logo-loader
viewCellectar Biosciences

Cellectar Biosciences shares soar after its cancer drug receives Rare Pediatric Disease Designation

The designation is granted for diseases that affect children from birth to 18 years old and affect fewer than 200,000 persons in the US

Scientist in a lab
Its drug CLR 131 is a treatment for osteosarcoma, a rare pediatric cancer that begins in the cells that form bones

Cellectar Biosciences Inc (NASDAQ:CLRB) shares jumped double digits after the biopharma’s cancer treatment received Rare Pediatric Disease Designation from the US Food and Drug Administration.

Shares of the Wisconsin-based company soared in Monday pre-market trading and continued climbing more than 14% to US$2.50 following the opening bell.

Its lead candidate CLR 131 is a treatment for osteosarcoma, a rare pediatric cancer that begins in the cells that form bones.

READ: InMed Pharmaceuticals looks to take cannabinoid-based research to the next level

The Rare Pediatric Disease Designation is granted for diseases that affect children from birth to 18 years old and affect fewer than 200,000 persons in the US.

“CLR 131 has demonstrated promise as an anticancer agent in preclinical and clinical settings, and we are working now to establish its impact on various rare and deadly pediatric cancers,” said John Friend, chief medical officer of Cellectar, in the company’s press release.

The designation has been granted to CLR 131 in four pediatric cancers, including neuroblastoma, rhabdomyosarcoma and Ewing’s Sarcoma.

An RPDD can lead to a priority review voucher, which cuts down the FDA’s review time in half to six months.

Quick facts: Cellectar Biosciences

Price: 1.03 USD

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

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Arizona Silver Exploration will be going back to Philadelphia after drilling...

Arizona Silver Exploration (TSXV: AZS) (OTCQB: AZASF) VP of Exploration Greg Hahn joined Steve Darling from Proactive with some results from the company’s drill program at their Philadelphia project. Hahn discusses the next step the company is planning. Hahn also told Proactive they are...

9 hours, 3 minutes ago

2 min read