Shares of Cellectar Biosciences (NASDAQ: CLRB) are up 9%, continuing a pre-market surge and moving on volume of 4.8 million, compared to the 30-day average of 86,851, after the company said that CLR 131 has achieved a median overall survival of 22.5 months to date in patients with multiple myeloma. The company’s ongoing phase 1 clinical trial surpasses historic published outcomes of currently marketed second and third line treatment modalities for multiple myeloma and could continue to increase over time. “We continue to make meaningful progress on our CLR 131 program and are encouraged by the observed clinical outcomes to date. We look forward to reporting data from the fourth cohort of our Phase 1 trial as well as the single and multi-dose Phase 2 study when available,” Cellectar Biosciences president and CEO Jim Caruso stated in the news release.
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About Cellectar Biosciences, Inc.
Cellectar Biosciences is developing phospholipid drug conjugates (PDCs) designed to provide cancer targeted delivery of diverse oncologic payloads to a broad range of cancers and cancer stem cells. Cellectar’s PDC platform is based on the company’s proprietary phospholipid ether analogs. These novel small-molecules have demonstrated highly selective uptake and retention in a broad range of cancers. Cellectar’s PDC pipeline includes product candidates for cancer therapy and cancer diagnostic imaging. The company’s lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131 has been designated as an orphan drug by the US FDA and is currently being evaluated in a phase 1 clinical study in patients with relapsed or refractory multiple myeloma and a phase 2 clinical study to assess efficacy in a range of B-cell malignancies. The company is also developing proprietary PDCs for targeted delivery of chemotherapeutics and has several preclinical stage product candidates, and plans to expand its PDC chemotherapeutic pipeline through both in-house and collaborative R&D efforts. For more information please visit www.cellectar.com
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