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Cellectar Biosciences jumps after positive tumor study results

“The study results are a significant signal in the development of our paclitaxel Phospholipid Drug Conjugates (PDCs),” said Jim Caruso, Cellectar chief executive.

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At US$3.99 per share Cellectar was up just over 20%.

Cellectar Biosciences Inc (NASDAQ:CLRB) shares jumped in early deals after revealing positive findings from a preliminary tumor-targeting study

It told investors that the study has shown the company’s prototype paclitaxel chemotherapeutic conjugate, referred to as CLR 1602, may be up to 30 times more tumor selective in comparison to free paclitaxel.

The company added that it also displayed an extended plasma half-life relative to free paclitaxel, and noted that the greater half-life may in part explain the higher tumor uptake.

“The study results are a significant signal in the development of our paclitaxel Phospholipid Drug Conjugates (PDCs),” said Jim Caruso, Cellectar chief executive.

“More importantly, it represents further validation of our entire CLR CTX program.”

He added: “These data clearly confirm our ongoing assertion that delivery of chemotherapeutics with our PDC platform may provide superior tumor cell targeting than chemotherapeutics alone, converting non-targeted chemotherapeutics into targeted cytotoxic agents.

“We anticipate conducting future studies and evaluating against other comparators, such as Abraxane.”

Cellectar highlighted that the in vivo study was designed to assess the pharmacokinetics, absorption, and distribution after a single intravenous administration of CLR 1602.

The Nasdaq stock was up 66 cents, 20.85%, to trade at US$3.99 each – and earlier changed hands as high as US$4.58.

Quick facts: Cellectar Biosciences

Price: 1.03 USD

NASDAQ:CLRB
Market: NASDAQ
Market Cap: $9.68 m
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