Cellectar Biosciences Inc (NASDAQ:CLRB) Trading Near Record Lows

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Cellectar Biosciences Inc (NASDAQ:CLRB) shares were down 4.08% to $1.41 on Thursday but bounced 0.71% to $1.42 in after-hours trading. Share prices have been trading in a 52-week range of $1.00 to $12.30. The company has a market cap of $8.25 million at 6.17 million shares outstanding.

Cellectar Biosciences Inc provided a  data update on the first two cohorts of the company’s Phase I clinical study of CLR 131 in patients with relapsed or refractory multiple myeloma. The patients in Cohort 1 received a single 12.5 mCi/m2 dose and patients in Cohort 2 received a single 18.75 mCi/m2 dose. So far, Cohort 1 and Cohort 2 patients have demonstrated post treatment median survival of 11.9 months and 4.9 months, respectively.

“The efficacy observed with CLR 131 at the 12.5 and 18.75 mCi/m2 single dose compares favorably to drugs recently approved for relapsed or refractory multiple myeloma. We believe that the 18.75 mCi/m2 dose could represent an acceptable single dose or multi-dose regimen for future studies,” said Jim Caruso, President and CEO of Cellectar Biosciences Inc. “Combined with its clean safety profile, we are optimistic regarding the potential of CLR 131 and look forward to seeing results from our recently initiated Cohort 3 at a single 25mCi/m2 dose.”

In Cohort 1, patients averaged 88.5 days of progression free survival (PFS). While patients in Cohort 2 have already achieved an average PFS of 127 days, the average PFS in Cohort 2 continues to increase as one of the four patients is still experiencing PFS. The median survival for all evaluable patients in both cohorts continues to increase and will be followed to determine overall survival benefit.

These promising results follow the company’s announcement of  the closing of its underwritten public offering of 1.6 million shares of its common stock and 68 shares of its preferred stock. This includes the previously announced $8 million offering and the underwriter’s full exercise of their $1.2 million over-allotment option.

“We view the outcome of this offering as evidence of investor confidence in the company’s strategic direction and the consistent delivery of meaningful milestones in a relatively short period of time.  This is further emphasized by the underwriter’s exercise of their full over-allotment option, which elevates the total gross proceeds to more than $9 million,” remarked CEO Caruso.  “These funds position the company to further advance the clinical development of CLR 131 in multiple myeloma and other hematologic malignancies, including our NCI supported Phase II study, as well as the continued development of our PDC Delivery Platform through in-house R&D and partnered collaborations.”

Formerly known as Novelos Therapeutics Inc, Cellectar Biosciences Inc is a clinical stage biopharmaceutical company that is engaged in developing phospholipid ether-drug conjugates (PDCs) for the treatment and diagnostic imaging of cancer. Its research and development program is based on its PDC cancer targeting delivery platform. Its pipeline consists of pre-clinical and clinical product candidates, including radiotherapeutic and chemotherapeutic PDCs.

The company’s product portfolio includes CLR 131, which is designed to deliver cytotoxic radiation directly and selectively to cancer cells and cancer stem cells; CLR 125, which is for the treatment of micro metastatic disease; CLR 124, which is a cancer-targeting positron emission tomographyimaging PDC; CLR 1502, which is for intraoperative tumor margin illumination and non-invasive tumor imaging, and CTX Product Portfolio, including CLR 1601-PTX, CLR 1602-PTX and CLR 1603-PTX product candidates.