<SEC-DOCUMENT>0001144204-17-052051.txt : 20171011
<SEC-HEADER>0001144204-17-052051.hdr.sgml : 20171011
<ACCEPTANCE-DATETIME>20171011164443
ACCESSION NUMBER:		0001144204-17-052051
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171011
DATE AS OF CHANGE:		20171011

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218514
		FILM NUMBER:		171132936

	BUSINESS ADDRESS:	
		STREET 1:		3301 AGRICULTURE DRIVE
		CITY:			MADISON
		STATE:			WI
		ZIP:			53716
		BUSINESS PHONE:		(608) 441-8120

	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>424B5
<SEQUENCE>1
<FILENAME>tv476828_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="margin: 0">&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: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Prospectus Supplement</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Filed pursuant to Rule 424(b)(5)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>(to Prospectus dated September 20, 2017)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Registration No. 333-218514</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="tv476828_424b5img1.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1,954,388 Shares of Common Stock, and<BR>
41.0412949 Shares of Series B Preferred Stock convertible into an aggregate of 2,190,330 Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We are offering an aggregate of 1,954,388 shares
of our common stock. In a concurrent private placement, we are selling to the purchasers of shares of our common stock in this
offering, Series D warrants to purchase an aggregate of 1,465,791 shares of our common stock (&ldquo;Warrant Shares&rdquo;) at
an exercise price of $1.78 per share. The offering and sale of Series D warrants and the shares of our common stock issuable upon
the exercise of the Series D warrants are not being registered under the Securities Act of 1933, as amended, or Securities Act,
are not being offered pursuant to this prospectus supplement and the accompanying prospectus, and are being offered pursuant to
the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">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%, 41.0412949
shares of Series B Convertible Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;), convertible&nbsp;into an aggregate of
2,190,330 shares of common stock at any time at the holder&rsquo;s option into a number of shares of common stock equal to $100,000
divided by $1.87375 (the &ldquo;Conversion Price&rdquo;), at a public offering price of $100,000 per share of Series B Preferred
Stock. In the private placement transaction, we are selling to the purchasers of shares of our Series B Preferred Stock in this
offering, Series D warrants to purchase an aggregate of 1,642,747 shares of our common stock. Each share of Series B Preferred
Stock entitles its holder to receive 53,369 shares of common stock upon conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our common stock is listed on the Nasdaq Capital
Market under the symbol &ldquo;CLRB.&rdquo; On October 10, 2017, the last reported sale price of our common stock on the Nasdaq
Capital Market was $1.79 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">As of September 14, 2017, the aggregate market
value of our outstanding common stock held by non-affiliates was approximately $23.9 million, which was calculated based on 12,788,385
shares of outstanding common stock held by non-affiliates and on a price per share of $1.87, which was the closing price of our
common stock on the Nasdaq Capital Market on that day. &nbsp;As of the date hereof, we have not offered any securities pursuant
to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to and including the date of this prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">You should read this prospectus supplement
and the accompanying prospectus and the documents incorporated by reference in this prospectus supplement carefully before you
invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>Investing in our securities involves various
risks. See &ldquo;Risk Factors&rdquo; beginning on page S-6 of this prospectus supplement to read about factors you should consider
before buying shares of our common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><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: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have retained Ladenburg Thalmann &amp; Co.
Inc. to act as our exclusive placement agent in connection with this offering. The placement agent is not required <FONT STYLE="color: #333333; background-color: white">to
sell any specific number or dollar amount of securities, but </FONT>has agreed to use its reasonable best efforts to place the
securities offered by this prospectus supplement. We have agreed to pay the placement agent the fee set forth in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Per Share of</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Common</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Stock and</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Series D</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Warrant<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Per Share of</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Series B</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Preferred Stock</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>and Series D</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Warrant<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</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="width: 55%; text-indent: -10pt; padding-left: 10pt">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1.87375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">100,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">7,766,164.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Placement agent fees <SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.1405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">582,462.30</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: -10pt; padding-left: 10pt">Proceeds, before expenses, to Cellectar Biosciences, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.73325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">92,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,183,701.70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1)&nbsp;&nbsp;&nbsp;Consists of fixed combinations comprised of
(i) one share of common stock sold in this offering and (ii) 0.75 shares of common stock issuable upon exercise of warrants issued
in a private placement. See &ldquo;Private Placement Transaction&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2)&nbsp;&nbsp;&nbsp; Consists of fixed combinations comprised of
(i) one share of Series B Preferred Stock sold in this offering convertible into approximately 53,368 shares of common stock and
(ii) approximately 40,026 shares of common stock issuable upon exercise of warrants issued in a private placement. See &ldquo;Private
Placement Transaction&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3)&nbsp;&nbsp;&nbsp;In addition, we have agreed to pay the placement
agent&rsquo;s actual out-of-pocket expenses up to $20,000 in the aggregate. See &ldquo;Private Placement Transaction&rdquo; and
&ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">We expect that delivery of the shares of our
common stock being offered pursuant to this prospectus supplement and the accompanying prospectus will be made to purchasers through
the facilities of The Depository Trust Company on or about October 12, 2017.</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>LADENBURG THALMANN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus supplement is October
11, 2017.</P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&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: 92%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS SUPPLEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">S-1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">S-2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">S-3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">S-5</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">S-6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_006"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">S-7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-size: 10pt">DILUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">S-7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">S-8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PREFERRED STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">S-8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="font-size: 10pt">PRIVATE PLACEMENT TRANSACTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">S-9</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">S-10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_012"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">S-10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">S-10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_014"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">S-11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_015"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">S-11</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 92%; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Page</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_001"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_001"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_002"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_002"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_003"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_003"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_004"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES WE MAY OFFER</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_004"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_005"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_005"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_006"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_006"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_007"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_007"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SUBSRIPTION RIGHTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_008"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_009"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_009"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_010"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_010"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_011"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_011"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_012"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_012"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_013"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_013"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This document consists of two parts. The first
part is this prospectus supplement, which describes the specific terms of the offering and other matters relating to us. The second
part is the accompanying prospectus, which provides more general information about the securities we may offer from time to time,
some of which may not apply to this offering. This prospectus supplement and the accompanying prospectus are part of a registration
statement that we filed with the Securities and Exchange Commission, or the SEC, using the SEC&rsquo;s shelf registration rules.
You should read this prospectus supplement, the registration statement of which this prospectus supplement forms a part, and the
accompanying prospectus, together with the documents incorporated by reference and the additional information described under the
heading &ldquo;Where You Can Find More Information&rdquo; in the accompanying prospectus before making an investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">To the extent there is a conflict between the
information contained in this prospectus supplement, on the one hand, and the information contained in the accompanying prospectus,
on the other hand, the information contained in this prospectus supplement shall control. If any statement in this prospectus supplement
conflicts with any statement in a document that has been incorporated herein by reference, then you should consider only the statement
in the more recent document. You should assume that the information contained in this prospectus supplement, the accompanying prospectus
and the documents incorporated by reference is accurate only as of their respective dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have not, and the placement agent has not,
authorized any person to provide you with any information or to make any representation other than as contained in this prospectus
supplement or in the accompanying prospectus and the information incorporated by reference herein and therein. We and the placement
agent do not take any responsibility for, and can provide no assurance as to the reliability of, any information that others may
provide you. The information appearing or incorporated by reference in this prospectus supplement and the accompanying prospectus
is accurate only as of the date of this prospectus supplement or the date of the document in which incorporated information appears
unless otherwise noted in such documents. Our business, financial condition, results of operations and prospects may have changed
since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The distribution of this prospectus supplement
and the accompanying prospectus and the offering of the common stock in certain jurisdictions may be restricted by law. We are
not, and the placement agent is not, making an offer of the common stock or Series B Preferred Stock in any jurisdiction where
the offer is not permitted. Persons who come into possession of this prospectus supplement and the accompanying prospectus should
inform themselves about and observe any such restrictions. This prospectus supplement and the accompanying prospectus do not constitute,
and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation
is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it
is unlawful to make such offer or solicitation.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless otherwise stated or unless the context
otherwise requires, all references to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;our company&rdquo; or &ldquo;the
Company&rdquo; in this prospectus refer collectively to Cellectar Biosciences, Inc., a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our
Internet address is&nbsp;<I>www.cellectar.com</I>. There we make available free of charge, on or through the investor relations
section of our website, annual reports on Form&nbsp;10-K, quarterly reports on Form&nbsp;10-Q, current reports on Form&nbsp;8-K
and amendments to those reports filed pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act as soon as reasonably practicable
after we electronically file such material with the SEC. The information found on our website is not part of this prospectus supplement
or the accompanying prospectus.</P>

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


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<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; text-align: center"><B><A NAME="a_002"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus supplement and the prospectus
and the documents incorporated by reference herein contain, or will contain, &ldquo;forward-looking statements&rdquo; within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;),
which include statements that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise
are not statements of historical fact. These statements are based on our management&rsquo;s current beliefs, expectations and assumptions
about future events, conditions and results and on information currently available to us. Discussions containing these forward-looking
statements may be found, among other places, in the Sections entitled &ldquo;Business,&rdquo; &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; incorporated by reference from our most recent
Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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, but these are not the exclusive means of identifying forward-looking
statements. Forward-looking 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. Such statements are subject to various risks, uncertainties and assumptions that could cause
actual results to differ materially from those anticipated or implied in our forward-looking statements due to a number of factors
including, but not limited to, those set forth above under the section entitled &ldquo;Risk Factors&rdquo; in this prospectus and
any accompanying prospectus supplement. Given these risks, uncertainties and other factors, many of which are beyond our control,
you should not place undue reliance on these forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Except as required by law, we assume no obligation
to update these forward-looking statements publicly, or to revise any forward-looking statements to reflect events or developments
occurring after the date of this prospectus, even if new information becomes available in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>


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<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; text-align: center"><B><A NAME="a_003"></A>SUMMARY</B></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>Business Overview</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We are a biopharmaceutical company focused
on the discovery, development and commercialization of drugs for the treatment of cancer. We leverage our proprietary phospholipid
drug conjugate<SUP>TM</SUP> (PDCs<SUP>TM</SUP>) platform to specifically target treatments to cancer cells. The PDC<SUP>TM</SUP>
platform possesses the potential for the discovery and development of the next generation of cancer-targeting agents. Our lead
product candidate, CLR 131, is a PDC providing targeted delivery of a cytotoxic (cell-killing) radioisotope iodine 131. Our pipeline
also includes a series of pre-clinical chemotherapeutic PDC programs. We believe our proprietary PDC platform can provide the next-generation
of targeted cancer treatments that result in greater efficacy and less off-target effects reducing patient adverse events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our core strategy is to develop new targeted
treatments for cancer patients that leverage our PDC cancer-targeting delivery platform. We employ a drug discovery and development
approach that allows us to efficiently design, research and advance drug candidates. Our iterative process allows us to rapidly
and systematically produce multiple generations of incrementally improved targeted drug candidates. By combining this approach
with our PDC platform, we plan to develop proprietary compounds independently and in collaborations with other companies. Through
strategic acquisitions and research collaborations, our strategy is to seek to generate near-term capital, supplement internal
resources, gain access to novel molecules or payloads, accelerate product candidate development and broaden our product pipeline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our PDC platform provides selective delivery
of a diverse range of oncologic payloads to cancerous cells, whether a hematologic cancer and solid tumor, the primary tumor, or
a metastatic tumor and cancer stem cells. Our PDC platform takes advantage of a metabolic pathway utilized by all tumor cell types
in all stages of the tumor &ldquo;cycle.&rdquo; This allows the PDC molecules to gain access to the intracellular compartment of
the tumor cells and for the PDCs to continue to accumulate over time, which enhances drug efficacy. The PDC platform&rsquo;s mechanism
of entry does not rely upon specific cell surface epitopes or antigens as are required by other targeted delivery platforms. Specific
cell surface epitopes are limited in number on the cell surface, undergo internalization and cycling upon binding and are not present
on all tumor cells of a particular cancer type. This means a subpopulation of tumor cells will always remain. In addition to the
benefits provided by the mechanism of entry, PDCs offer the potential advantage of having the ability to be conjugated to molecules
in numerous ways, thereby increasing the types of molecules selectively delivered via the PDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The PDC platform features include the capacity
to link with almost any molecule, provide a significant increase in targeted oncologic payload delivery and the ability to target
all tumor cells. As a result, we believe that we can generate PDCs to treat a broad range of cancers with the potential to improve
the therapeutic index of oncologic drug payloads, enhance or maintain efficacy while reducing adverse events by minimizing drug
delivery to healthy cells, and increasing delivery to cancerous cells and cancer stem cells. A description of our PDC product candidates
follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>CLR 131 is a small-molecule, cancer-targeting radiotherapeutic PDC designed to deliver cytotoxic radiation directly and selectively
to cancer cells and cancer stem cells. CLR 131 is our lead therapeutic PDC product candidate and is currently being evaluated in
both Phase 1 and Phase 2 clinical studies. 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 and the Phase 1 study was initiated in April 2015. This clinical study is a standard three-by-three dose escalation
safety study in patients with relapse or refractory multiple myeloma. Multiple myeloma is an incurable cancer of the plasma cells
and is the second most common form of hematologic cancers. This cancer type was selected for clinical, regulatory and commercial
rationales, including multiple myeloma&rsquo;s highly radiosensitive nature, and continued unmet medical need in the relapse/refractory
setting. The primary goal of the Phase 1 study is to assess the compound&rsquo;s safety and tolerability in patients with relapsed
or refractory multiple myeloma. Secondary objectives include establishment of a recommended Phase 2 dose, both with and without
dexamethasone, as well as an evaluation of therapeutic activity by assessing surrogate efficacy markers which include M protein,
Free Light Chain (FLC), Progression Free Survival (PFS) and Overall Survival (OS),</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In September 2017, Cohort 4 results were announced. These
results showed that a single 30 minute infusion of 31.25mCi/m2 of CLR 131 was safe and well tolerated by the three patients in
the cohort. We are also monitoring signals of efficacy, including surrogate markers M protein and free light chain (FLC). The International
Myeloma Working Group (IMWG) defines a partial response (PR) as a greater than or equal to 50 percent decrease in FLC levels (for
patients in whom M protein is unmeasurable) or 50 percent decrease in M protein. Additionally, all three patients in the cohort
experienced clinical benefit with two patients achieving stable disease and one patient achieving a PR. One patient experiencing
stable disease attained a 44 percent reduction in M protein. The patient experiencing a partial response had an 82 percent reduction
in FLC. This patient did not produce M protein, received seven prior lines of treatment including radiation, stem cell transplantation
and multiple combination treatments including one with daratumumab that was not tolerated. As of July 2017, patients in Cohort
1 who received a single 12.5mCi/m2 dose experienced a median OS of 22.5 months with all patients remaining alive. Median OS for
Cohorts 2 and 3 also continue to progress with patients experiencing OS of 13.2 months and 6.7 months, respectively as of July
2017. Based upon these data, we elected to initiate a Phase 2 clinical study using Cohort 3&rsquo;s dose of 25.0 mCi/m2 with the
option to increase the dose based on our ongoing Phase 1 safety and efficacy signals.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #272727">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: #272727; background-color: white">In
</FONT>August<FONT STYLE="color: #272727; background-color: white">, 2016 the University of Wisconsin Carbone Cancer Center (UWCCC)
was awarded a five year Specialized Programs of Research Excellence (SPORE) grant from the National Cancer Institute to improve
treatments and outcomes for head and neck cancer (HNC) patients. HNC is the sixth most common cancer across the world with approximately
56,000 new patients diagnosed every year in the United States. As a key component of this grant, the UWCCC researchers will test
CLR 131 in various animal HNC models as well as initiating the first human clinical trial combining CLR 131 and external beam radiation
in patients with recurrent HNC. The UWCCC is currently anticipated to initiate this clinical trial in 2019.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In July 2016, we were awarded a
$2,000,000 National Cancer Institute Fast-Track Small Business Innovation Research (SBIR) grant to further advance CLR 131. The
funds are supporting the Phase 2 study initiated in March 2017 to further define the clinical benefits of CLR 131 in multiple myeloma
and other niche hematologic malignancies with high unmet clinical need. These niche hematologic malignancies include Chronic Lymphocytic
Leukemia, Small Lymphocytic Lymphoma, Marginal Zone Lymphoma, Lymphoplasmacytic Lymphoma, and Diffuse Large B-Cell Lymphoma. The
study will be conducted in approximately 10-15 top cancer centers in the United States in patients with orphan-designated relapse
or refractory hematologic cancers. The study's primary endpoint is clinical benefit response (CBR), with additional endpoints of
progression free survival (PFS), median OS and other markers of efficacy following a single 25.0 mCi/m<SUP>2</SUP> dose of CLR
131, with the option for a second 25.0 mCi/m<SUP>2</SUP> dose approximately 75-180 days later.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>CLR 1700 Series is an internally developed PDC program leveraging a payload designed to treat a broad range of hematologic
cancers. The payload provides further specificity by targeting a pathway within hematologic cancers that is significantly upregulated
in comparison to normal tissue. We believe that this additional level of targeting will allow us to provide a new drug candidate
that has the ability to significantly improve patient outcomes. Leveraging our iterative discovery and screening process, we have
been able to accelerate the development of this program.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>CLR 1800 Series is a collaborative PDC program with Pierre Fabre that we entered into in December 2015 and extended in October
2017. Pierre Fabre is the third largest French pharmaceutical company with an extensive oncology research and development infrastructure.
The objective of the research collaboration is to co-design a library of PDCs employing Pierre Fabre&rsquo;s chemotherapeutics
in combination with our proprietary cancer-targeting delivery vehicle. The newly developed PDCs may provide enhanced therapeutic
indices to otherwise highly potent, non-targeted payloads through the targeted delivery to cancer cells provided by our cancer-targeting
delivery vehicle. Significant progress has been achieved and the program continues to rapidly advance with a number of PDC molecules
showing enhanced pharmacologic behavior over the parent compound alone.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>CLR 1900 Series is an internally developed proprietary PDC program leveraging a novel small molecule cytotoxic compound as
the payload. We believe that this program could produce a product candidate targeted to select solid tumors. Currently, the program
is in early preclinical development.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>CLR 2000 Series is a collaborative PDC program with Avicenna Oncology, or Avicenna, that we entered into in July 2017. Avicenna
is a leading developer of antibody drug conjugates (ADCs). The objective of the research collaboration is to design and develop
a series of PDCs utilizing Avicenna&rsquo;s proprietary cytotoxic payload. Although Avicenna is a leading developer of ADCs, this
collaboration was sought as a means to overcome many of the challenges associated with ADCs, including those associated with the
targeting of specific cell surface epitopes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>CLR 2100 and 2200 Series are collaborative PDC programs with Onconova Therapeutics, Inc., or Onconova, that we entered into
in September 2017. Onconova is a biotechnology company specializing in the discovery and development of novel small molecule cancer
therapies. The collaboration is structured such that we will design and develop a series of PDCs utilizing different small molecules
that Onconova was developing as the payloads with the intent to show improved targeting and specificity to the tumor. At least
one of the molecules was taken into Phase 1 clinical trials previously by Onconova. We would own all new intellectual property
associated with the design of the new PDCs and both companies will have the option to advance compounds.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We believe our PDC platform has the 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 of a broad range of human cancers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Our shares are listed on the Nasdaq Capital
Market under the symbol CLRB; prior to August 15, 2014, our shares were quoted on the OTCQX marketplace, and prior to February
12, 2014 were quoted under the symbol NVLT.</P>

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


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<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; text-align: center"><B><A NAME="a_004"></A>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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: 38%"><FONT STYLE="font-size: 10pt">Securities offered by us:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">1,954,388 shares of our common stock and 41.0412949 shares of Series B Preferred Stock convertible into an aggregate of 2,190,330 shares of common stock </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Description of Series B Preferred Stock:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Each share of Series B Preferred Stock is convertible at any time at the holder&rsquo;s option into 53,369 shares of common stock (equal to $100,000 divided by the Conversion Price). &nbsp;Notwithstanding the foregoing, we shall not effect any conversion of Series B Preferred Stock, to the extent that, after giving effect to an attempted conversion, the holder of shares of Series B Preferred Stock (together with such holder&rsquo;s affiliates, and any persons acting as a group together with such holder or any of such holder&rsquo;s affiliates) would beneficially own a number of shares of our common stock in excess of 4.99% of the shares of our common stock then outstanding after giving effect to such exercise. For additional information, see &ldquo;Description of Securities&mdash;Preferred Stock&rdquo; on page S-8 of this prospectus.&nbsp;&nbsp;The Series B Preferred Stock is callable by us in certain circumstances.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Common stock outstanding before this offering:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">13,859,573 shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Common stock to be outstanding after the offering:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">15,813,961 shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Use of proceeds:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">We expect to receive net proceeds of approximately $7 million from this offering and the concurrent private placement after deducting the placement agent fees and estimated offering expenses payable by us. We intend to use the net proceeds from this offering for general corporate purposes, including working capital. See &ldquo;Use of Proceeds&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Risk factors:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Investing in our securities involves a high degree of risk.&nbsp;&nbsp;See the &ldquo;Risk Factors&rdquo; section of this prospectus supplement on page S-6 and in the documents we incorporate by reference in this prospectus supplement and the accompanying prospectus for a discussion of factors you should consider carefully before deciding to invest in our securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nasdaq Capital Market symbol:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">CLRB</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Concurrent Private Placement:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">In a concurrent private placement, we are selling to the purchasers of shares of our common stock and Series B Preferred Stock in this offering Series D warrants to purchase an aggregate of 3,108,538 shares of our common stock (&ldquo;Warrant Shares&rdquo;). The purchase price attributable to each Warrant Share is equal to $0.125, consistent with the Nasdaq National Market requirements for an &ldquo;at the market&rdquo; offering. The Series D warrants are immediately exercisable on the closing date of the offering at an exercise price of $1.78 per share and will expire on the seventh anniversary of the closing date. The Series D warrants and the shares of our common stock issuable upon the exercise of the Series D warrants, are not being offered pursuant to this prospectus supplement and the accompanying prospectus and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. See &ldquo;Private Placement Transaction.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The number of shares of our common stock to
be outstanding after this offering is based on 13,859,573 shares of common stock outstanding as of October 9, 2017 and excludes,
as of that date:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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><FONT STYLE="font-size: 10pt">2,190,330 shares issuable upon conversion of the Series B Preferred Stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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><FONT STYLE="font-size: 10pt">3,108,538 shares issuable upon the exercise of the Series D warrants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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><FONT STYLE="font-size: 10pt">an aggregate of 531,729 shares of common stock issuable upon the exercise of outstanding stock
options issued to employees, directors and consultants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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><FONT STYLE="font-size: 10pt">an aggregate of 869,766 additional shares of common stock reserved for future issuance under
our stock incentive plans; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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><FONT STYLE="font-size: 10pt">an aggregate of 8,726,536 additional shares of common stock reserved for issuance under outstanding
warrant agreements entered into having expiration dates between November 2, 2017 and November 29, 2021, and exercise prices ranging
from $1.50 per share to $250.00 per share.</FONT></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless we specifically state otherwise, the
share information in this prospectus supplement is as of October 9, 2017 and reflects or assumes no exercise of outstanding options
or warrants to purchase shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>An investment in our securities is speculative
and involves a high degree of risk. You should carefully consider the risks under the heading &ldquo;Risk Factors&rdquo; in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC on March 15, 2017, our Quarterly Report
on Form 10-Q for the fiscal quarter ended March 31, 2017, filed with the SEC on May 11, 2017, and our Quarterly Report on Form
10-Q for the fiscal quarter ended June 30, 2015, filed with the SEC on August 14, 2017, which information is incorporated by reference
in this prospectus supplement, and the additional risks described below and other information in this prospectus supplement, the
accompanying prospectus and the documents incorporated by reference herein and therein before deciding to invest in our common
stock. If any of the risks described or incorporated by reference into this prospectus supplement actually occur, our business,
results of operations, financial condition and cash flows could be materially adversely affected, the trading price of our common
stock could decline significantly, and you might lose all or part of your investment. Additional risks and uncertainties that we
are unaware of or that we believe are not material at this time could also materially adversely affect our business, financial
condition or results of operations. In any case, the value of our securities could decline, and you could lose all or part of your
investment, or our use of the offering proceeds may not yield a favorable return on your investment. You should also refer to our
financial statements and the notes to those statements, which are incorporated by reference in this prospectus supplement.</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: 0; text-align: center"><B>Risks Related to this Offering</B></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><I>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.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">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 as discussed under
&ldquo;Use of Proceeds&rdquo; in this prospectus supplement. We have not allocated specific amounts of the net proceeds from this
offering for any other 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>You will experience immediate and substantial dilution as
a result of this offering and may experience additional dilution in the future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">You will incur immediate and substantial dilution
as a result of this offering. After giving effect to the sale by us of 1,954,388 shares of common stock and 41.0412949 shares of
our Series B Preferred Stock convertible into an aggregate of 2,190,330 shares of common stock (assuming full conversion thereof)
at the public offering price of $1.87375 per share and after deducting the placement agent&rsquo;s fee and other estimated offering
expenses payable by us, investors in this offering can expect an immediate dilution of $0.91 per share, or 49%, at the public offering
price. In addition, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>You may experience future dilution as a result of future equity
offerings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In order to raise additional capital, we may
in the future offer additional shares of our common stock or other securities convertible into or exchangeable for our common stock
at prices that may not be the same as the price in this offering. We may sell shares or other securities in any other offering
at a price that is less than the price paid by investors in this offering, and investors purchasing shares or other securities
in the future could have rights superior to existing stockholders. The price at which we sell additional shares of our common stock,
or securities convertible or exchangeable into common stock, in future transactions may be higher or lower than the price paid
by investors in this offering.</P>

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


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<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; text-align: center"><B><A NAME="a_006"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We expect to receive net proceeds of approximately
$7.035 million from this offering and the concurrent private placement after deducting the placement agent fee and estimated offering
expenses payable by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We cannot specify with certainty all of the
particular uses for the net proceeds to be received upon the completion of the offering. The amount and timing of our actual expenditures
may vary significantly depending upon numerous factors, including fluctuations in our operating costs and capital expenditures
and other factors described under &ldquo;Risk Factors.&rdquo; We may find it necessary or advisable to use the net proceeds for
other purposes, and our management will retain broad discretion in the allocation of the net proceeds from this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We intend to use the net proceeds from this
offering for general corporate purposes, including working capital. Pending the use of the net proceeds of this offering, we intend
to invest the net proceeds in short-term investment-grade, interest-bearing securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our net tangible book value as of June 30,
2017 was approximately $9.2 million, or $0.69 per share of common stock, based upon 13,462,170 shares outstanding as of that date.
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 $119,600 at that
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">After giving effect to the sale of 1,954,388
shares of common stock and 41.0412949 shares of Series B Preferred Stock convertible into an aggregate of 2,190,330 shares of common
stock (assuming full conversion thereof) at the public offering price of $1.87375 per share, and after deducting the placement
agent&rsquo;s fees and other estimated offering expenses payable by us, our adjusted net tangible book value at June 30, 2017 would
have been approximately $16.3 million, or $0.93 per share. This represents an immediate increase in net tangible book value of
approximately $0.24 per share to our existing stockholders, and an immediate dilution of $0.91 per share to investors purchasing
securities in the offering.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left">Public offering price per share of common stock (directly or upon conversion of Series B Preferred Stock)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1.87375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Net tangible book value per share as of June 30, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.69</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; padding-bottom: 1pt">Increase per share attributable to sale of securities to investors</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">0.24</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Adjusted net tangible book value per share after the offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.93</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>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">0.91</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The foregoing illustration does not reflect
the potential dilution from the exercise of outstanding options or warrants to purchase shares of our common stock or reflect the
dilution that would result from the exercise of the Series D warrants sold in the concurrent private placement transaction, as
described below under &ldquo;Private Placement Transaction.&rdquo;</P>

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


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<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; text-align: center"><B><A NAME="a_008"></A>DESCRIPTION OF COMMON STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">A description of the common stock we are offering
pursuant to this prospectus supplement is set forth under the heading &ldquo;Description of Capital Stock&rdquo; beginning on page
7 of the accompanying prospectus. As of October 9, 2017, we had 13,859,573 shares of common stock outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_009"></A><B>DESCRIPTION OF PREFERRED STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our board of directors
has designated 42 shares of our preferred stock as Series B Convertible Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;),
none of which are currently issued and outstanding. The preferences and rights of the Series B Preferred Stock will be as set forth
in a Certificate of Designation (the &ldquo;Series B Certificate of Designation&rdquo;) filed as an exhibit to the current report
on Form 8-K dated as of the date hereof, which is incorporated by reference into the registration statement of which this prospectus
supplement is a part. The Series B Preferred Stock will be issued and represented only by one or more certificates registered in
the name of the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following is a summary
of the material terms of the Series B Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Voting</I>. Except as otherwise required
by law, the Series B Preferred Stock will have no voting rights. However, as long as any shares of Series B Preferred Stock are
outstanding, we may not, without the affirmative vote of the holders of a majority of the then outstanding shares of Series B Preferred
Stock, (a) alter or change adversely the powers, preferences or rights given to the Series B Preferred Stock or alter or amend
Certificate of Designation relating to the Series B Preferred Stock, (b) amend our certificate of incorporation or other charter
documents in any manner that adversely affects any rights of the holders of Series B Preferred Stock, (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: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 B Preferred Stock, holders of Series
B Preferred Stock will be entitled to receive, and we will be required to pay, dividends on shares of Series B 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 B Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Liquidation.</I>&nbsp;Upon our liquidation,
dissolution or winding-up, whether voluntary or involuntary, the holders of the Series B 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 B Preferred
Stock were fully converted (disregarding for such purposes any conversion limitations) to common stock which amounts shall be paid&nbsp;<I>pari
passu</I>&nbsp;with all holders of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Conversion.</I>&nbsp; Each share of Series
B 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 B Preferred Stock by Series B Conversion
Price. The stated value of one share of Series B Preferred Stock is initially $100,000.00 and the &ldquo;Series B Conversion Price&rdquo;
will initially be $1.87375, subject to adjustment for stock splits, stock dividends, distributions, subdivisions and combinations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Conversion Limitation</I>. A holder will
not have the right to convert any shares of Series B 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 B Preferred Stock Certificate of Designation
(the &ldquo;Beneficial Ownership Limitation&rdquo;). 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: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Exchange Listing</I>. We do not plan on
applying to list the Series B 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: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Fundamental Transactions</I>. In the event
of a fundamental transaction, as described in the Series B 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 B Preferred Stock will be entitled to receive upon conversion of the Series B Preferred
Stock the kind and amount of securities, cash or other property that the holders would have received had they converted the Series
B Preferred Stock immediately prior to such fundamental transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Redemption.</I>&nbsp;Beginning on the third
anniversary of the closing date of this offering, we will have the right to cause each holder of Series B Preferred Stock to convert
all or part of such holder&rsquo;s Series B Preferred Stock upon 20 calendar days prior written notice to such holder (which notice
may be given by the transfer agent), subject to the Preferred Stock Beneficial Ownership Limitation and satisfaction of certain
other conditions. Such notice may not be given prior to the third anniversary of the closing date of this offering and shall be
given in accordance with any applicable procedures of the depositary for the Series B Preferred Stock. Additionally, subject to
certain exceptions, at any time prior to the three year anniversary of the issuance of the Series B Preferred Stock, subject to
the Preferred Stock Beneficial Ownership Limitation, we will have the right to cause each holder of the Series B Preferred Stock
to convert all or part of such holder&rsquo;s Series B Preferred Stock in the event that (i) the volume weighted average price
of our common stock for 30 consecutive trading days (the &ldquo;Measurement Period&rdquo;) exceeds $4.684375 (subject to adjustment
for forward and reverse stock splits, recapitalizations, stock dividends and similar transactions), and (ii) the average daily
trading volume for such Measurement Period exceeds $300,000 per trading day. Our right to cause each holder of the Series B Preferred
Stock to convert all or part of such holder&rsquo;s Series B Preferred Stock shall be exercised ratably among the holders of the
then outstanding preferred stock.</P>

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


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<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; text-align: center"><B><A NAME="a_010"></A>PRIVATE PLACEMENT TRANSACTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In a concurrent private placement, which we
refer to as the private placement transaction, we are selling to the purchasers of our common stock and Series B Preferred Stock
in this offering Series D warrants to purchase 0.75 shares of our common stock for each share of common stock purchased or underlying
each share of Series B Preferred Stock in this offering. The purchase price attributable to each Series D warrant is equal to $0.125
for each Warrant Share, consistent with the Nasdaq National Market requirements for an &ldquo;at the market&rdquo; offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The offering and sale of the Series D warrants
and the shares of our common stock issuable upon the exercise of the Series D warrants are not being registered under the Securities
Act, are not being offered pursuant to this prospectus supplement and the accompanying prospectus and are being offered pursuant
to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. Accordingly, purchasers
may only sell shares of common stock issued upon the exercise of a Series D warrant pursuant to an effective registration statement
under the Securities Act covering the resale of those shares, an exemption under Rule 144 under the Securities Act or another applicable
exemption under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Each Series D warrant is immediately exercisable
on the closing date of this offering, which we refer to as the initial exercise date, at an exercise price of $1.78 per share,
subject to adjustment, and will remain exercisable for seven (7) years from initial exercise date, but not thereafter. A holder
of Series D warrants will not have the right to exercise any portion of its warrants 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 such exercise, which we refer to as the beneficial ownership limitation; provided, however, that upon 61 days&rsquo; prior notice
to us, the holder may increase or decrease the beneficial ownership limitation, provided that in no event shall the beneficial
ownership limitation exceed 9.99% and any increase in the beneficial ownership limitation will not be effective until 61 days following
notice of such increase from the holder to us. In addition, the holders of the Series D warrants will have the right to participate
in any rights offering or distribution of assets (such as a spinoff) together with the holders of our common stock on an as-exercised
basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The exercise price and number of the shares
of our common stock issuable upon the exercise of the Series D warrants will be subject to adjustment in the event of any stock
dividends and splits, reverse stock split, stock dividend, recapitalization, reorganization or similar transaction, as described
in the Series D warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Series D warrants will be exercisable on
a &ldquo;cashless&rdquo; basis in certain circumstances. In addition, in the event of a fundamental transaction we or any successor
entity will pay at the holder&rsquo;s option, exercisable at any time concurrently with or within 30 days after the consummation
of the fundamental transaction, an amount of cash equal to the value of the Series D warrants as determined in accordance with
the Black Scholes option pricing model.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will be required to file a registration
statement on Form S-1 within 60 calendar days of the completion of the private placement transaction to provide for the resale
of the shares of common stock issuable upon the exercise of the Series D warrants and will be obligated to use our commercially
reasonable efforts to keep such registration statement effective from the date the Series D warrants initially become exercisable
until the earlier of (i) the date on which the shares of common stock issuable upon the exercise of the Series D warrants may be
sold without registration pursuant to Rule 144 under the Securities Act, and (ii) the date on which all of the shares of common
stock issuable upon the exercise of the Series D warrants have been sold under the registration statement or pursuant to Rule 144
under the Securities Act or any other rule of similar effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_011"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Ladenburg Thalmann &amp; Co. Inc., which we
refer to as the placement agent, has agreed to act as our exclusive placement agent in connection with this offering subject to
the terms and conditions of the placement agency agreement dated October 10, 2017. The placement agent is not purchasing or selling
any of the shares of our common stock or Series B Preferred Stock offered by this prospectus supplement, nor is it required to
arrange the purchase or sale of any specific number or dollar amount of shares of our common stock or Series B Preferred Stock,
but has agreed to use its reasonable best efforts to arrange for the sale of all of the shares of our common stock and Series B
Preferred Stock offered hereby. Therefore, we will enter into a securities purchase agreement directly with investors in connection
with this offering and we may not sell the entire amount of shares of our common stock and shares of Series B Preferred Stock offered
pursuant to this prospectus supplement. We will make offers only to a limited number of qualified institutional buyers and institutional
accredited investors. Ladenburg Thalmann &amp; Co. Inc. is also acting as placement agent for the private placement transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have agreed to indemnify the placement agent
against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the placement agent
may be required to make in respect thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have agreed to pay the placement agent a
placement agent&rsquo;s fee equal to 7.5% of the aggregate purchase price of the shares of our common stock and shares of Series
B Preferred Stock sold in this offering. The following table shows the per share and total cash placement agent&rsquo;s fees we
will pay to the placement agent in connection with the sale of the shares of our common stock offered pursuant to this prospectus
supplement and the accompanying prospectus, assuming the purchase of all of the shares offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&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 NOWRAP>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Per Share of</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Common</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Stock&nbsp;and</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Series D</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Warrant<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Per Share of</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Series B</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Preferred Stock</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>and Series D</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Warrant<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</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="width: 55%; text-indent: -10pt; padding-left: 10pt">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1.87375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">100,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">7,766,164.01</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Placement agent fees <SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.1405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">582,462.30</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: -10pt; padding-left: 10pt">Proceeds, before expenses, to Cellectar Biosciences, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.73325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">92,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,183,701.70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1)&nbsp;&nbsp;&nbsp;Consists of fixed combinations comprised of
(i) one share of common stock sold in this offering and (ii) 0.75 shares of common stock issuable upon exercise of warrants issued
in a private placement. See &ldquo;Private Placement Transaction&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2)&nbsp;&nbsp;&nbsp; Consists of fixed combinations comprised of
(i) one share of Series B Preferred Stock sold in this offering convertible into approximately 53,368 shares of common stock and
(ii) approximately 40,026 shares of common stock issuable upon exercise of warrants issued in a private placement. See &ldquo;Private
Placement Transaction&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3)&nbsp;&nbsp;&nbsp;In addition, we have agreed to pay the placement
agent&rsquo;s actual out-of-pocket expenses up to $20,000 in the aggregate. See &ldquo;Private Placement Transaction&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The placement agent may be deemed to be an
underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized
on the resale of the shares sold by it while acting as principal might be deemed to be underwriting discounts or commissions under
the Securities Act. As an underwriter, the placement agent would be required to comply with the requirements of the Securities
Act and the Exchange Act, including, without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation
M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of shares by the placement agent
acting as principal. Under these rules and regulations, the placement agent:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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><FONT STYLE="font-size: 10pt">may not engage in any stabilization activity in connection with our securities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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><FONT STYLE="font-size: 10pt">may not bid for or purchase any of our securities or attempt to induce any person to purchase
any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_012"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The audited financial statements incorporated
by reference in this prospectus supplement, the accompanying prospectus and elsewhere in the registration statement have been so
incorporated by reference in reliance upon the report of Baker Tilly Virchow Krause, 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_013"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The legality of the securities offered hereby
will be passed upon for us by Michael Best &amp; Friedrich LLP of Madison, Wisconsin.&nbsp;Ellenoff Grossman &amp; Schole LLP has
acted as counsel for the placement agent.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_014"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_015"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate by
reference&rdquo; information into this prospectus supplement. 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 supplement, except for any information that is superseded by information that is included directly in this prospectus
supplement or incorporated by reference subsequent to the date of this prospectus supplement. We do not incorporate the contents
of our website into this prospectus supplement. This prospectus supplement incorporates by reference the documents listed below
that we have previously filed with the SEC. They contain important information about us and our financial condition. The following
documents are incorporated by reference into this prospectus supplement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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, 2016, filed with the SEC on March 15, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, filed with the SEC on May 11, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 24, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on February 3, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on April 11, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on June 1, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on August 18, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on September 12, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on October 11, 2017; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the description of our securities contained in our Registration Statement on Form 8-A filed on August 14, 2014, including any
amendment or report filed for the purpose of updating such&nbsp; description.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In addition, we incorporate by reference all
documents that we may file with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act on or
after the date of this prospectus supplement until the date on which this registration statement has been withdrawn. These documents
will become a part of this prospectus supplement from the date that the documents are filed with the SEC. These documents include
periodic reports, such as annual reports on Form&nbsp;10-K, quarterly reports on Form&nbsp;10-Q and current reports on Form&nbsp;8-K,
excluding any information filed or furnished pursuant to Item&nbsp;2.02, Item&nbsp;7.01 or Item&nbsp;9.01 and excluding any information
furnished pursuant to Item&nbsp;8.01 of any current report on Form&nbsp;8-K solely for purposes of satisfying the requirements
of Regulation&nbsp;FD under the Securities Exchange Act unless such Form&nbsp;8-K expressly provides to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Upon oral or written request and at no cost
to the requester, we will provide to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of
any or all of the information that has been incorporated by reference in this prospectus supplement but not delivered with this
prospectus supplement. You may request copies of these filings, at no cost, by writing to us at Cellectar Biosciences, Inc., 3301
Agriculture Drive, Madison, WI 53716, Attention: Chief Financial Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Any statement contained herein or 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 supplement and the accompanying prospectus to the extent that a statement contained herein or therein, in any other
subsequently filed document that also is or is deemed to be incorporated by reference herein and in any accompanying prospectus
supplement, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified
and superseded, to constitute a part of this prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Any statement made in this prospectus supplement
and the accompanying prospectus concerning the contents of any contract, agreement or other document is only a summary of the actual
contract, agreement or other document. If we have filed or incorporated by reference any contract, agreement or other document
as an exhibit to the registration statement, you should read the exhibit for a more complete understanding of the document or matter
involved. Each statement regarding a contract, agreement or other document is qualified by reference to the actual document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus supplement and the accompanying
prospectus are part of a registration statement on Form&nbsp;S-3 that we filed with the SEC under the Securities Act. This prospectus
supplement does not contain all of the information contained in the registration statement. For further information about us and
our securities, you should read the prospectus and the exhibits filed with the registration statement, as well as all prospectus
supplements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="tv476828_424b5img1.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>$50,000,000</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Cellectar Biosciences, Inc. (&ldquo;we,&rdquo;
&ldquo;us&rdquo; or the &ldquo;Company&rdquo;) may from time to time offer to sell any combination of the securities described
in this prospectus, in one or more offerings. The aggregate initial offering price of all securities sold under this prospectus
will not exceed $50,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus provides a general description
of the securities we may offer. Each time we sell securities, we will provide specific terms of the securities offered in a supplement
to this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with these
offerings. The prospectus supplement and any related free writing prospectus may also add, update or change information contained
in this prospectus. You should carefully read this prospectus, the applicable prospectus supplement and any related free writing
prospectus, as well as any documents incorporated by reference herein or therein before you invest in any securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>This prospectus may not be used to consummate
a sale of any securities unless accompanied by a prospectus supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our common stock is traded on the Nasdaq Capital
Market under the symbol CLRB. On May 31, 2017, the last reported sale price for our common stock was $1.74 per share. The aggregate
market value of our outstanding common stock held by non-affiliates, or public float, as of the date of this prospectus is approximately
$27.7 million based on 12,773,385 shares of outstanding common stock held by non-affiliates, and a per share price of $2.17, which
was the last reported sale price of our common stock on the&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq&nbsp;</FONT>Capital
Market on April 7, 2017 (a date within 60 days of the date hereof). Pursuant to General Instruction I.B.6 of Form S-3, in no event
will we sell securities registered on the registration statement of which this prospectus is a part in a public primary offering
with a value exceeding more than one-third of our public float in any 12-month period if our public float, measured in accordance
with such instruction, remains below $75.0 million. As of the date hereof, we have not offered any securities pursuant to General
Instruction I.B.6 of Form S-3 during the 12 calendar months prior to and including the date of this prospectus. The applicable
prospectus supplement will contain information, where applicable, as to any other listing on the Nasdaq Capital Market or any securities
market or other exchange of the securities, if any, covered by the prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">At no time will we issue shares of common stock (whether upon conversion
or exercise of warrants, preferred stock, units or subscription rights) in a transaction other than a public offering if such transaction
would result in the issuance of more than 19.999% of the amount of common stock issued and outstanding for less than the greater
of book or market value of the common stock unless (i) our stockholders have approved the issuance of shares of common stock in
excess of&nbsp;20%, or (ii) Nasdaq has provided a waiver of Listing Rule 5635(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may sell these securities directly to investors,
through agents designated from time to time or to or through underwriters or dealers. For additional information on the methods
of sale, you should refer to the section entitled &ldquo;Plan of Distribution&rdquo; in this prospectus. If any underwriters are
involved in the sale of any securities with respect to which this prospectus is being delivered, the names of such underwriters
and any applicable commissions or discounts will be set forth in a prospectus supplement. The price to the public of such securities
and the net proceeds we expect to receive from such sale will also be set forth in a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>Investing in our securities involves a high
degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 7.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.3pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>The date of this prospectus is&nbsp;September
20, 2017.</B></P>

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


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

<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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: 93%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_001a"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_001a"><FONT STYLE="font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_001b"><FONT STYLE="font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_001b"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_001"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_001"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_002"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE&nbsp;REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_002"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_003"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_003"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_004"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES WE MAY OFFER</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_004"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_005"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_005"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_006"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_006"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_007"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_007"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SUBCRIPTION RIGHTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_008"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_009"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_009"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_010"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_010"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_011"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_011"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_012"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_012"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><A HREF="#b_013"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_013"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="b_001a"></A><B>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus is a part of a registration
statement that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) utilizing a &ldquo;shelf&rdquo; registration
process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus in one
or more offerings up to a total dollar amount of $50,000,000. This prospectus provides you with a general description of the securities
we may offer. Each time we sell securities under this shelf registration, we will provide a prospectus supplement that will contain
specific information about the terms of that offering. We may also authorize one or more free writing prospectuses to be provided
to you that may contain material information relating to these offerings. The prospectus supplement and any related free writing
prospectus that we may authorize to be provided to you may also add, update or change information contained in this prospectus
or in any documents that we have incorporated by reference into this prospectus. You should read this prospectus, any applicable
prospectus supplement and any related free writing prospectus, together with the information incorporated herein by reference as
described under the heading &ldquo;Where You Can Find Additional Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">You should rely only on the information that
we have provided or incorporated by reference in this prospectus, any applicable prospectus supplement and any related free writing
prospectus that we may authorize to be provided to you. We have not authorized any dealer, salesman or other person to give any
information or to make any representation other than those contained or incorporated by reference in this prospectus, any applicable
prospectus supplement or any related free writing prospectus that we may authorize to be provided to you. You must not rely upon
any information or representation not contained or incorporated by reference in this prospectus, the accompanying prospectus supplement
or related free writing prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may give you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus, the accompanying supplement
to this prospectus and any related free writing prospectus, if any, do not constitute an offer to sell or the solicitation of an
offer to buy any securities other than the registered securities to which they relate, nor do this prospectus, the accompanying
supplement to this prospectus or any related free writing prospectus, if any, constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such
jurisdiction. You should not assume that the information contained in this prospectus, any applicable prospectus supplement or
any related free writing prospectus is accurate on any date subsequent to the date set forth on the front of the document or that
any information we have incorporated by reference therein is correct on any date subsequent to the date of the document incorporated
by reference, even though this prospectus, any applicable prospectus supplement or any related free writing prospectus is delivered
or the applicable securities are sold on a later date.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="b_001b"></A>SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>This summary highlights selected information
from this prospectus and the documents incorporated herein by reference and does not contain all of the information that you need
to consider in making your investment decision. You should carefully read the entire prospectus, including the risks of investing
in our securities discussed under &ldquo;Risk Factors&rdquo; beginning on page&nbsp;7 of this prospectus, the information incorporated
herein by reference, including our financial statements, and the exhibits to the registration statement of which this prospectus
is a part. All references in this prospectus to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company&rdquo;
and similar designations refer to Cellectar Biosciences, Inc. and its consolidated subsidiary, unless otherwise indicated or as
the context otherwise requires.</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: 0"><B>Business Overview</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We are a clinical stage biopharmaceutical company
focused on the development of targeted phospholipid drug conjugates (PDCs) for the treatment and imaging of cancer. Our 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. Our 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. Our 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: 0; text-indent: 0.25in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 and enhancing or
maintaining efficacy while minimizing the off-target and toxic side effects that frequently occur with typical cancer therapies.
The Company is currently focused on the development of its lead therapeutic product candidate, CLR 131. Additionally, the Company
is executing the pre-clinical evaluation and development of its CLR CTX Chemotherapeutic PDC program with both internal and external
resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0; margin-bottom: 0"><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, 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 therapeutic PDC product candidate and is currently
being evaluated in both Phase 1 and Phase 2 clinical studies. The Phase 1 clinical study is a standard three by three dose escalation
safety study in patients with relapse or refractory multiple myeloma. Multiple myeloma is the second most common hematologic cancer
and an incurable cancer of plasma cells. This cancer type was selected for clinical, regulatory and commercial rationales, including
multiple myeloma&rsquo;s highly radiosensitive nature, and continued unmet medical need in the relapse/refractory setting. The
primary goals of the Phase 1 study are to assess the compound&rsquo;s safety and tolerability in patients with relapsed or refractory
multiple myeloma. Secondary objectives includes establishment of a recommended Phase 2 dose, both with and without dexamethasone,
as well as an assessment of therapeutic activity, including surrogate efficacy markers, progression free survival (PFS) and overall
survival. 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 favorable safety results from the first patient cohort in January 2016. The study&rsquo;s
Data Monitoring Committee (DMC), unanimously agreed to allow us to increase the dose of CLR 131 by 50% and advance into the second
cohort. The DMC reviewed Cohort 2 patient safety data in September 2016, and unanimously agreed to allow us to increase the dose
by 33% and advance to Cohort 3. In February 2017, the DMC unanimously determined the safety profile was again favorable in Cohort
3 and that it was acceptable to advance into Cohort 4 with an increase in dose by 20%. Surrogate markers of efficacy, including
M protein, Free Light Chain (FLC), Progression Free Survival (PFS), and Overall Survival (OS), are also captured as secondary objectives
of this Phase 1 study. In July 2016, the Company was awarded a $2,000,000 National Cancer Institute Fast-Track Small Business Innovation
Research (SBIR) grant to further advance CLR 131. The funds are supporting a Phase 2 study the Company initiated in March 2017
to further define the clinical benefits of CLR 131 in multiple myeloma and other rare hematologic malignancies.</TD></TR></TABLE>

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

</DIV>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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, 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 have been evaluated&nbsp;<I>in vitro</I>&nbsp;to demonstrate formulation stability
and CLR 1602-PTX is currently being studied&nbsp;<I>in vivo</I>&nbsp;to 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. In October 2017, we extended this research collaboration. The objective of the research
collaboration is to co-design a library of PDC&rsquo;s employing Pierre Fabre&rsquo;s 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: 0 0 0 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: 0; margin-bottom: 0"><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>LR 125 is a 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. Preclinical evaluation of this molecule was completed in June 2016 as part of the Phase 1 portion of an NCI SBIR award
and demonstrated favorable biodistribution, tolerability, and dose response.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company&rsquo;s product pipeline also includes
a diagnostic imaging agent, CLR 124, a Phase 2-ready asset, as well as our 1500 series of optical imaging agents, including 1502,
a Phase 1-ready asset. Although these are intriguing and potentially clinically useful compounds, at this time the Company has
prioritized the development of its therapeutic assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 of a broad range of human cancers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 7 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8.95pt"><B>&nbsp;</B></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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our headquarters and manufacturing operation
is located at 3301 Agriculture Drive, Madison, Wisconsin 53716 and the telephone number at that address is (608) 441-8120. We maintain
a website at www.cellectar.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: 0">&nbsp;</P>

</DIV>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may offer shares of our common stock and
preferred stock, various series of warrants to purchase any of such securities, either individually or in units and/or subscription
rights, from time to time under this prospectus, together with any applicable prospectus supplement and related free writing prospectus,
at prices and on terms to be determined by market conditions at the time of offering. This prospectus provides you with a general
description of the securities we may offer. Each time we offer a type or series of securities, we will provide a prospectus supplement
that will describe the specific amounts, prices and other important terms of the securities, including, to the extent applicable:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>rates and times of payment of dividends, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>redemption, conversion or exchange terms, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>conversion or exchange prices or rates, if any, and, if applicable, any provisions for changes to or adjustments in the conversion
or exchange prices or rates and in the securities or other property receivable upon conversion or exchange;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>voting or other rights, if any; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>important United States federal income tax considerations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">A prospectus supplement and any related free
writing prospectus that we may authorize to be provided to you may also add, update or change information contained in this prospectus
or in documents we have incorporated by reference. However, no prospectus supplement or free writing prospectus will offer a security
that is not registered and described in this prospectus at the time of the effectiveness of the registration statement of which
this prospectus is a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may sell the securities directly to or through
underwriters, dealers or agents. We, and our underwriters or agents, reserve the right to accept or reject all or part of any proposed
purchase of securities. If we do offer securities through underwriters or agents, we will include in the applicable prospectus
supplement:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>applicable fees, discounts and commissions to be paid to them;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>details regarding over-allotment options, if any; and</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may offer shares of our common stock, par
value $0.00001 per share, either alone or underlying other registered securities convertible into or exercisable for our common
stock. Holders of our common stock are entitled dividends as the Board of Directors of the Company (the &ldquo;Board&rdquo;) may
declare from time to time out of legally available funds, subject to the preferential rights of the holders of any shares of our
preferred stock that are outstanding or that we may issue in the future. Currently, we do not have any issued and outstanding preferred
stock. Each holder of our common stock is entitled to one vote per share. In this prospectus, we provide a general description
of, among other things, our dividend policy and the rights and restrictions that apply to holders of our common stock. Our common
stock is described in greater detail in this prospectus under &ldquo;Description of Capital Stock &mdash; Common Stock.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may issue shares of preferred stock, par
value $0.00001 per share, in one or more classes or series. Our Board or a committee designated by our Board will determine the
dividend, voting and conversion rights and other provisions at the time of sale. The particular terms of each class or series of
preferred stock, including redemption privileges, liquidation preferences, voting rights, dividend rights and/or conversion rights,
will be more fully described in the applicable prospectus supplement relating to the preferred stock offered thereby. Our preferred
stock is described in greater detail in this prospectus under &ldquo;Description of Capital Stock &mdash; Preferred Stock.&rdquo;</P>

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

</DIV>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may from time to time offer warrants for
the purchase of our common stock and/or preferred stock in one or more series. We may issue warrants independently or together
with common stock and/or preferred, and the warrants may be attached to or separate from those securities. The warrants may be
evidenced by warrant certificates issued under one or more warrant agreements, which are contracts between us and an agent for
the holders of the warrants. In this prospectus, we have summarized certain general features of the warrants under &ldquo;Description
of Warrants.&rdquo; We urge you, however, to read the prospectus supplements and any free writing prospectus that we may authorize
to be provided to you related to the series of warrants being offered, as well as the complete warrant agreements and warrant certificates
that contain the terms of the warrants. Specific warrant agreements will contain additional important terms and provisions and
will be incorporated by reference as an exhibit to the registration statement which includes this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may offer units consisting of common stock,
preferred stock, and/or warrants to purchase any of such securities in one or more series. In this prospectus, we have summarized
certain general features of the units under &ldquo;Description of Units.&rdquo; We urge you, however, to read the prospectus supplements
and any free writing prospectus that we may authorize to be provided to you related to the series of units being offered, as well
as the unit agreements that contain the terms of the units. We will evidence each series of units by unit certificates that we
will issue under a separate agreement. We will enter into the unit agreements with a unit agent. Each unit agent will be a bank
or trust company that we select. We will indicate the name and address of the unit agent in the applicable prospectus supplement
relating to a particular series of units. The specific form of unit agreement and any supplemental agreements that describe the
terms of the series of units we are offering before the issuance of the related series of units will be incorporated by reference
as an exhibit to the registration statement which includes this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may issue&nbsp;subscription rights&nbsp;to
purchase common stock, preferred stock or other securities described in this prospectus or any combination thereof. In this prospectus,
we have summarized certain general features of the units under &ldquo;Description of Subscription Rights.&rdquo; These&nbsp;subscription
rights&nbsp;may be issued independently or together with any other security offered by us and may or may not be transferable by
the securityholder receiving the subscription rights&nbsp;in such offering. In connection with any offering of&nbsp;subscription
rights, we may enter into a standby arrangement with one or more underwriters or other investors pursuant to which the underwriters
or other investors may be required to purchase any securities remaining unsubscribed for after such offering. The specific form
of subscription rights agreement and any supplemental agreements that describe the terms of the subscription rights we are offering
before the issuance of the related subscription rights will be incorporated by reference as an exhibit to the registration statement
which includes this prospectus.</P>

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

</DIV>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="b_001"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Investment in our securities involves a high
degree of risk. Prior to making a decision about investing in our securities, prospective investors should consider carefully all
of the information included and incorporated by reference or deemed to be incorporated by reference in this prospectus or the applicable
prospectus supplement, including the risk factors incorporated by reference herein from our Annual Report on Form 10-K for the
fiscal year ended December 31, 2016, as updated by annual, quarterly and other reports and documents we file with the SEC after
the date of this prospectus and that are incorporated by reference herein or in the applicable prospectus supplement. Each of these
risk factors could have a material adverse effect on our business, results of operations, financial position or cash flows, which
may result in the loss of all or part of your investment. For more information, see &ldquo;Where You Can Find Additional Information&rdquo;
and &ldquo;Incorporation of Certain Information by Reference.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="b_002"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus and the documents incorporated
by reference herein contain, or will contain, &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), which include statements
that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements
of historical fact. These statements are based on our management&rsquo;s current beliefs, expectations and assumptions about future
events, conditions and results and on information currently available to us. Discussions containing these forward-looking statements
may be found, among other places, in the Sections entitled &ldquo;Business,&rdquo; &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; incorporated by reference from our most recent
Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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, but these are not the exclusive means of identifying forward-looking
statements. Forward-looking 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. Such statements are subject to various risks, uncertainties and assumptions that could cause
actual results to differ materially from those anticipated or implied in our forward-looking statements due to a number of factors
including, but not limited to, those set forth above under the section entitled &ldquo;Risk Factors&rdquo; in this prospectus and
any accompanying prospectus supplement. Given these risks, uncertainties and other factors, many of which are beyond our control,
you should not place undue reliance on these forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Except as required by law, we assume no obligation
to update these forward-looking statements publicly, or to revise any forward-looking statements to reflect events or developments
occurring after the date of this prospectus, even if new information becomes available in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="b_003"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">U<FONT STYLE="font-family: Times New Roman, Times, Serif">nless
we specify otherwise in a prospectus supplement, we intend to use the net proceeds from our sale of the securities under this prospectus
for general corporate purposes, which may include making additions to our working capital, funding future acquisitions, or for
any other purpose we describe in the applicable prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have not yet determined the amount of net
proceeds to be used specifically for any of the foregoing purposes. Accordingly, our management will have broad discretion over
the uses of such proceeds. The specific allocations of the proceeds we receive from the sale of our securities will be described
in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="b_004"></A><B>DESCRIPTION OF SECURITIES WE MAY OFFER</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may offer shares of our common stock and
preferred stock, various series of warrants to purchase any of such securities, either individually or in units and/or subscription
rights, from time to time under this prospectus, together with any applicable prospectus supplement and related free writing prospectus,
at prices and on terms to be determined by market conditions at the time of offering. This prospectus provides you with a general
description of the securities we may offer. Each time we offer a type or series of securities, we will provide a prospectus supplement
that will describe the specific amounts, prices and other important terms of the securities. We may offer up to $50,000,000 of
securities under this prospectus.</P>

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


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<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-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="b_005"></A>DESCRIPTION OF CAPITAL STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following description of our common stock
and preferred stock, together with any additional information we include in any applicable prospectus supplement or any applicable
free writing prospectus, summarizes the material terms and provisions of our common stock and the preferred stock that we may offer
under this prospectus. While the terms we have summarized below will apply generally to any future common stock or preferred stock
that we may offer, we will describe the particular terms of any class or series of these securities in more detail in the applicable
prospectus supplement. 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, 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. Our certificate of incorporation and our by-laws are incorporated
by reference into the registration statement of which this prospectus is a part or may be incorporated by reference in this prospectus
or any applicable prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our authorized capital stock consists of 80,000,000
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 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">As of May 31, 2017, we had 13,462,170 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: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Other Rights and Restrictions</I>. Our certificate
of incorporation prohibits us from granting preemptive rights to any of our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">All of the outstanding shares of our common
stock are, and the shares of common stock issued upon the conversion of any securities convertible into our common stock will be,
fully paid and non-assessable. The shares of common stock offered by this prospectus or upon the conversion of any preferred stock
or exercise of any warrants offered pursuant to this prospectus, when issued and paid for, will also be, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our common stock is listed on the Nasdaq Capital
Market under the symbol CLRB. The transfer agent and registrar for our common stock is American Stock Transfer &amp; Trust Company.</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>Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We are authorized to issue 7,000 shares of
preferred stock, none of which were issued and outstanding as of May 31, 2017. Our Board is authorized, without action by our stockholders,
to classify or reclassify any unissued portion of our authorized shares of preferred stock to provide for the issuance of shares
of other classes or series, including preferred stock in one or more series. Our Board may fix or alter the dividend rights, dividend
rate, conversion rights, voting rights, rights and terms of redemption, the redemption price or prices, the liquidation preferences
of any wholly unissued series of Preferred Stock, and the number of shares constituting any such series and the designation thereof,
or any of them; and to increase or decrease the number of shares of any series subsequent to the issue of shares of that series,
but not below the number of shares of such series then outstanding. In case the number of shares of any series shall be so decreased,
the shares constituting such decrease shall resume the status which they had prior to the adoption of the resolution originally
fixing the number of shares of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The particular terms of each class or series
of preferred stock that we may offer under this prospectus, including redemption privileges, liquidation preferences, voting rights,
dividend rights and/or conversion rights, will be more fully described in the applicable prospectus supplement relating to the
preferred stock offered thereby. The rights, preferences, privileges and restrictions of the preferred stock of each series will
be fixed by the certificate of designation relating to each series. We will incorporate by reference into the registration statement
of which this prospectus is a part the form of any certificate of designation that describes the terms of the series of preferred
stock we are offering before the issuance of the related series of preferred stock. The applicable prospectus supplement will specify
the terms of the series of preferred stock we may offer, including, but not limited to:</P>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the number of shares we are offering and purchase price per share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the terms on which dividends, if any, will be paid;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the terms and conditions, if any, on which the shares of the series shall be convertible into, or exchangeable for, shares
of any other class or classes of capital stock;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the terms on which the shares may be redeemed, if at all;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any listing of the preferred stock on any securities exchange or market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a discussion of any material or special United States federal income tax considerations applicable to the preferred stock;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any or all other preferences, rights, restrictions, including restrictions on transferability, and qualifications of shares
of the series.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The issuance of preferred stock may delay,
deter or prevent a change in control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The description of preferred stock above and
the description of the terms of a particular series of preferred stock in any applicable prospectus supplement are not complete.
You should refer to the applicable certificate of designation for complete information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The DGCL provides that the holders of preferred
stock will have the right to vote separately as a class on any proposal involving fundamental changes in the rights of holders
of that preferred stock. This right is in addition to any voting rights that may be provided for in the applicable certificate
of designation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Possible Anti-Takeover Effects of Delaware Law and our Certificate
of Incorporation and By-laws</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Classification of Board; Removal of Directors;
Vacancies. </I>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: 0; text-indent: 0.25in"><I>&nbsp;</I></P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><I>Delaware Anti-Takeover Statute</I>. We are
subject to Section&nbsp;203 of the DGCL, an anti-takeover statute. In general, Section&nbsp;203 of the DGCL prohibits a publicly
held Delaware corporation from engaging in a &ldquo;business combination&rdquo; with an &ldquo;interested stockholder&rdquo; for
a period of three years following the time the person became an interested stockholder, unless the business combination or the
acquisition of shares that resulted in a stockholder becoming an interested stockholder is approved in a prescribed manner. Generally,
a &ldquo;business combination&rdquo; includes a merger, asset or stock sale, or other transaction resulting in a financial benefit
to the interested stockholder. Generally, an &ldquo;interested stockholder&rdquo; is a person who, together with affiliates and
associates, owns (or within three years prior to the determination of interested stockholder status did own) 15% or more of a corporation&rsquo;s
voting stock. The existence of this provision would be expected to have an anti-takeover effect with respect to transactions not
approved in advance by our Board, including discouraging attempts that might result in a premium over the market price for the
shares of common stock held by our stockholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The above provisions may deter a hostile takeover
or delay a change in control or management of us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="b_006"></A>DESCRIPTION OF WARRANTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following description, together with the
additional information we may include in any applicable prospectus supplements and free writing prospectuses, summarizes the material
terms and provisions of the warrants that we may offer under this prospectus, which may consist of warrants to purchase common
stock or preferred stock and may be issued in one or more series. Warrants may be offered independently or together with common
stock or preferred stock offered by any prospectus supplement, and may be attached to or separate from those securities. While
the terms we have summarized below will apply generally to any warrants that we may offer under this prospectus, we will describe
the particular terms of any series of warrants that we may offer in more detail in the applicable prospectus supplement and any
applicable free writing prospectus. The terms of any warrants offered under a prospectus supplement may differ from the terms described
below. However, no prospectus supplement will fundamentally change the terms that are set forth in this prospectus or offer a security
that is not registered and described in this prospectus at the time of its effectiveness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will issue the warrants under a warrant
agreement that we will enter into with a warrant agent to be selected by us. The warrant agent will act solely as an agent of ours
in connection with the warrants and will not act as an agent for the holders or beneficial owners of the warrants. We will file
as exhibits to the registration statement of which this prospectus is a part the form of warrant agreement, including a form of
warrant certificate that describes the terms of the particular series of warrants we are offering before the issuance of the related
series of warrants. The following summaries of material provisions of the warrants and the warrant agreements are subject to, and
qualified in their entirety by reference to, all the provisions of the warrant agreement and warrant certificate applicable to
a particular series of warrants. We urge you to read the applicable prospectus supplement and any applicable free writing prospectus
related to the particular series of warrants that we sell under this prospectus, as well as the complete warrant agreements and
warrant certificates that contain the terms of the warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The applicable prospectus supplement will specify
the terms relating to a series of warrants, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.1pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued
with each such security or each principal amount of such security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if applicable, the date on and after which the warrants and the related securities will be separately transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the number of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and
the price at which these shares may be purchased upon such exercise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the terms of any rights to redeem or call the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the dates on which the right to exercise the warrants will commence and expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the manner in which the warrant agreements and warrants may be modified;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>United States federal income tax consequences of holding or exercising the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any other specific terms, preferences, rights or limitations of or restrictions on the warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Before exercising their warrants, holders of
warrants to purchase common stock or preferred stock will not have any of the rights of holders of the securities purchasable upon
such exercise, including the right to receive dividends, if any, or payments upon our liquidation, dissolution or winding up or
to exercise voting rights, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.1pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_007"></A>DESCRIPTION OF UNITS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following description, together with the
additional information we may include in any applicable prospectus supplements and free writing prospectuses, summarizes the material
terms and provisions of the units that we may offer under this prospectus. While the terms we have summarized below will apply
generally to any units that we may offer under this prospectus, we will describe the particular terms of any series of units in
more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement may differ from
the terms described below. However, no prospectus supplement will fundamentally change the terms that are set forth in this prospectus
or offer a security that is not registered and described in this prospectus at the time of its effectiveness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will file as exhibits to the registration
statement of which this prospectus is a part the form of unit agreement that describes the terms of the series of units we are
offering, and any supplemental agreements, before the issuance of the related series of units. The following summaries of material
terms and provisions of the units are subject to, and qualified in their entirety by reference to, all the provisions of the unit
agreement and any supplemental agreements applicable to a particular series of units. We urge you to read the applicable prospectus
supplements related to the particular series of units that we sell under this prospectus, as well as the complete unit agreement
and any supplemental agreements that contain the terms of the units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may issue units comprised of one or more
shares of common stock, shares of preferred stock and warrants in any combination. Each unit will be issued so that the holder
of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations
of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included
in the unit may not be held or transferred separately, at any time or at any time before a specified date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will describe in the applicable prospectus
supplement the terms of the series of units, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances
those securities may be held or transferred separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any provisions of the governing unit agreement that differ from those described below; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the
units.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The provisions described in this section, as
well as those described under &ldquo;Description of Capital Stock&rdquo; and &ldquo;Description of Warrants&rdquo; will apply to
each unit and to any common stock, preferred stock or warrant included in each unit, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_008"></A>DESCRIPTION OF SUBSCRIPTION RIGHTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following description, together with the
additional information we may include in any applicable prospectus supplements and free writing prospectuses, summarizes the material
terms and provisions of the subscription rights that we may offer under this prospectus. While the terms we have summarized below
will apply generally to any subscription rights that we may offer under this prospectus, we will describe the particular terms
of any series of subscription rights in more detail in the applicable prospectus supplement. The terms of any subscription rights
offered under a prospectus supplement may differ from the terms described below. However, no prospectus supplement will fundamentally
change the terms that are set forth in this prospectus or offer a security that is not registered and described in this prospectus
at the time of its effectiveness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will file as exhibits to the registration
statement of which this prospectus is a part the form of subscription rights agreement that describes the terms of the series of
subscription rights we are offering, and any supplemental agreements, before the issuance of the related series of subscription
rights. The following summaries of material terms and provisions of the subscription rights are subject to, and qualified in their
entirety by reference to, all the provisions of the subscription rights agreement and any supplemental agreements applicable to
a particular series of subscription rights. We urge you to read the applicable prospectus supplements related to the particular
series of subscription rights that we sell under this prospectus, as well as the complete subscription rights agreement and any
supplemental agreements that contain the terms of the subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may issue subscription rights to purchase
common stock, preferred stock or other securities described in this prospectus or any combination thereof. These subscription rights
may be issued independently or together with any other security offered by us and may or may not be transferable by the holder
receiving the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into a
standby arrangement with one or more underwriters or other investors pursuant to which the underwriters or other investors may
be required to purchase any securities remaining unsubscribed for after such offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">To the extent appropriate, the applicable prospectus
supplement will describe the specific terms of the subscription rights to purchase shares of our securities offered thereby, including
the following:</P>

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

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

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

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


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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the exercise price payable for the common stock, preferred stock or other securities upon the exercise of the subscription
right;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the amount of common stock, preferred stock, or other securities that may be purchased per each subscription right;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any provisions for adjustment of the amount of securities receivable upon exercise of the subscription rights or of the exercise
price of the subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the extent to which the subscription rights are transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights
shall expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of
subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any applicable federal income tax considerations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any other terms of the subscription rights, including the terms, procedures and limitations relating to the transferability,
exchange and exercise of the subscription rights.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="b_009"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may sell the securities being offered hereby
in one or more of the following ways from time to time:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to underwriters for resale to the public or to investors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>in &quot;at the market&quot; offerings, within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market
maker or into an existing trading market on an exchange or otherwise;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>through a combination of any of these methods of sale.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">We will set forth in a prospectus
supplement the terms of the particular offering of securities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the terms of the offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the purchase price of the securities being offered and the proceeds we will receive from the sale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any over-allotment options under which underwriters may purchase additional securities from us;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any agency fees or underwriting discounts and other items constituting agents&rsquo; or underwriters&rsquo; compensation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any discounts or concessions allowed or reallowed or paid to dealers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any securities exchanges or markets on which such securities may be listed.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may issue to the holders of our common stock
on a pro rata basis for no consideration, subscription rights to purchase shares of our common stock or preferred stock. These
subscription rights may or may not be transferable by stockholders. The applicable prospectus supplement will describe the specific
terms of any offering of our common or preferred stock through the issuance of subscription rights, including the terms of the
subscription rights offering, the terms, procedures and limitations relating to the exchange and exercise of the subscription rights
and, if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with
the offering of common or preferred stock through the issuance of subscription rights.</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>Agents</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may designate agents who agree to use their
reasonable efforts to solicit purchases of our securities for the period of their appointment or to sell our securities on a continuing
basis.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If we use underwriters for a sale of securities,
the underwriters will acquire the securities for their own account. The underwriters may resell the securities in one or more transactions,
including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations
of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement.
The underwriters will be obligated to purchase all the securities of the series offered if they purchase any of the securities
of that series. We may change from time to time any initial public offering price and any discounts or concessions the underwriters
allow or reallow or pay to dealers. We may use underwriters with whom we have a material relationship. We will describe the nature
of any such relationship in any prospectus supplement naming any such underwriter. Only underwriters we name in the prospectus
supplement are underwriters of the securities offered by the prospectus supplement.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may also sell securities directly to one
or more purchasers without using underwriters or agents. Underwriters, dealers and agents that participate in the distribution
of the securities may be underwriters as defined in the Securities Act, and any discounts or commissions they receive from us and
any profit on their resale of the securities may be treated as underwriting discounts and commissions under the Securities Act.
We will identify in the applicable prospectus supplement any underwriters, dealers or agents and will describe their compensation.
We may have agreements with the underwriters, dealers and agents to indemnify them against specified civil liabilities, including
liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions with or perform services for
us in the ordinary course of their businesses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If the prospectus supplement indicates, we
may authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase securities at the
public offering price under delayed delivery contracts. These contracts would provide for payment and delivery on a specified date
in the future. The contracts would be subject only to those conditions described in the prospectus supplement. The applicable prospectus
supplement will describe the commission payable for solicitation of those contracts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Market Making, Stabilization and Other Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless the applicable prospectus supplement
states otherwise, each series of offered securities will be a new issue and will have no established trading market. We may elect
to list any series of offered securities on an exchange. Any underwriters that we use in the sale of offered securities may make
a market in such securities, but may discontinue such market making at any time without notice. Therefore, we cannot assure you
that the securities will have a liquid trading market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Any underwriter may also engage in stabilizing
transactions, syndicate covering transactions and penalty bids in accordance with Rule 104 under the Exchange Act. Stabilizing
transactions involve bids to purchase the underlying security in the open market for the purpose of pegging, fixing or maintaining
the price of the securities. Syndicate covering transactions involve purchases of the securities in the open market after the distribution
has been completed in order to cover syndicate short positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">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 syndicate
covering transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering transactions and penalty
bids may cause the price of the securities to be higher than it would be in the absence of the transactions. The underwriters may,
if they commence these transactions, discontinue them at any time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Any underwriters who are qualified market makers
on the Nasdaq Capital Market may engage in passive market making transactions in the securities on the Nasdaq Capital Market in
accordance with Rule 103 of Regulation M, during the business day prior to the pricing of the offering, before the commencement
of offers or sales of the securities. Passive market makers must comply with applicable volume and price limitations and must be
identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest
independent bid for such security. If all independent bids are lowered below the passive market maker&rsquo;s bid, however, the
passive market maker&rsquo;s bid must then be lowered when certain purchase limits are exceeded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We, the underwriters or other agents may engage
in derivative transactions involving the securities. These derivatives may consist of short sale transactions and other hedging
activities. The underwriters or agents may acquire a long or short position in the securities, hold or resell securities acquired
and purchase options or futures on the securities and other derivative instruments with returns linked to or related to changes
in the price of the securities. In order to facilitate these derivative transactions, we may enter into security lending or repurchase
agreements with the underwriters or agents. The underwriters or agents may effect the derivative transactions through sales of
the securities to the public, including short sales, or by lending the securities in order to facilitate short sale transactions
by others. The underwriters or agents may also use the securities purchased or borrowed from us or others (or, in the case of derivatives,
securities received from us in settlement of those derivatives) to directly or indirectly settle sales of the securities or close
out any related open borrowings of the securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may also make sales through the Internet
or through other electronic means. Since we may from time to time elect to offer securities directly to the public, with or without
the involvement of agents, underwriters or dealers, utilizing the Internet or other forms of electronic bidding or ordering systems
for the pricing and allocation of such securities, you will want to pay particular attention to the description of that system
we will provide in a prospectus supplement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Such electronic system may allow bidders to
directly participate, through electronic access to an auction site, by submitting conditional offers to buy that are subject to
acceptance by us, and which may directly affect the price or other terms and conditions at which such securities are sold. These
bidding or ordering systems may present to each bidder, on a so-called &ldquo;real-time&rdquo; basis, relevant information to assist
in making a bid, such as the clearing spread at which the offering would be sold, based on the bids submitted, and whether a bidder&rsquo;s
individual bids would be accepted, prorated or rejected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Upon completion of such an electronic auction
process, securities will be allocated based on prices bid, terms of bid or other factors. The final offering price at which securities
would be sold and the allocation of securities among bidders would be based in whole or in part on the results of the Internet
or other electronic bidding process or auction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Agents, underwriters, and dealers may be entitled,
under agreements entered into with us, to indemnification by us against certain liabilities, including liabilities under the Securities
Act. Our agents, underwriters, and dealers, or their affiliates, may be customers of, engage in transactions with or perform services
for us, in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The maximum consideration or discount to be
received by any Financial Industry Regulatory Authority, or FINRA, member or independent broker dealer may not exceed 8.0% of the
aggregate amount of the securities offered pursuant to this prospectus and any applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="b_010"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.1pt">Michael Best &amp; Friedrich LLP, Madison,
Wisconsin will pass for us upon the validity of the securities being offered by this prospectus and applicable prospectus supplement,
and counsel named in the applicable prospectus supplement will pass upon legal matters for any underwriters, dealers or agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="b_011"></A><B>EXPERTS</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="b_012"></A><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. We have also filed a registration statement on Form S-3, including exhibits,
under the Securities Act with respect to the securities offered by this prospectus. This prospectus is part of the registration
statement, but does not contain all of the information included in the registration statement or the exhibits. You may read and
copy the registration statement and any other document that we file with the SEC at the SEC&rsquo;s Public Reference Room at 100
F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Room.
Our SEC filings are also available to the public on the internet at a website maintained by the SEC located at http://www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="b_013"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We disclose important information to you by
referring you to documents that we have previously filed with the SEC or documents that we will file with the SEC in the future.
The information incorporated by reference is considered to be part of this prospectus, and information in documents that we file
later with the SEC will automatically update and supersede information in this prospectus. We incorporate by reference the documents
listed below into this prospectus, and any future filings made by us with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of
the Exchange Act until the termination of this offering, including all filings made after the date of the initial registration
statement and prior to the effectiveness of the registration statement. We hereby incorporate by reference the following documents):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 66.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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, 2016, filed with the SEC on March 15, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, filed with the SEC on May 11, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 24, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on February 3, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on April 11, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on June 1, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on August 18, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Report on Form 8-K, filed with the SEC on September 12, 2017; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the description of our securities contained in our Registration Statement on Form 8-A filed on August 14, 2014, including any
amendment or report filed for the purpose of updating such&nbsp; description.</TD></TR></TABLE>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><BR>
CELLECTAR BIOSCIENCES, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>$50,000,000</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>September 20, 2017</B></P>

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


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
