other major limitations to the use of FDG are found in pelvic imaging
due to the high renal (kidney) clearance of the compound.&nbsp; Moreover, there are clinically important malignancies that do
not demonstrate reliable FDG activity such as prostate cancer. We believe these characteristics of FDG decrease its diagnostic
specificity for certain malignancies. FDG is no longer covered by patent and is typically manufactured at or extremely proximate
to PET imaging medical facilities because of its very short (110 minute) radiation half-life. I-124 has a four-day half-life that
permits worldwide distribution of CLR 124 from one manufacturing location. Additionally, the longer half-life affords a longer
imaging window of up to seven days following injection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">MRI is the current SOC for imaging
brain cancer, due in part to FDG PET&rsquo;s limited utility in brain imaging. While MRI can differentiate tissue densities and
demark structural changes in tissue, it is not cancer-selective. This imaging can result in a diagnostic dilemma for clinicians,
particularly with respect to glioma; the most common form of primary brain cancer. After chemo-radiation - commonly employed in
glioma management - MRI changes suggestive of tumor recurrence are seen in approximately 50% of high-grade glioma patients. However,
in approximately 50% of these cases, the MRI changes actually represent treatment-related changes that do not truly represent
disease progression. This is termed pseudo-progression. The dilemma facing clinicians is the decision whether to re-treat the
patient (surgery, chemotherapy, biological therapy, re-irradiation) with associated risks to the patient (e.g. damage to normal
brain tissue and consequent loss of function), or monitor with periodic re-imaging with the risk of the imaging changes actually
representing tumor recurrence, and with the costs associated with re-imaging.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In Phase 1/2 investigator-sponsored
trials at the UWCCC, preliminary results suggest that CLR 124 may provide a more accurate assessment of the post-treatment progression
of glioma when compared to MRI. Specifically, CLR 124 appears to be capable of distinguishing malignant tumors from tissue changes
associated with pseudo-progression.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>CLR 1502</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 1502 is a pre-clinical, broad-spectrum,
cancer-targeting, non-radioactive optical imaging agent for intraoperative tumor margin illumination and non-invasive tumor imaging.
The topic of providing cancer surgeons with better technology for intraoperative assessment of tumor margins designed to result
in more complete tumor removal has gained considerable attention in recent years. While there are a number of technologies in
various stages of development, some of the most common categories include the use of fluorescence agents: either alone, or attached
to cancer delivery vehicles, nanoparticle technologies or electromagnetic technologies. At present, the only known FDA approved
technology for tumor margin assessment is believed to be MarginProbe&nbsp;<SUP>TM</SUP>, marketed by Dune Medical Devices, which
received FDA approval in January, 2013, as an intraoperative tissue assessment tool for early-stage breast cancer surgery. MarginProbe&nbsp;<SUP>TM</SUP>&nbsp;claims
to use electromagnetic &ldquo;signatures&rdquo; to identify healthy and cancerous tissue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5-aminolevulinic acid (5-ALA), a technology
approved in Europe for use with intraoperative tumor margin assessment, is a small molecule that is preferentially taken up by
tumor cells leading to biosynthesis and accumulation of protoporphyrin IX, a natural fluorophore with red fluorescence emission.
Investigator sponsored trials of 5-ALA are ongoing in the U.S., primarily in newly diagnosed and recurrent brain cancer indications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other technologies known to be in development
include Blaze Biosciences&rsquo; Tumor Paint&nbsp;<SUP>TM</SUP>, a combination of a targeting peptide and a fluorescent beacon,
under development for cancer surgery in multiple solid tumor types. Additionally, Avelas Biosciences, based in San Diego, CA,
is developing a fluorescence peptide based compound named AVB-620 for fluorescence image-guided cancer surgery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While a number of technologies are in development
to provide intraoperative tumor margin guidance we are leveraging our cancer-targeting delivery platform to provide cancer selectivity
and specificity for accurate tumor margin illumination. Further, CLR 1502 may be able to demonstrate application with a broad spectrum
of cancer types based on data that includes our other product candidates utilizing the same cancer-targeting delivery platform
in pre-clinical studies and human clinical trials (CLR 124 and CLR 131).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have established a broad U.S. and
international intellectual property rights portfolio around our proprietary cancer-targeting PLE technology platform including
our CLR CTX Program, CLR 131, CLR 1502, CLR 124, and CLR 125.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR CTX Program: In November 2015,
we converted our previously filed provisional patent application for Phospholipid-Ether Analogs as Cancer Targeting Drug Vehicles
to non-provisional US and International (PCT) patent applications. These patent applications further protect PDCs developed with
Cellectar's proprietary phospholipid-ether delivery vehicle conjugated with any existing or future cytotoxic agents, including
chemotherapeutics such as paclitaxel, for targeted delivery to cancer cells and cancer stem cells. Both composition of matter
and methods of use are covered by these patent applications and provide intellectual property protection in the United States
and up to 148 additional countries. This protection extends through at least November 2034 in the US and key international markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 131: We have been granted orphan
status designation for CLR 131 for the treatment of multiple myeloma. Orphan status designation provides for seven years of marketing
exclusivity following US approval of CLR 131 for treatment of multiple myeloma. It is also covered by an additional series of
our patents and applications aside from the Michigan patents (see below). The first is directed to a method of use for cancer
therapy and has also been filed in Europe, Japan, and China, in addition to the U.S. We have two issued patents in the U.S., two
in Europe and one in China, in addition to pending applications in the U.S. and Japan. These are expected to expire in 2025. Some
of these resulting patents may be extendable on a country-by-country basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 1502 is covered by patents and
patent applications directed to the compound, methods of use and method of manufacture that have been filed in U.S., Europe and
Japan. A U.S. patent covering the composition and methods of use has already been issued and is expected to expire in 2030. Any
additional patents resulting from these applications are also expected to expire in 2029. Some of these resulting patents may
be extendable on a country-by-country basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLR 124: We have been granted orphan
status designation for CLR 124 as a diagnostic for the management of glioma by the US FDA. Orphan status designation provides
for seven years of marketing exclusivity following US approval of CLR 124 as a diagnostic for the management of gliomas. It is
also covered by the Michigan patents (see below) as well as four of our U.S. patents, two of which are generally directed to detecting
cancers, one of which is directed to its use for virtual colonoscopy that expires in 2029 and one of which is directed to its
use for <I>in vitro</I> diagnostics that expires in 2027. CLR 124 is also covered by an issued European patent, and pending U.S.,
Japanese and Hong Kong patent applications that expire in 2025. Any patents issued from these applications would be expected to
expire in 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our proprietary rights also include
patents and patent applications that are either owned by us or exclusively licensed to us by the University of Michigan (the &ldquo;Michigan
patents&rdquo;). CLR 131, CLR 125 and CLR 124 are covered by the Michigan patents that provide compound (composition of matter)
coverage in the U.S. and Canada and expire in 2016.&nbsp; Our patents and applications cover methods of use, composition and method
of manufacture related to CLR 124, CLR 131, CLR 1502, CLR 125 and other PLEs.&nbsp; These patents and applications are filed in
key commercial markets worldwide.&nbsp; These patents will generally expire between 2025 and 2030 unless extended, most likely
under clinical development extensions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Separate from any patent protection
and following product approval by regulatory authorities, data exclusivity may be available for various compounds for up to 10
years on a country-by-country basis (e.g., up to 5 years in the U.S. and up to ten years in Europe).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the above noted patents/applications
directed to CLR 131, CLR 125, CLR 124 and CLR 1502, we own other patents/applications directed to different forms of phospholipid
ethers and methods of manufacturing of phospholipid ethers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also own all intellectual property rights
in the U.S. related to our clinical-stage pipeline compound, NOV-002, and other pre-clinical compounds based on oxidized glutathione.&nbsp;
Issued composition-of-matter patents cover proprietary formulations of oxidized glutathione that expire in 2019, and these patents
include methods of manufacture for oxidized glutathione formulated with various metals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Licenses / Collaborations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On December 14, 2015 the Company
initiated a collaboration with Institut de Recherche Pierre Fabre (&ldquo;IRPF&rdquo;). Under this collaboration, IRPF will
provide a selection of its proprietary cytotoxics to the Company for use in an <I>in vivo</I> proof-of-concept study to
evaluate the potential to create new drug conjugates (&ldquo;NDCs&rdquo;) in combination with the Company&rsquo;s
proprietary Phospholipid Drug Conjugate platform technology. The Company will own all intellectual property associated with
the NDCs developed as part of the research collaboration. If the Company decides to further develop any of the NDCs for
preclinical studies, the Company will enter into good faith discussions with IRPF to acquire an option to in-license the IRPF
Materials. In the event that the Company proposes to enter into a business relationship with a third party for advancement of
the NDCs, the Company will grant IRPF a right of first refusal to enter into the same business relationship, which will be
exercisable by IRPF within 60 days. In the event that the Company does not choose to further develop the NDCs for preclinical
studies and IRPF desires to do so within four years following expiration of this arrangement, the Company and IRPF will enter
into good faith business discussions relating to IRPF&rsquo;s use of the results of the study and certain of the
Company&rsquo;s proprietary technologies relating to the IRPF Materials. The Company has agreed to perform the study by
December 14, 2017, and the Company&rsquo;s obligation to grant a right of first refusal will continue for four years
following the date on which the Company provides the results of the study to IRPF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In September 2003, Cellectar, Inc.
entered into a license agreement with the University of Michigan (the U. Mich. License), which granted Cellectar, Inc. exclusive
rights to the development, manufacture and marketing of products under several composition of matter patents in North America
that expire in December 2016.&nbsp; The U. Mich. License expires upon the expiration of the last covered patent.&nbsp; We are
responsible for an annual license fee of $10,000 and are required to pay costs associated with the maintenance of the patents
covered by the U. Mich. License.&nbsp; Additionally, we are required to make milestone payments of $50,000 upon the filing of
a NDA for a licensed product intended for use in a therapeutic or diagnostic application (such milestone fees may be deferred
and paid within twelve months of the first commercial sale of such product) and make certain milestone payments within a year
following the first commercial sale of any licensed products.&nbsp; The sales milestones range from $100,000 to $200,000, dependent
upon whether the drug is for use in a diagnostic or therapeutic application. If sales in the first 12 months are less than the
amount of the milestone, then we are required to pay 50% of all sales until the milestone is satisfied. The milestone payments
may total up to $400,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U. Mich. License provides that we pay
a royalty equal to 3% of net sales of any licensed products sold by us or our sub licensees for such licensed products unless the
sublicense fee payable to us is between 4% and 5% of net sales, then the royalties payable to U. Mich. shall be equal to 50% of
the sublicense fee.&nbsp; Furthermore, the U. Mich. License provides for a reduction in the royalties owed by up to 50% if we are
required to pay royalties to any third parties related to the sale of the licensed products.&nbsp; If we receive any revenue in
consideration of rights to the licensed technology that is not based on net sales, excluding any funded research and development,
we are required to pay U. Mich. 10% of amounts received. During 2003, pursuant to the U. Mich. License, Cellectar, Inc. paid approximately
$54,000 of back patent costs and issued 203,483 shares of common stock to U. Mich. as partial consideration for the rights described
above. U. Mich. may terminate the license agreement if we cease operations, fail to make any required payment under the license
agreement, or otherwise materially breach the license agreement, subject to applicable notice and cure periods.&nbsp; To date,
we have made all payments as they have become due, there have been no defaults under the U. Mich. License, nor have we ever been
notified of a default by U. Mich. We may terminate the U Mich. License agreement with six months&rsquo; notice to U. Mich. and
the return of licensed product and related data.&nbsp; The U. Mich. License contains milestones that required certain development
activities to be completed by specified dates. All such development milestones have been either completed or removed by subsequent
amendment to the agreement.&nbsp; U. Mich. has provided no warranties as to validity or otherwise with respect to the licensed
technology. The early termination of the University of Michigan License agreement would result in the loss of our rights to use
the covered patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Research and Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our primary activity to date has been
research and development. We conduct our research and development program at our manufacturing facility in Madison, Wisconsin.
Our research and development expenses were approximately $5,159,000 and $5,964,000 for 2015 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The production, distribution, and marketing
of products employing our technology, and our development activities, are subject to extensive governmental regulation in the United
States and in other countries.&nbsp; In the United States, we are subject to the Federal Food, Drug, and Cosmetic Act, as amended,
and the regulations of the FDA, as well as to other federal, state, and local statutes and regulations, including the federal,
state and local laws and regulations governing the storage, use and disposal of hazardous materials, including radioactive isotopes.&nbsp;
These laws, and similar laws outside the United States, govern the clinical and pre-clinical testing, manufacture, safety, effectiveness,
approval, labeling, distribution, sale, import, export, storage, record-keeping, reporting, advertising, and promotion of drugs.&nbsp;
Product development and approval within this regulatory framework, if successful, will take many years and involve the expenditure
of substantial resources.&nbsp; Violations of regulatory requirements at any stage may result in various adverse consequences,
including the FDA&rsquo;s and other health authorities&rsquo; delay in approving or refusal to approve a product.&nbsp; Violations
of regulatory requirements also may result in enforcement actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following paragraphs provide further
information on certain legal and regulatory issues with a particular potential to affect our operations or future marketing of
products employing our technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Research, Development, and Product Approval Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The research, development, and approval
process in the United States and elsewhere is intensive and rigorous and generally takes many years to complete.&nbsp; The typical
process required by the FDA before a therapeutic drug may be marketed in the United States includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>pre-clinical laboratory and animal tests performed
                                         under the FDA&rsquo;s Good Laboratory Practices regulations, referred to herein as GLP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>submission to the FDA of an IND application, which
                                         must become effective before human clinical trials may commence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>human clinical studies performed under the FDA&rsquo;s
                                         Good Clinical Practices regulations, to evaluate the drug&rsquo;s safety and effectiveness
                                         for its intended uses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>FDA review of whether the facility in which the drug
                                         is manufactured, processed, packed, or held meets standards designed to assure the product&rsquo;s
                                         continued quality; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>submission of a marketing application to the FDA, and
                                         approval of the application by the FDA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During pre-clinical testing, studies are
performed with respect to the chemical and physical properties of candidate formulations. These studies are subject to GLP requirements.
Biological testing is typically done in animal models to demonstrate the activity of the compound against the targeted disease
or condition and to assess the apparent effects of the new product candidate on various organ systems, as well as its relative
therapeutic effectiveness and safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Submission of IND</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An IND must be submitted to the FDA and
become effective before studies in humans may commence. The IND must include a sufficient amount of data and other information
concerning the safety and effectiveness of the compound from laboratory, animal, and human clinical testing, as well as data and
information on manufacturing, product quality and stability, and proposed product labeling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Clinical Trials</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clinical trial programs in humans generally
follow a three-phase process.&nbsp; Typically, Phase 1 studies are conducted in small numbers of healthy volunteers or, on occasion,
in patients afflicted with the target disease.&nbsp; Phase 1 studies are conducted to determine the metabolic and pharmacological
action of the product candidate in humans and the side effects associated with increasing doses, and, if possible, to gain early
evidence of effectiveness.&nbsp; In Phase 2, studies are generally conducted in larger groups of patients having the target disease
or condition in order to validate clinical endpoints, and to obtain preliminary data on the effectiveness of the product candidate
and optimal dosing. This phase also helps determine further the safety profile of the product candidate.&nbsp; In Phase 3, large-scale
clinical trials are generally conducted in patients having the target disease or condition to provide sufficient data for the statistical
proof of effectiveness and safety of the product candidate as required by United States regulatory agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the case of products for certain serious
or life-threatening diseases, the initial human testing may be done in patients with the disease rather than in healthy volunteers.
Because these patients are already afflicted with the target disease or condition, it is possible that such studies will also provide
results traditionally obtained in Phase 2 studies. These studies are often referred to as &ldquo;Phase 1/2&rdquo; studies. However,
even if patients participate in initial human testing and a Phase 1/2 study carried out, the sponsor is still responsible for obtaining
all the data usually obtained in both Phase 1 and Phase 2 studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before proceeding with a study, sponsors
may seek a written agreement from the FDA regarding the design, size, and conduct of a clinical trial. This is known as a Special
Protocol Assessment (SPA). Among other things, SPAs can cover clinical studies for pivotal trials whose data will form the primary
basis to establish a product&rsquo;s efficacy. SPAs help establish upfront agreement with the FDA about the adequacy of a clinical
trial design to support a regulatory approval, but the agreement is not binding if new circumstances arise. There is no guarantee
that a study will ultimately be adequate to support an approval even if the study is subject to an SPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">United States law requires that studies
conducted to support approval for product marketing be &ldquo;adequate and well controlled.&rdquo; In general, this means that
either a placebo or a product already approved for the treatment of the disease or condition under study must be used as a reference
control. Studies must also be conducted in compliance with good clinical practice requirements, and informed consent must be obtained
from all study subjects. The clinical trial process for a new compound can take ten years or more to complete. The FDA may prevent
clinical trials from beginning or may place clinical trials on hold at any point in this process if, among other reasons, it concludes
that study subjects are being exposed to an unacceptable health risk. Trials may also be prevented from beginning or may be terminated
by institutional review boards, which must review and approve all research involving human subjects. Side effects or adverse events
that are reported during clinical trials can delay, impede, or prevent marketing authorization. Similarly, adverse events that
are reported after marketing authorization can result in additional limitations being placed on a product&rsquo;s use and, potentially,
withdrawal of the product from the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Submission of NDA</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following the completion of clinical trials,
the data is analyzed to determine whether the trials successfully demonstrated safety and effectiveness and whether a product approval
application may be submitted. In the United States, if the product is regulated as a drug, a NDA must be submitted and approved
before commercial marketing may begin. The NDA must include a substantial amount of data and other information concerning the safety
and effectiveness of the compound from laboratory, animal, and human clinical testing, as well as data and information on manufacturing,
product quality and stability, and proposed product labeling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each domestic and foreign manufacturing
establishment, including any contract manufacturers we may decide to use, must be listed in the NDA and must be registered with
the FDA.&nbsp; The application generally will not be approved until the FDA conducts a manufacturing inspection, approves the applicable
manufacturing process and determines that the facility is in compliance with cGMP requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Prescription Drug User Fee Act,
as amended, the FDA receives fees for reviewing an NDA and supplements thereto, as well as annual fees for commercial manufacturing
establishments and for approved products. These fees can be significant. For fiscal year 2015, the NDA review fee alone is $2,335,200,
although certain limited deferral, waivers, and reductions may be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each NDA submitted for FDA approval is
usually reviewed for administrative completeness and reviewability within 45 to 60 days following submission of the application.
If deemed complete, the FDA will &ldquo;file&rdquo; the NDA, thereby triggering substantive review of the application. The FDA
can refuse to file any NDA that it deems incomplete or not properly reviewable. The FDA has established performance goals for the
review of NDAs&mdash; six months for priority applications and 10 months for standard applications. However, the FDA is not legally
required to complete its review within these periods and these performance goals may change over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, the outcome of the review, even
if generally favorable, typically is not an actual approval but an &ldquo;action letter&rdquo; that describes additional work that
must be done before the application can be approved. The FDA&rsquo;s review of an application may involve review and recommendations
by an independent FDA advisory committee. Even if the FDA approves a product, it may limit the approved therapeutic uses for the
product as described in the product labeling, require that warning statements be included in the product labeling, require that
additional studies be conducted following approval as a condition of the approval, impose restrictions and conditions on product
distribution, prescribing, or dispensing in the form of a risk management plan, or otherwise limit the scope of any approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Post NDA Regulation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Significant legal and regulatory requirements
also apply after FDA approval to market under an NDA. These include, among other things, requirements related to adverse event
and other reporting, product advertising and promotion and ongoing adherence to cGMPs, as well as the need to submit appropriate
new or supplemental applications and obtain FDA approval for certain changes to the approved product labeling, or manufacturing
process. The FDA also enforces the requirements of the Prescription Drug Marketing Act which, among other things, imposes various
requirements in connection with the distribution of product samples to physicians.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The regulatory framework applicable to
the production, distribution, marketing and/or sale of our product pipeline may change significantly from the current descriptions
provided herein in the time that it may take for any of our products to reach a point at which an NDA is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Overall research, development, and approval
times depend on a number of factors, including the period of review at FDA, the number of questions posed by the FDA during review,
how long it takes to respond to the FDA&rsquo;s questions, the severity or life-threatening nature of the disease in question,
the availability of alternative treatments, the availability of clinical investigators and eligible patients, the rate of enrollment
of patients in clinical trials, and the risks and benefits demonstrated in the clinical trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other United States Regulatory Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the United States, the research, manufacturing,
distribution, sale, and promotion of drug and biological products are potentially subject to regulation by various federal, state,
and local authorities in addition to the FDA, including the Centers for Medicare and Medicaid Services (formerly the Heath Care
Financing Administration), other divisions of the United States Department of Health and Human Services (e.g., the Office of Inspector
General), the United States Department of Justice and individual United States Attorney offices within the Department of Justice,
and state and local governments. For example, sales, marketing, and scientific/educational grant programs must comply with the
anti-fraud and abuse provisions of the Social Security Act, the False Claims Act, the privacy provision of the Health Insurance
Portability and Accountability Act, and similar state laws, each as amended. Pricing and rebate programs must comply with the Medicaid
rebate requirements of the Omnibus Budget Reconciliation Act of 1990 and the Veterans Health Care Act of 1992, each as amended.
If products are made available to authorized users of the Federal Supply Schedule of the General Services Administration, additional
laws and requirements apply. All of these activities are also potentially subject to federal and state consumer protection, unfair
competition, and other laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our research and development, manufacturing
and administration of our drugs involve the controlled use of hazardous materials, including chemicals and radioactive materials,
such as radioactive isotopes. Therefore, we are subject to federal, state and local laws and regulations governing the storage,
use and disposal of these materials and some waste products and are required to maintain both a manufacturer&rsquo;s license and
a radioactive materials license with State of Wisconsin agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, we are now, and may become subject
to, additional federal, state, and local laws, regulations, and policies relating to safe working conditions, laboratory practices,
the experimental use of animals, and/or the use, storage, handling, transportation, and disposal of human tissue, waste, and hazardous
substances, including radioactive and toxic materials and infectious disease agents used in conjunction with our research work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Foreign Regulatory Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We, and any future collaborative partners,
may be subject to widely varying foreign regulations that may be quite different from those of the FDA governing clinical trials,
manufacture, product registration and approval, and pharmaceutical sales. Whether or not FDA approval has been obtained, we or
any future collaboration partners must obtain a separate approval for a product by the comparable regulatory authorities of foreign
countries prior to the commencement of product marketing in these countries. In certain countries, regulatory authorities also
establish pricing and reimbursement criteria. The approval process varies from country to country, and the time may be longer or
shorter than that required for FDA approval. In addition, under current United States law, there are restrictions on the export
of products not approved by the FDA, depending on the country involved and the status of the product in that country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reimbursement and Pricing Controls</B> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In many of the markets where we or any
future collaborative partners would commercialize a product following regulatory approval, the prices of pharmaceutical products
are subject to direct price controls by law and to drug reimbursement programs with varying price control mechanisms. Public and
private health care payers control costs and influence drug pricing through a variety of mechanisms, including through negotiating
discounts with the manufacturers and through the use of tiered formularies and other mechanisms that provide preferential access
to certain drugs over others within a therapeutic class. Payers also set other criteria to govern the uses of a drug that will
be deemed medically appropriate and therefore reimbursed or otherwise covered. In particular, many public and private health care
payers limit reimbursement and coverage to the uses of a drug that are either approved by the FDA or that are supported by other
appropriate evidence (for example, published medical literature) and appear in a recognized drug compendium. Drug compendia are
publications that summarize the available medical evidence for particular drug products and identify which uses of a drug are supported
or not supported by the available evidence, whether or not such uses have been approved by the FDA. For example, in the case of
Medicare coverage for physician-administered oncology drugs, the Omnibus Budget Reconciliation Act of 1993, with certain exceptions,
prohibits Medicare carriers from refusing to cover unapproved uses of an FDA-approved drug if the unapproved use is supported by
one or more citations in the American Hospital Formulary Service Drug Information, the American Medical Association Drug Evaluations,
or the United States Pharmacopoeia Drug Information. Another commonly cited compendium, for example under Medicaid, is the DRUGDEX
Information System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December 31, 2015, we had 19
full-time employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company, formerly known as Novelos
Therapeutics, Inc., was incorporated in Delaware in June 1996. On April 8, 2011, the Company entered into a business combination
with Cellectar, Inc., a privately held Wisconsin corporation that designed and developed products to detect, treat and monitor
a wide variety of human cancers. On February 11, 2014, the Company changed its name to Cellectar Biosciences, Inc. Our common
stock is listed on the NASDAQ&reg; Capital Market under the symbol &ldquo;CLRB.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not a party to any pending legal
proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive officers and directors
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding-left: 12pt; text-indent: -12pt"><B>Name</B> &nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1pt solid; text-align: center"><B>Age</B></TD>
    <TD STYLE="width: 1%; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid"><B>Position</B> &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Paul L. Berns <SUP>(1)</SUP></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">49</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>Chairman of the Board and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>James Caruso</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">57</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>President, Chief Executive Officer and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jamey P. Weichert, Ph.D.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">59</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>Chief Scientific Officer and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kevin Kozak, M.D., Ph.D.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">45</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>Chief Medical Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chad J. Kolean</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">51</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>Vice President, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">Stephen A. Hill, B.M. B.Ch., M.A., F.R.C.S. <SUP>(1)(2)(3)</SUP></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">57</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>John Neis <SUP>(1)(2)(3)</SUP></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">60</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Stefan D. Loren, Ph.D. <SUP>(2)(3)</SUP></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">52</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Member of the Compensation Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Member of the Audit Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Member of the Nominating and Corporate Governance Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive officers are appointed by,
and serve at the discretion of, the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Paul L. Berns</B>. Mr. Berns was appointed
a director in November 2013 and was elected Chairman of the Board in July 2015. He was appointed as President and Chief Executive
Officer of Anacor Pharmaceuticals in March 2014 and has been a director of Anacor since June 2012. Mr. Berns has served as a member
of the Board of Directors of Jazz Pharmaceuticals, Inc. since June 2010 and has been a director of XenoPort, Inc. since 2005. From
March 2006 to September 2012, Mr. Berns served as President and Chief Executive Officer, and as a member of the Board of Directors
of Allos Therapeutics, Inc., a pharmaceutical company acquired by Spectrum Pharmaceuticals, Inc. From July 2005 to March 2006,
Mr. Berns was a self-employed consultant to the pharmaceutical industry. From June 2002 to July 2005, Mr. Berns was President,
Chief Executive Officer and a director of Bone Care International, Inc., a specialty pharmaceutical company that was acquired by
Genzyme Corporation in 2005. From 2001 to 2002, Mr. Berns served as Vice President and General Manager of the Immunology, Oncology
and Pain Therapeutics business unit of Abbott Laboratories. From 2000 to 2001, he served as Vice President, Marketing of BASF Pharmaceuticals/Knoll
and from 1990 to 2000, Mr. Berns held various positions, including senior management roles, at Bristol-Myers Squibb Company. Mr.
Berns received a B.S. in Economics from the University of Wisconsin. Mr. Berns&rsquo; experience leading and advising drug development
companies make him highly qualified to serve on our board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>James Caruso</B>. Mr. Caruso was
appointed our President and Chief Executive Officer and a director in June 2015. A life sciences executive with 27 years of success
with multinational and specialty pharmaceutical companies, mid-tier biotechnology and medical device start-ups, Mr. Caruso has
an established track record of enhancing value through a clear focus on strategic corporate value drivers and operational excellence;
advancing product development and commercialization programs through internal execution or collaborations. He came to Cellectar
from Hip Innovation Technology, a medical device company where he was a founder and served as Executive Vice President and Chief
Operating Officer. Prior to his time at Hip Innovation Technology, he was Executive Vice President and Chief Commercial Officer
of Allos Therapeutics, Inc., an oncology company acquired by Spectrum Pharmaceuticals, and Senior Vice President, Sales and Marketing,
at Bone Care International, Inc., a specialty pharmaceutical company that was acquired by Genzyme Corporation. In addition, Mr.
Caruso has held key positions at several well-known pharmaceutical companies, including Novartis, where he was Vice President
of Neuroscience Specialty Sales; BASF Pharmaceuticals-Knoll, where we was Vice President, Sales; and 12 years at Bristol-Myers
Squibb Company in several senior roles. Mr. Caruso earned a Bachelor of Science degree in Finance from the University of Nevada.
He currently serves on the Board of Directors for Hip Innovation Technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Jamey P. Weichert</B>.<B>&nbsp;</B>
<FONT STYLE="color: windowtext; background-color: white">Dr. Weichert was the primary founder of Cellectar and has served as Cellectar&rsquo;s
Chief Scientific Officer since 2002. Dr. Weichert is an Associate Professor of the Departments of Radiology, Medical Physics, Pharmaceutics
and member of the Carbone Cancer Center at the University of Wisconsin-Madison. He has a bachelor&rsquo;s degree in Chemistry from
the University of Minnesota and a doctorate in Medicinal Chemistry from the University of Michigan. His research has focused on
the design, synthesis and evaluation of biomimetic CT and MRI imaging agents and diapeutic radiopharmaceuticals. He has been involved
in molecularly targeted imaging agent development his entire professional career and has developed or co-developed several imaging
agents nearing clinical trial status. Dr. Weichert serves or has served on the editorial boards of numerous scientific journals
and has authored more than 40 peer reviewed publications and 150 abstracts. He also has 20 issued or pending patents related to
drug delivery, imaging and contrast agent development. Dr. Weichert&rsquo;s experience founding and managing the development of
Cellectar&rsquo;s product candidates and his knowledge of radiation technology are strong qualifications to serve on our Board
of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Kevin Kozak</B>. Dr. Kozak, as a consultant,
began serving as Chief Medical Officer on August 1, 2013. Dr. Kozak is the Director of Radiation Oncology at Mercy Regional Cancer
Center. Between 2008 and 2013, he served as Assistant Professor of Human Oncology and Medical Physics, staff radiation oncologist
and basic scientist at the University of Wisconsin Carbone Cancer Center. Dr. Kozak earned his medical and doctoral degrees from
Vanderbilt University School of Medicine in 2003 then completed his residency and post-doctoral research at the Harvard Radiation
Oncology Program in 2008. He has received research funding from multiple cancer research organizations including the National Institutes
of Health, the Susan G. Komen Foundation, and the Damon Runyon Cancer Research Foundation. Additionally, Dr. Kozak is co-founder
of Co-D Therapeutics, a company developing novel nanomedicines for cancer therapy. Dr. Kozak has numerous peer-reviewed publications,
patents, book-chapters, and invited lectures to his credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Chad J. Kolean</B><FONT STYLE="color: windowtext">.
<FONT STYLE="background-color: white">Mr. Kolean was appointed Vice President of Finance, Chief Financial Officer and Treasurer
of the Company in May 2014, and has over 25 years of experience in finance management. He most recently served as CFO and Treasurer
for Pioneer Surgical Technology, Inc., a global manufacturer and distributor of spinal, biological and orthopedic implants acquired
by RTI Biologics in July 2013. From 2010 until its merger in 2011 with Accuray, Inc., Mr. Kolean served as Corporate Controller
for TomoTherapy, Inc., a publicly traded global leader in developing and manufacturing innovative radiation oncology equipment.
From 2001 through 2008, Mr. Kolean held multiple leadership positions of increasing responsibility at Metavante Corporation, a
provider of banking and payments technologies and services to financial institutions, businesses and individual consumers worldwide.
He brings additional financial and operational leadership experience from companies including Snap-On Inc., Herman Miller and
Kaydon Corporation. Mr. Kolean began his career at Arthur Andersen LLP, where he practiced as a Certified Public Accountant. Mr.
Kolean earned his B.A. Business Administration and Finance from Hope College.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Stephen A. Hill</B>.&nbsp; Dr.
Hill has been a member of the Board of Directors since 2007, and served as its Chairman from 2007 until 2015. Dr. Hill was appointed
Chief Executive Officer of Faraday Pharmaceuticals, Inc. in September 2015. Dr. Hill was the President and CEO of Targacept Inc.
from December 2012 until the company merged with Catalyst Biosciences, Inc. in August 2015, and he remains a director of the new
company. Dr. Hill was the President and CEO of 21CB, a nonprofit initiative of UPMC designed to provide the United States government
with a domestic solution for its biodefense and infectious disease biologics portfolio, from March 2011 until December 2011. Dr.
Hill served as the President and Chief Executive Officer of Solvay Pharmaceuticals, Inc. from April 2008 until its acquisition
by Abbott Laboratories in 2010. Prior to joining Solvay, Dr. Hill had served as ArQule&rsquo;s President and Chief Executive Officer
since April 1999. Prior to his tenure at ArQule, Dr. Hill was the Head of Global Drug Development at F. Hoffmann-La Roche Ltd.
from 1997 to 1999. Dr. Hill joined Roche in 1989 as Medical Adviser to Roche Products in the United Kingdom. He held several senior
positions at Roche, including Medical Director where he was responsible for clinical trials of compounds across a broad range
of therapeutic areas, including CNS, HIV, cardiovascular, metabolic and oncology products. Subsequently, he served as Head of
International Drug Regulatory Affairs at Roche headquarters in Basel, Switzerland, where he led the regulatory submissions for
seven major new chemical entities. Dr. Hill also was a member of Roche&rsquo;s Portfolio Management, Research, Development and
Pharmaceutical Division Executive Boards. Prior to Roche, Dr. Hill served seven years with the National Health Service in the
United Kingdom in General and Orthopedic Surgery. Dr. Hill has served as the Chairman of the Board of Directors of Audeo Oncology,
Inc. since June 2012. Dr. Hill is a Fellow of the Royal College of Surgeons of England and holds his scientific and medical degrees
from St. Catherine&rsquo;s College at Oxford University. Dr. Hill currently chairs the Compensation Committee. Dr. Hill&rsquo;s
extensive experience in a broad range of senior management positions with companies in the life sciences sector make him a highly
qualified member of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>John Neis</B>.<B>&nbsp;</B> Mr.
Neis has served as a director of Cellectar since February 2008. Mr. Neis has been Managing Director of Venture Investors LLC since
1986 and heads the firm&rsquo;s Healthcare practice. He has over 23 years&rsquo; experience in the venture capital industry and
has served on the Board of Directors of numerous companies from formation through initial public offering or sale. Mr. Neis currently
serves on the Boards of Directors of Virent, Inc., Deltanoid Pharmaceuticals, Inc., and Inviragen, Inc. He is a former member
of the Boards of Directors of several firms including TomoTherapy, Third Wave Technologies (acquired by Hologic) and NimbleGen
Systems (acquired by Roche). Mr. Neis was appointed to the Board of the Wisconsin Technology Council and the Wisconsin Growth
Capital Coalition. He also serves on the advisory boards for the Business School, the Weinert Applied Ventures Program and Tandem
Press at the University of Wisconsin &ndash; Madison. Mr. Neis has a B.S. in Finance from the University of Utah, and a M.S. in
Marketing and Finance from the University of Wisconsin &ndash; Madison. He is a Chartered Financial Analyst. Mr. Neis chairs the
Audit Committee. Mr. Neis&rsquo; extensive experience leading emerging companies makes him a highly qualified member of the Board.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Stefan D. Loren</B>. Stefan D. Loren,
Ph.D. began serving as director of Cellectar in June 2015. Dr. Loren is a member of the Audit Committee and Chair of the Nominating
and Corporate Governance Committee. Dr. Loren is the founder of Loren Capital Strategy (LCS), a strategic investment firm focused
on life science companies. Most recently, he headed the life science practice of Westwicke Partners, a healthcare-focused consulting
firm. Prior to joining Westwicke, he worked as an Analyst/Portfolio Manager with Perceptive Advisors, a health care hedge fund,
and MTB Investment Advisors, a long-term oriented family of equity funds. His focus areas included biotechnology, specialty pharmaceuticals,
life science tools, and health care service companies. Prior to moving to the buy side, Dr. Loren was Managing Director, Health
Care Specialist/Desk Analyst for Legg Mason where he discovered, evaluated, and communicated investment opportunities in the health
care area to select clients. In addition, he assisted both advising management teams on strategic options. He started his Wall
Street career as a sell side analyst at Legg Mason covering biotechnology, specialty pharmaceuticals, life science tools, pharmaceuticals,
and chemistry outsourcing companies. In his research career, Dr. Loren was an early member of Abbott Laboratories Advanced Technologies
Division, analyzing and integrating new technological advances in Abbott&rsquo;s pharmaceutical research. Before industry, he was
a researcher at The Scripps Research Institute, working with Nobel Laureate K. Barry Sharpless on novel synthetic routes to chiral
drugs. Dr. Loren received a doctorate in Organic Chemistry from the University of California at Berkeley and an undergraduate degree
in Chemistry from UCSD. His scientific work has been featured in&nbsp;<I>Scientific American, Time, Newsweek,</I>&nbsp;and <I>Discover</I>,
as well as other periodicals and journals.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the close of business on March 31,
2016, there were 858,013 shares of our common stock outstanding. The following table provides information regarding beneficial
ownership of our common stock as of March 31, 2016 including shares and warrants on that date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Each person known by us to be the beneficial owner
                                         of more than five percent of our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Each of our directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Each executive officer named in the summary compensation
                                         table; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>All of our current directors and executive officers
                                         as a group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The address of each executive officer
and director is c/o Cellectar Biosciences, Inc., 3301 Agriculture Drive, Madison, WI 53716. The persons named in this table have
sole voting and investment power with respect to the shares listed, except as otherwise indicated. In these cases, the information
with respect to voting and investment power has been provided to us by the security holder. The identification of natural persons
having voting or investment power over securities held by a beneficial owner listed in the table below does not constitute an
admission of beneficial ownership of any such natural person. Shares included in the &ldquo;Right to Acquire&rdquo; column consist
of shares that may be purchased through the exercise of options or warrants that are exercisable within 60 days of March 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid">Name and Address of Beneficial Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Outstanding</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Right to Acquire</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Percentage</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; text-align: left; text-indent: -9pt; padding-left: 9pt">Greenway Properties Inc.<SUP>(1)</SUP><BR>
    4954 N. Shore Drive<BR> Egg Harbor, Wisconsin 54209</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">127,857</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">118,743</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">246,600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">25.24</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Venture Investors LLC<SUP>(2)</SUP><BR> University Technology
    Park<BR> 505 S. Rosa Road; Suite 201<BR> Madison, Wisconsin 53719</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.54</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Cormorant Asset Management&nbsp;<SUP>(3)</SUP><BR> 100
    High Street, Suite 1105<BR> Boston, MA 02110</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.63</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Hertzberg Family Trust<SUP>(4)</SUP><BR> 2637 Longboat
    Cove<BR> Del Mar, CA 92014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.49</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Austin W. Marxe/David M. Greenhouse/Adam C. Stettner&nbsp;<SUP>(5)</SUP><BR>
    527 Madison Avenue, Suite 2600<BR> New York, New York 10022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.05</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Sabby Management, LLC<SUP>(6)</SUP><BR> 10 Mountainview
    Road, Suite 205<BR> Upper Saddle River, NJ 07458</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.99</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Enso Ventures 2 Limited<SUP>(7)</SUP><BR> Suite C1,
    Hirzel Court<BR> St. Peter Port, Guernsey<BR> GY12NH</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,626</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.37</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Pine River Capital Management LP<SUP>(8)</SUP><BR> 601
    Carlson Parkway<BR> Suite 330<BR> Minnetonka, MN 55305</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.83</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">James Caruso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Chad Kolean</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Jamey Weichert<SUP>(9)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,533</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,582</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.03</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paul L. Berns</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Stephen A. Hill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">530</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stefan Loren</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>John Neis<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.54</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">All directors and officers as a group <BR> (7 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.95</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Shares in the &ldquo;Outstanding&rdquo; column include shares
                                         held by Jeffrey Straubel. Mr. Straubel is the President and principal owner of Greenway
                                         Properties, Inc. and has sole dispositive and voting power over shares held by Greenway
                                         Properties, Inc. Shares in the &ldquo;Right to Acquire&rdquo; column consist of shares
                                         of common stock issuable upon the exercise of warrants at exercise prices ranging from
                                         $28.30 to $250.00 per share expiring between March 1, 2016 and April 1, 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Consists of shares of common stock held by Venture Investors
                                         Early Stage Fund IV Limited Partnership and Advantage Capital Wisconsin Partners I, Limited
                                         Partnership. VIESF IV GP LLC is the general partner of Venture Investors Early Stage
                                         Fund IV Limited Partnership and Venture Investors LLC is the submanager and special limited
                                         partner of Advantage Capital Wisconsin Partners I, Limited Partnership. The investment
                                         decisions of VIESF IV GP LLC and Venture Investors LLC are made collectively by seven
                                         managers, including Mr. Neis. Each such manager and Mr. Neis disclaim such beneficial
                                         ownership except to the extent of his pecuniary interest therein. The address of Mr.
                                         Neis is c/o Venture Investors LLC, 505 South Rosa Road, #201, Madison, Wisconsin 53719.
                                         Shares in the &ldquo;Right to Acquire&rdquo; column consist of 49,221 shares of common
                                         stock issuable upon the exercise of warrants held by Venture Investors Early Stage Fund
                                         IV Limited and Advantage Capital Wisconsin Partners I, Limited Partnership and common
                                         stock issuable upon options to purchase 1,541 shares of common stock issued to Mr. Neis
                                         in his capacity as director.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Based on information contained in a report on Schedule 13G,
                                         filed with the Securities and Exchange Commission on September 2, 2014. Shares in the
                                         &ldquo;Outstanding&rdquo; column include 53,000 shares of common stock held by Cormorant
                                         Global Healthcare Master Fund, LP. Shares in the &ldquo;Right to Acquire&rdquo; column
                                         consist of 53,000 shares of common stock issuable upon the exercise of warrants held
                                         by Cormorant Global Healthcare Master Fund, LP. Cormorant Global Healthcare GP, LLC serves
                                         as the general partner of Cormorant Global Healthcare Master Fund, LP, and Cormorant
                                         Asset Management, LLC serves as the investment manager of Cormorant Global Healthcare
                                         Master Fund, LP. Bihua Chen serves as the managing member of Cormorant Global Healthcare
                                         GP, LLC and Cormorant Asset Management, LLC. Cormorant Global Healthcare Master Fund,
                                         LP, Cormorant Global Healthcare GP, LLC, Cormorant Asset Management, LLC, and Ms. Chen
                                         share dispositive and voting power of the shares of common stock beneficially owned by
                                         Cormorant Global Healthcare Master Fund, LP.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Shares in the &ldquo;Right to Acquire&rdquo; column consist
                                         of shares common stock issuable upon the exercise of warrants at exercise prices ranging
                                         from $46.80 to $120.00 per share, expiring between December 6, 2016 and August 20, 2019.
                                         Richard H. Hertzberg is the trustee of Hertzberg Family Trust and has sole dispositive
                                         and voting power for the shares held.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Based on information contained in a report on Schedule 13G,
                                         filed with the Securities and Exchange Commission on January 29, 2015 and a Form 4 filed
                                         with the Securities and Exchange Commission on January 4, 2016. Shares in the &ldquo;Right
                                         to Acquire&rdquo; column include 17,900 shares of common stock issuable upon the exercise
                                         of warrants owned by Special Situations Cayman Fund, L.P., 53,700 shares of common stock
                                         issuable upon the exercise of warrants owned by Special Situations Fund III QP, L.P.,
                                         and 35,000 shares of common stock issuable upon the exercise of warrants owned by Special
                                         Situations Life Sciences Fund, L.P. Austin W. Marxe, David M. Greenhouse and Adam C.
                                         Stettner are members of SSCayman LLC, the general partner of Special Situations Cayman
                                         Fund, L.P., controlling principals of AWM Investment Company, Inc., the general partner
                                         of MGP Advisers Limited Partnership, the general partner of Special Situations Fund III
                                         QP, L.P., and members of LS Advisers LILAC., the general partner of Special Situations
                                         Life Sciences Fund, L.P. AWM Investment Company, Inc. serves as the investment adviser
                                         to of Special Situations Cayman Fund, L.P., Special Situations Fund III QP, L.P. and
                                         Special Situations Life Sciences Fund, L.P. Messrs. Marxe, Greenhouse and Stettner share
                                         sole voting and investment power of the shares of common stock beneficially owned by
                                         Special Situations Cayman Fund, L.P., Special Situations Fund III QP, L.P. and Special
                                         Situations Life Sciences Fund, L.P.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>Based on information contained in a report on Schedule 13G,
                                         filed with the Securities and Exchange Commission on January 12, 2015 and our current
                                         report on Form 8-K filed with the Securities and Exchange Commission on September&nbsp;30,
                                         2015. Consists of shares held by Sabby Healthcare Volatility Master Fund. Ltd. and Sabby
                                         Volatility Warrant Master Fund, Ltd. Sabby Management, LLC shares voting and investment
                                         power with respect to these shares on behalf of this stockholder. As manager of Sabby
                                         Management, LLC, Hal Mintz also shares voting and investment power on behalf of this
                                         stockholder. Each of Sabby Management, LLC and Hal Mintz disclaim beneficial ownership
                                         over the securities owned except to the extent of their pecuniary interest therein. Sabby
                                         Management LLC beneficially owns warrants to purchase 153,425 shares of common stock
                                         at exercise prices ranging from $22.00 per share to $250.00 per share expiring between
                                         June 13, 2017 and August 20, 2019. Also includes (i) Series A Warrants to purchase 42,424
                                         shares of common stock exercisable within 60 days of October 1, 2015, and Series B Pre
                                         - Funded Warrants to purchase 16,091 shares of our common stock exercisable within 60
                                         days of October 1, 2015 purchased by Sabby Healthcare Master Fund, Ltd., in our October
                                         2015 offering, and (ii) Series A Warrants to purchase 21,212 shares of our common stock
                                         within 60 days of October 1, 2015, and Series B Pre-Funded Warrants to purchase 8,045
                                         shares of our common stock exercisable within 60 days of October 1, 2015 purchased by
                                         Sabby Volatility Warrant Master Fund, Ltd. in our October 2015 offering. All such warrants
                                         provide that the number of shares of common stock to be obtained by each of the holders
                                         upon exercise cannot exceed the number of shares that, when combined with all other shares
                                         of our common stock and securities beneficially owned by them, would result in them owning
                                         more than 9.99% of our outstanding common stock, provided, however that this limitation
                                         may be revoked by the stockholder upon 61 days prior notice to us. Due to this limitation
                                         all such warrants to purchase shares of common stock have been omitted from the shares
                                         in the &ldquo;Right to Acquire&rdquo; column of this table.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>Shares in the &ldquo;Right to Acquire&rdquo; column consist
                                         of shares of common stock issuable upon the exercise of warrants at exercise prices ranging
                                         from $46.80 to $250.00 per share expiring between December 6, 2016 and August 20, 2019.
                                         Interlock Director Ltd. has sole dispositive and voting power over shares held by Enso
                                         Ventures 2 Limited. Interlock Director Ltd. exercises such power through a combination
                                         of two directors of Albecq Directors Limited. The Albecq directors consist of the following
                                         individuals: Marianne Domaille, Michael Underdown and Michael Kupenga.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>Based on information contained in a report on Schedule 13F,
                                         filed with the Securities and Exchange Commission on February 16, 2016.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD>Dr. Weichert serves as a director and our Chief Scientific
                                         Officer. The shares beneficially owned by him have been included in the total of directors
                                         and officers as a group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not have a written policy for
the review, approval or ratification of transactions with related parties or conflicted transactions.&nbsp; When such transactions
arise, they are referred to the Audit Committee for consideration or referred to the Board of Directors for its consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">One of our directors, John Neis, is a managing
director of Venture Investors LLC, which beneficially owns approximately 7.4% of our outstanding common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Jamey Weichert, our Chief Scientific
Officer and principal founder of Cellectar, Inc., and a director and stockholder of the Company, is a faculty member at the University
of Wisconsin-Madison (&ldquo;UW&rdquo;). During 2015 the Company incurred approximately $178,000 in expenses from UW for costs
associated with clinical trial agreements. During 2014 the Company incurred approximately $290,000 in expenses from UW which was
also related to the costs associated with clinical trial agreements. The Company had accrued liabilities to UW of approximately
$40,000 and $353,000 as of December 31, 2015 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><B>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have entered
into an underwriting agreement dated April 15, 2016, with Ladenburg Thalmann &amp; Co. Inc., as the representative of
the underwriters (the &ldquo;representative&rdquo;) named below and the sole book-running manager of this offering. Subject to
the terms and conditions of the underwriting agreement, the underwriters have agreed to purchase the number of our securities
set forth opposite its name below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriter</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHARES</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Series
    B </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>WARRANTS</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Series
    </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A </FONT></B><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WARRANTS</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladenburg Thalmann &amp;
    Co. Inc.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">1,378,364</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">1,908,021</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">3,286,385</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">1,378,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">1,908,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">3,286,385</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A copy of the underwriting
agreement has been filed as an exhibit to the registration statement of which this prospectus is part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have been
advised by the underwriters that they propose to offer the shares and warrants directly to the public at the public offering
price set forth on the cover page of this prospectus. Any securities sold by the underwriters to securities dealers will be
sold at the public offering price less a selling concession not in excess of $0.09585 of fixed combination of one share and
one warrant per unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriting agreement
provides that the underwriters&rsquo; obligation to purchase the securities we are offering is subject to conditions contained
in the underwriting agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No action has been
taken by us or the underwriters that would permit a public offering of the shares and warrants to in any jurisdiction where action
for that purpose is required. None of our securities included in this offering may be offered or sold, directly or indirectly,
nor may this prospectus or any other offering material or advertisements in connection with the offer and sales of any of the securities
offering hereby be distributed or published in any jurisdiction, except under circumstances that will result in compliance with
the applicable rules and regulations of that jurisdiction. Persons who receive this prospectus are advised to inform themselves
about and to observe any restrictions relating to this offering of securities and the distribution of this prospectus. This prospectus
is neither an offer to sell nor a solicitation of any offer to buy the shares and warrants in any jurisdiction where that would
not be permitted or legal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriters have
advised us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriting Discount and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the underwriting
discount and commission to be paid to the underwriters by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Per Share</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center">Per Series B <BR>
    Warrant</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Per Series A<BR>
    Warrant</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt">Public offering price</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.12</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.11</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.01</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,980,919.84</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Underwriting discount to be paid to
    the underwriters by us (7.5%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.159</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$&nbsp;<BR></TD><TD STYLE="font-size: 10pt; text-align: right">0.15825</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.00075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$&nbsp;<BR></TD><TD STYLE="font-size: 10pt; text-align: right">523,568.99</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds to us (before expenses)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.961</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.95175</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.00925</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,457,350.85</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate the total expenses
payable by us for this offering to be approximately $751,000, which amount includes (i) the underwriting discount of
$523,568.99 ($602,318.87 if the underwriters&rsquo; over-allotment option is exercised in full), (ii) reimbursement of the
accountable expenses of the representative equal to $65,000, including the legal fees of the representative being paid by us,
and (iii) other estimated company expenses of approximately $162,000 which includes legal, accounting, printing costs and
various fees associated with the registration and listing of our shares. In no event will the aggregated expenses of the
representative reimbursed exceed $65,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The securities we are offering are being
offered by the underwriters subject to certain conditions specified in the underwriting agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Over-allotment Option</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have granted to the underwriters
an option, exercisable not later than 45 days after the date of this prospectus, to purchase up to a number of additional shares
of common stock equal to 15% of the number of shares of common stock sold in the primary offering (including for such purpose shares
underlying the Series B pre-funded warrants) and/or up to a number of additional warrants to purchase shares of common stock equal
to 15% of the number of warrants sold in the primary offering. Any shares so purchased shall be sold at a price per share equal
to the public offering price, less the underwriting discount. Any warrants so purchased shall be sold at a price per warrant of
$0.01, less the underwriting discount. The underwriters may exercise the option solely to cover over-allotments, if any, made
in connection with this offering. If any additional shares of common stock and/or warrants are purchased pursuant to the over-allotment
option, the underwriters will offer these shares of common stock and/or warrants on the same terms as those on which the other
securities are being offered hereby. The over-allotment option may be used to purchase shares of common stock, or warrants, or
any combination thereof, as determined by the representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Determination of Offering Price</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common stock is
currently traded on the Nasdaq Capital Market under the symbol &ldquo;CLRB.&rdquo; On April 8, 2016, the closing price of our
common stock was $3.60 per share. We  have applied for the listing of the Series A warrants offered hereby on the NASDAQ
Capital Market and will use our best efforts to have that listing effective on or before the closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The public offering price of the securities
offered by this prospectus will be determined by negotiation between us and the underwriters. Among the factors considered in determining
the public offering price of the shares were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our history and our prospects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the industry in which we operate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our past and present operating results</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the previous experience of our executive officers;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the general condition of the securities markets at
                                         the time of this offering</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The offering price stated on the cover
page of this prospectus should not be considered an indication of the actual value of the units. That price is subject to change
as a result of market conditions and other factors, and we cannot assure you that the units can be resold at or above the public
offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lock-up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our officers and directors have agreed
with the representative to be subject to a lock-up period of 90 days following the date of this prospectus. This means that, during
the applicable lock-up period, such persons may not offer for sale, contract to sell, sell, distribute, grant any option, right
or warrant to purchase, pledge, hypothecate or otherwise dispose of, directly or indirectly, any shares of our common stock or
any securities convertible into, or exercisable or exchangeable for, shares of our common stock. Certain limited transfers are
permitted during the lock-up period if the transferee agrees to these lock-up restrictions. We have also agreed, in the underwriting
agreement, to similar lock-up restrictions on the issuance and sale of our securities for 90 days following the closing of this
offering, although we will be permitted to issue stock options or stock awards to directors, officers and employees under our
existing plans. The lock-up period is subject to an additional extension to accommodate for our reports of financial results or
material news releases. The representative may, in its sole discretion and without notice, waive the terms of any of these lock-up
agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Other Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Upon completion
of this offering, we have granted the underwriter a right of first refusal to act as lead or co-lead underwriter or placement
agent in connection with any subsequent public or private offering of equity securities or other capital markets financing by
us. This right of first refusal extends for twelve months from the effective date of this registration statement. The terms of
any such engagement of the underwriter will be determined by separate agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The transfer agent and registrar for our
common stock is American Stock Transfer and Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stabilization, Short Positions and Penalty Bids</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters may engage in syndicate
covering transactions, stabilizing transactions and penalty bids or purchases for the purpose of pegging, fixing or maintaining
the price of our common stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Syndicate covering transactions involve purchases of
                                         securities in the open market after the distribution has been completed in order to cover
                                         syndicate short positions. Such a naked short position would be closed out by buying
                                         securities in the open market. A naked short position is more likely to be created if
                                         the underwriters are concerned that there could be downward pressure on the price of
                                         the securities in the open market after pricing that could adversely affect investors
                                         who purchase in the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Stabilizing transactions permit bids to purchase the
                                         underlying security so long as the stabilizing bids do not exceed a specific maximum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Penalty bids permit the underwriters to reclaim a selling
                                         concession from a syndicate member when the securities originally sold by the syndicate
                                         member are purchased in a stabilizing or syndicate covering transaction to cover syndicate
                                         short positions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These syndicate covering transactions,
stabilizing transactions and penalty bids may have the effect of raising or maintaining the market prices of our securities or
preventing or retarding a decline in the market prices of our securities. As a result, the price of our common stock may be higher
than the price that might otherwise exist in the open market. Neither we nor the underwriters make any representation or prediction
as to the effect that the transactions described above may have on the price of our common stock. These transactions may be effected
on The Nasdaq Capital Market, in the over-the-counter market or on any other trading market and, if commenced, may be discontinued
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering, the underwriters
also may engage in passive market making transactions in our common stock in accordance with Regulation M during a period before
the commencement of offers or sales of shares of our common stock in this offering and extending through the completion of the
distribution. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for
that security. However, if all independent bids are lowered below the passive market maker&rsquo;s bid, that bid must then be lowered
when specific purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above
that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the underwriters make any
representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the
prices of our securities. In addition, neither we nor the underwriters make any representation that the underwriters will engage
in these transactions or that any transactions, once commenced, will not be discontinued without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify the underwriters
and selected dealers against certain liabilities, including certain liabilities arising under the Securities Act, or to contribute
to payments that the underwriters or selected dealers may be required to make for these liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following summary description of
our common stock is based on the provisions of our Second Amended and Restated Certificate of Incorporation, as amended, which
we refer to as our certificate of incorporation or charter, our by-laws, and the applicable provisions of the Delaware General
Corporation Law, which we refer to as the DGCL. This description may not contain all of the information that is important to you
and is subject to, and is qualified in its entirety by reference to our certificate of incorporation, our by-laws and the applicable
provisions of the DGCL. For information on how to obtain copies of our certificate of incorporation and by-laws, see &ldquo;Where
You Can Find More Information.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized and Outstanding Capital Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our authorized capital stock
consists of 40,000,000 shares of common stock, $0.00001 par value per share and 7,000 shares of preferred stock, $0.00001 par
value per share. Our certificate of incorporation authorizes us to issue shares of our preferred stock from time to time in
one or more series without stockholder approval, each such series to have rights and preferences, including voting rights,
dividend rights, conversion rights, redemption privileges and liquidation preferences as our board of directors may
determine. The rights of the holders of common stock will be subject to, and may be adversely affected by, the rights of
holders of any preferred stock that we may issue in the future. The issuance of preferred stock, while providing desirable
flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more
difficult for others to acquire, or of discouraging others from attempting to acquire, a majority of our outstanding voting
stock. In connection with the Warrant Restructuring, and subject to the approval of our stockholders, our board of directors
will designate approximately 110 shares of our authorized but undesignated shares of preferred stock as Series  Z Convertible
Preferred Stock. We currently have no other plans to designate or issue any shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of March 31, 2016, we had 858,013
shares of common stock outstanding and no shares of preferred stock outstanding. All outstanding shares of our common stock are
duly authorized, validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Voting.</I>&nbsp;Holders of our common
stock are entitled to one vote per share held of record on all matters to be voted upon by our stockholders. Our common stock does
not have cumulative voting rights. Persons who hold a majority of the outstanding common stock entitled to vote on the election
of directors can elect all of the directors who are eligible for election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Dividends.&nbsp;</I>Subject to preferences
that may be applicable to the holders of any outstanding shares of our preferred stock, the holders of our common stock are entitled
to receive such lawful dividends as may be declared by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Liquidation and Dissolution.&nbsp;</I>In
the event of our liquidation, dissolution or winding up, and subject to the rights of the holders of any outstanding shares of
our preferred stock, the holders of shares of our common stock will be entitled to receive pro rata all of our remaining assets
available for distribution to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Other Rights and Restrictions.&nbsp;</I>Our
charter prohibits us from granting preemptive rights to any of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently have not designated
any series of preferred stock and have no shares of preferred stock issued and outstanding. In connection with the Warrant
Restructuring, we intend to designate shares having an aggregate stated value of approximately $1,062,000 of Series   Z
Convertible Preferred Stock and issue them in exchange for currently outstanding October 2015 Pre-Funded Warrants. The
following is a summary of the material terms of the Series   Z Convertible Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Voting</I>. Except as
otherwise required by law, the Series  Z Preferred Stock will have no voting rights. However, as long as any shares of Series
Z Preferred Stock are outstanding, we may not, without the affirmative vote of the holders of a majority of the then
outstanding shares of Series  Z Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the
Series   Z Preferred Stock or alter or amend Certificate of Designation relating to the Series   Z Preferred Stock, (b)
amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the
Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect to any
of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Dividends</I>. Except for stock
dividends or distributions for which adjustments are to be made to the conversion rate of the Series   Z Preferred
Stock, holders of Series   Z Preferred Stock will be entitled to receive, and we will be required to pay, dividends
on shares of Series   Z Preferred Stock equal (on an as-if-converted-to-common-stock basis without regard to
conversion limitations) to and in the same form as dividends actually paid on shares of the common stock when, as and if such
dividends are paid on shares of the common stock. No other dividends shall be paid on shares of Series  Z Preferred
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Liquidation.</I> Upon our liquidation,
dissolution or winding-up, whether voluntary or involuntary, the holders of the Series   Z Preferred Stock shall
be entitled to receive out of our assets, whether capital or surplus, the same amount that a holder of common stock would receive
if the Series  Z Preferred Stock were fully converted (disregarding for such purposes any conversion limitations)
to common stock which amounts shall be paid <I>pari passu</I> with all holders of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Conversion.</I> Each share
of Series  Z Preferred Stock shall be convertible, at any time and from time to time from at the option of the holder
thereof, into that number of shares of common stock determined by dividing the stated value of such share of Series  Z
Preferred Stock by then-effective conversion price. The initial stated value of one share of Series  Z Preferred Stock is
$10,000.00 and the initial conversion price will be equal to the public offering price per share of the common stock offered
pursuant to this prospectus as adjusted for any subsequent equity issuance at less than the then-effective exercise price of
the 2015 Pre-Funded Warrants being exchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The number of shares of common stock
underlying the Series   Z Preferred Stock is subject to adjustment due to stock dividends and splits. In addition,
if we issue shares of stock at a purchase price, which we refer to as the dilutive price, less than the then-effective conversion
price, the conversion price shall be adjusted to equal the dilutive price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Conversion Limitation</I>. A holder
will not have the right to convert any shares of Series  Z Preferred Stock if the holder (together with its
affiliates) would beneficially own in excess of 4.99% of the number of shares of our common stock outstanding immediately after
giving effect to the conversion, as such percentage ownership is determined in accordance with the terms of the Series   Z
Preferred Stock certificate of designation. However, any holder may increase or decrease such percentage to any other percentage,
but in no event above 9.99%, provided that any increase of such percentage will not be effective until 61 days after notice of
such increase from the holder to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Exchange Listing</I>. We do not
plan on applying to list the Series   Z Preferred Stock on the Nasdaq Capital Market, any other national securities
exchange or any other nationally recognized trading system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Fundamental Transactions</I>. In
the event of a fundamental transaction, as described in the Series  Z Preferred Stock certificate of designation
and generally including any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other
disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person,
the acquisition of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of 50%
of the voting power represented by our outstanding common stock, the holders of the Series   Z Preferred Stock
will be entitled to receive upon exercise of the Series   Z Preferred Stock the kind and amount of securities,
cash or other property that the holders would have received had they exercised the Series  Z Preferred Stock
immediately prior to such fundamental transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants to be Issued as Part of this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The warrants offered in this offering
will be issued in one of the forms filed as an exhibit to the registration statement of which this prospectus is a part. You should
review a copy of each form of warrant for a complete description of the terms and conditions applicable to the warrants. The following
is a brief summary of the warrants and is subject in all respects to the provisions contained in the form of warrant. Pursuant
to a warrant agency agreement between us and American Stock Transfer and Trust Company, as warrant agent, the warrants will be
issued in book-entry form and shall initially be represented by one or more book-entry certificates deposited with The Depository
Trust Company, or DTC, and registered in the name of Cede &amp; Co., a nominee of DTC, or as otherwise directed by DTC. The warrants
will be issued in two series. We have applied for the listing of the Series A warrants offered hereby on the NASDAQ Capital Market
and will use our best efforts to have that listing effective on or before the closing. We do not plan on applying to list the
Series B warrants on the Nasdaq Capital Market, any other national securities exchange or any other nationally recognized trading
system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No fractional shares of common stock
will be issued in connection with the exercise of a Series A warrant or Series B warrant. In lieu of fractional shares, we will
pay the holder an amount in cash equal to the fractional amount multiplied by the market value of a share of common stock. A warrant
may be transferred by a holder, upon surrender of the warrant, properly endorsed (by the holder executing an assignment in the
form attached to the warrant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>UNLESS OTHERWISE A HOLDER OF
OUR COMMON STOCK, THE HOLDER OF A SERIES A WARRANT OR A SERIES B WARRANT WILL NOT POSSESS ANY RIGHTS AS A STOCKHOLDER UNDER
THAT WARRANT UNTIL THE HOLDER EXERCISES THE WARRANT. THE WARRANTS MAY BE TRANSFERRED INDEPENDENT OF THE COMMON STOCK WITH
WHICH THEY WERE ISSUED, SUBJECT TO APPLICABLE LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0"><I>Series A Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Series A warrant represents the
right to purchase one share of common stock at an exercise price equal to $3.04, subject to adjustment as
described below. Each warrant may be exercised on or after the closing date of this offering through and including the close of
business on the fifth anniversary of the date of issuance. Each warrant will have a cashless exercise right in the event that
the shares of common stock underlying such warrants are not covered by an effective registration statement at the time of such
exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Series A warrants are callable
by us in certain circumstances. Subject to certain exceptions, in the event that while the warrants are outstanding and following,
(i) the volume weighted average price of our common stock for each of 30 consecutive trading days (the &ldquo;Measurement Period&rdquo;)
exceeds 250% of initial Exercise Price (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends
and similar transactions), (ii) the average daily trading volume for such Measurement Period exceeds $300,000 per trading day
and (iii) the holder is not in possession of any information that constitutes or might constitute, material non-public information
which was provided by the Company, then we may, within 1 trading day of the end of such Measurement Period, upon notice (a &ldquo;Call
Notice&rdquo;), call for cancellation of all or any portion of the Series A warrants for which a notice of exercise has not yet
been delivered (a &ldquo;Call&rdquo;) for consideration equal to $0.001 per share. Any portion of a Series A warrant subject to
such Call Notice for which a notice of exercise shall not have been received by the Call Date (as hereinafter defined) will be
canceled at 6:30 p.m. (New York City time) on the tenth trading day after the date the Call Notice is sent by the Company (such
date and time, the &ldquo;Call Date&rdquo;). Our right to Call the Series A warrants shall be exercised ratably among the holders
based on each holder's initial purchase of warrants from us.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The exercise price and the number of
shares underlying the Series A warrants are subject to appropriate adjustment in the event of stock splits, stock dividends on
our common stock, stock combinations or similar events affecting our common stock. In addition, in the event we consummate a merger
or consolidation with or into another person or other reorganization event in which our common shares are converted or exchange
for securities, cash or other property, or we sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of our assets or we or another person acquire 50% or more of our outstanding common shares, then following such event, the
holders of the warrants will be entitled to receive upon exercise of the warrants the same kind and amount of securities, cash
or property which the holders would have received had they exercised the warrants immediately prior to such fundamental transaction.
Any successor to us or surviving entity shall assume the obligations under the warrants. Further, as more fully described in the
warrants, in the event of certain fundamental transactions that are all cash or involve a going private transaction, the holders
of the warrants will be entitled to receive an amount equal to the Black-Scholes value of the warrants as of the date of such
transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Series A warrants are not exercisable
by their holder to the extent (but only to the extent) that such holder or any of its affiliates would beneficially own in excess
of 4.99% subject to increase to 9.99% of our common stock. A purchaser of Series A warrants may request that this provision be
removed from the warrant prior to issuance. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Amendments and waivers of the terms
of the Series A warrants require the written consent of the holder of such warrant and us.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Series B Pre-Funded Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Series B warrants will
be issued to such investors who choose to purchase pre-funded warrants in lieu of common stock in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Series B warrants
are exercisable at any time after their original issuance. The Series B warrants will be exercisable, at the option of each
holder, in whole or in part by delivering a duly executed exercise notice together with the exercise price of $.01 per share. No fractional shares of common stock will be
issued in connection with the exercise of a  Series B warrant. The number of shares of common stock underlying the
Series B warrants are subject to adjustment due to stock dividends and splits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A holder will not have the right to
exercise any portion of a Series B warrant if the holder (together with its affiliates) would beneficially own in excess
of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage
ownership is determined in accordance with the terms of the pre-funded warrants. However, any holder may increase or decrease
such percentage to any other percentage, but in no event above 9.99%, provided that any increase of such percentage will not be
effective until 61 days after notice of such increase from the holder to us.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of a fundamental transaction,
as described in the Series B pre-funded warrants and generally including any reorganization, recapitalization or reclassification
of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation
or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group
becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the holders of the pre-funded
warrants will be entitled to receive upon exercise of the pre-funded warrants the kind and amount of securities, cash or other
property that the holders would have received had they exercised the Series B pre-funded warrants immediately prior to such fundamental
transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Effect of Certain Charter and By-Law Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Provisions of our charter and our by-laws
could make it more difficult to acquire us by means of a merger, tender offer, proxy contest, open market purchases, removal of
incumbent directors and otherwise. These provisions, which are summarized below, are expected to discourage types of coercive takeover
practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to first negotiate with us. We
believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or
unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging takeover or acquisition proposals
because negotiation of these proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Authorized but Unissued Stock</I>. We
have shares of common stock and preferred stock available for future issuance, in some cases, without stockholder approval. We
may issue these additional shares for a variety of corporate purposes, including public offerings to raise additional capital,
corporate acquisitions, stock dividends on our capital stock or equity compensation plans. The existence of unissued and unreserved
common stock and preferred stock may enable our board of directors to issue shares to persons friendly to current management or
to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control of us,
thereby protecting the continuity of our management. In addition, if we issue preferred stock, the issuance could adversely affect
the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon
liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Amendments to By-laws</I>. Our certificate
of incorporation and by-laws authorize the Board to amend, repeal, alter or rescind the by-laws at any time without stockholder
approval. Allowing the Board to amend our by-laws without stockholder approval enhances Board control over our by-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Classification of Board; Removal of
Directors; Vacancies.</I>&nbsp;Our certificate of incorporation provide for the division of the Board into three classes as nearly
equal in size as possible with staggered three-year terms; that directors may be removed only for cause by the affirmative vote
of the holders of two-thirds of our shares of capital stock entitled to vote; and that any vacancy on the Board, however occurring,
including a vacancy resulting from an enlargement of the board, may be filled only by the vote of a majority of the directors then
in office. The limitations on the removal of directors and the filling of vacancies could have the effect of making it more difficult
for a third party to acquire, or of discouraging a third party from acquiring, control of us. Our certificate of incorporation
requires the affirmative vote of the holders of at least 75% of our shares of capital stock issued and outstanding and entitled
to vote to amend or repeal any of these provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Notice Periods for Stockholder Meetings</I>.
Our by-laws provide that for business to be brought by a stockholder before an annual meeting of stockholders, the stockholder
must give written notice to the corporation not less than 90 nor more than 120 days prior to the one year anniversary of the date
of the annual meeting of stockholders of the previous year; provided, however, that in the event that the annual meeting of stockholders
is called for a date that is not within 30 days before or after such anniversary date, notice by the stockholder must be received
not later than the close of business on the tenth day following the day on which the corporation's notice of the date of the meeting
is first given or made to the stockholders or disclosed to the general public, whichever occurs first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Stockholder Action; Special Meetings</I>.
Our certificate of incorporation provides that stockholder action may not be taken by written action in lieu of a meeting and provides
special meetings of the stockholders may only be called by our president or by our Board. These provisions could have the effect
of delaying until the next stockholders' meeting stockholder actions that are favored by the holders of a majority of our outstanding
voting securities. These provisions may also discourage another person or entity from making a tender offer for our common stock,
because that person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action
as a stockholder only at a duly called stockholders' meeting, and not by written consent. Our certificate of incorporation requires
the affirmative vote of the holders of at least 75% of our shares of capital stock issued and outstanding and entitled to vote
to amend or repeal the provisions relating to prohibition on action by written consent and the calling of a special meeting of
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Nominations</I>. Our by-laws provide
that nominations for election of directors may be made only by (i) the Board or a committee appointed by the Board; or (ii) a stockholder
entitled to vote on director election, if the stockholder provides notice to the Secretary of the Corporation presented not less
than 90 days nor more than 120 days prior to the anniversary of the last annual meeting (subject to the limited exceptions set
forth in the bylaws). These provisions may deter takeovers by requiring that any stockholder wishing to conduct a proxy contest
have its position solidified well in advance of the meeting at which directors are to be elected and by providing the incumbent
Board with sufficient notice to allow them to put an election strategy in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NASDAQ Capital Market Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common stock is listed for trading
and quotation on the NASDAQ Capital Market under the trading symbol &ldquo;CLRB.&rdquo; Certain warrants to purchase shares of
our common stock expiring on August 20, 2019 are also listed on the NASDAQ Capital market under the trading symbol &ldquo;CLRBW.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On August 14, 2015 we received a notice
from NASDAQ of non-compliance with its continuing listing rules, namely that our stockholders&rsquo; equity at June 30, 2015 of
$2,373,371, as reported in our Form 10-Q for the quarter then ended, was less than $2,500,000 minimum. We did not satisfy the
terms of a compliance plan approved by NASDAQ. On February 11, 2016, NASDAQ issued a second notice of noncompliance. The failure
to meet continuing compliance standards subjects our common stock to delisting. At a hearing on March 31, 2016, the Company requested,
and <FONT STYLE="text-transform: uppercase">Nasdaq</FONT> subsequently granted, an extension of time to effect transactions to
allow us to regain compliance and to report the same. There can be no assurance that we will be able to effect such transactions
on a timely basis or at all. The delisting of our common stock from NASDAQ may make it more difficult for us to raise capital
on favorable terms in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On January 21, 2016 we received a notice
from NASDAQ of non-compliance with its listing rules regarding the requirement that the listed securities maintain a minimum bid
price of $1 per share. On March 4, 2016, the Company effected a reverse stock split at a ratio of 1-for-10, and on March 21, 2016,
Nasdaq notified the Company that we had regained compliance with the minimum bid price requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The transfer agent and registrar for our
common stock is American Stock Transfer and Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>DISCLOSURE OF COMMISSION POSITION ON
</B><BR>
<B>INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our charter contains provisions to indemnify
our directors and officers to the maximum extent permitted by Delaware law. We believe that indemnification under our charter covers
at least negligence on the part of an indemnified person. Our charter permits us to advance expenses incurred by an indemnified
person in connection with the defense of any action or proceeding arising out of the person&rsquo;s status or service as our director,
officer, employee or other agent upon an undertaking by the person to repay those advances if it is ultimately determined that
the person is not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_015"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a reporting company and file annual,
quarterly and special reports, and other information with the Securities and Exchange Commission. Copies of the reports and other
information may be read and copied at the SEC&rsquo;s Public Reference Room at 100 F Street NE, Washington, D.C. 20549. You can
request copies of such documents by writing to the SEC and paying a fee for the copying cost. You may obtain information on the
operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains a web site at <I>http://www.sec.gov</I>
that contains reports, proxy and information statements and other information regarding registrants that file electronically with
the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration
statement on Form S-1 that we filed with the SEC. Certain information in the registration statement has been omitted from this
prospectus in accordance with the rules and regulations of the SEC. We have also filed exhibits and schedules with the registration
statement that are excluded from this prospectus. For further information you may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>read a copy of the registration statement, including
                                         the exhibits and schedules, without charge at the SEC&rsquo;s Public Reference Room;
                                         or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>obtain a copy from the SEC upon payment of the fees
                                         prescribed by the SEC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of the securities being offered
by this prospectus has been passed upon for us by Foley Hoag LLP, Boston, Massachusetts. Ellenoff Grossman &amp; Schole LLP, New
York, New York, is acting as counsel to the underwriters in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_017"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The financial statements incorporated
by reference in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance
upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in
accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_018"></A><B>INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Securities and Exchange Commission
allows us to &ldquo;incorporate by reference&rdquo; information into this prospectus. This means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The information incorporated by reference
is considered to be a part of this prospectus, except for any information that is superseded by other information that is included
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We incorporate by reference into this
prospectus the following document, which we have previously filed with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Annual Report on Form 10-K for the fiscal year
                                         ended December 31, 2015, filed with the SEC on March 11, 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Definitive Proxy Statement on Schedule 14A for a special meeting of stockholders, filed
                                         with the SEC on January 7, 2016;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Report on Form 8-K dated January 21, 2016, filed with the SEC on January 6, 2016;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Report on Form 8-K dated February 8, 2016, filed with the SEC on February 11,
                                         2016;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Report on Form 8-K dated February 11, 2016, filed with the SEC on February 17,
                                         2016;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Report on Form 8-K dated March 4, 2016, filed with the SEC on March 4, 2016;
                                         </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Report on Form 8-K dated March 11, 2016, filed with the SEC on March 17, 2016; and</FONT></TD></TR>                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&bull;</TD><TD>our Current Report on Form 8-K dated April 14, 2016, filed with the SEC on April 14, 2016.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, all documents subsequently
filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the termination
of the offering shall be deemed to be incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should rely only on the information
contained in this prospectus, as updated and supplemented by any prospectus supplement, or that information to which this prospectus
or any prospectus supplement has referred you by reference. We have not authorized anyone to provide you with any additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to
the extent that a statement contained herein modifies or supersedes such statement. Any statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may request and obtain a copy of any
of the filings incorporated herein by reference, at no cost, by writing or telephoning us at the following address or phone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cellectar Biosciences, Inc., 3301 Agriculture
Drive, Madison, WI 53716, Attention: Chief Financial Officer (608)&nbsp;441-8120.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_019"></A><B>GLOSSARY OF CERTAIN SCIENTIFIC TERMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Cytotoxic</I></B> &nbsp;&mdash;&nbsp;Cytotoxicity
is the quality of being toxic to cells (i.e. cell-killing). Many cancer chemotherapeutic drugs are cytotoxic to cancer cells (and,
to some extent, normal cells) thus resulting in unwanted side-effects e.g. nausea/vomiting, hair loss, suppression of the immune
system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Dosimetry</I></B> &nbsp;&mdash;&nbsp;Radiation
dosimetry is the calculation of absorbed dose and optimization of dose delivery in radiation therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Lipid Rafts</I></B> &nbsp;&mdash;&nbsp;Specialized
regions of the membrane phospholipid bilayer that contain high concentrations of cholesterol and sphingolipids and serve to organize
cell surface and intracellular signaling molecules (e.g. growth factor and cytokine receptors, the phosphatidylinositol 3-kinase
(P13K)/Akt survival pathway).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Radiolabeled</I></B> &nbsp;&mdash;&nbsp;Refers
to a molecule containing a radioisotope as a part of its structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Radioisotope</I></B> &nbsp;&mdash;&nbsp;Also
referred to as radioactive isotopes or radionuclides. These are variants of atoms of particular chemical elements (e.g. iodine)
with an unstable nucleus that can undergo radioactive decay during which ionizing radiation (e.g. gamma rays, subatomic particles)
is emitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Uptake</I></B> &nbsp;&mdash;&nbsp;An
act of taking in or absorbing, especially into a living organism, tissue or cell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Xenograft</I></B> &nbsp;&mdash;&nbsp;Tissue,
organs or cells from an individual of one species transplanted into or grafted onto an individual of another species.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,378,364  Shares of Common
Stock, Pre-Funded Warrants to Purchase 1,908,021 Shares of Common Stock and<BR>
Warrants to Purchase 3,286,385 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LADENBURG THALMANN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Through and including May
10, 2016 (the 25<SUP>th</SUP> day after the date of this offering), all dealers effecting transactions in these securities,
whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer&rsquo;s
obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 2.25pt; border-top: black 2.25pt solid; border-bottom: black 2.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
<!-- Field: Page; Sequence: 54; Options: NewSection Last; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
