Cellectar Biosciences, Inc. (NASDAQ: CLRB) recently announced (http://nnw.fm/I70Ox) its corporate highlights for this quarter and financial results for Q2 2016, which ended on June 30 of this year. One of the company’s key accomplishments was the issuance of several patents from USPTO, including CLR 131 and other radiotherapeutics used in the treatment of cancerous cells, as well as the CLR 1600 series. In addition to these, the company shared the results of its preclinical study of 1602, and announced the completion of the first phase of the NCI SBIR fast track grant. CLRB also closed $8 million in financing and met all Nasdaq requirements for continued listing.
As for the company’s financial results, Cellectar Biosciences reported a reduction of $0.4 million in research and development spending in the second quarter of this year. This reduction is due to the fact that CLRB started focusing exclusively on therapeutic compound research and development efforts in the second half of 2015. On the other hand, the company reported an increase of $0.6 million in general and administrative expenses relating to legal fees and consulting services. These fees are not recurring. Since December 2015, Cellectar Biosciences has gone from $3.9 million in cash and cash equivalents to $7.9 million. This is expected to fund the company’s planned operations into the first quarter of 2017.
In the news release, Jim Caruso, president and CEO of Cellectar Biosciences, stated, “In addition to expanding and strengthening our intellectual property portfolio this past quarter, we enhanced the company’s capital structure and continued to successfully execute on the corporate objectives established almost a year ago, including our rapid pivot to a therapeutic focused research and development company. We now look forward to upcoming cohort 2 performance results of CLR 131 for Multiple Myeloma as well the first half of 2017 initiation of our NCI supported Phase 2 clinical study of CLR 131 in hematologic malignancies.”
On August 15, Cellectar Biosciences held a conference call reviewing its performance and financial results. Replays can be found at http://investor.cellectarbiosciences.com
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