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Cellectar Biosciences' stock flies after its multiple myeloma drug shows promising Phase 1 results

The independent Data Monitoring Company found the company’s CLR 131 drug safe and tolerable at its current dosage level

Stethoscope and clipboard reading "Multiple Myeloma"
The New Jersey-based clinical-stage biopharmaceutical company develops and brings to market cancer treatments

Cellectar Biosciences Inc (NASDAQ:CLRB) stock soared Wednesday after it revealed promising results for its ongoing Phase 1 study of its refractory multiple myeloma treatment.

Investors cheered the news, sending the stock up nearly 20.2% to $2.74 in afternoon trading.

The independent Data Monitoring Company found Cellectar's CLR 131 drug safe and tolerable at the dosage level given to its current sample of patients with the white blood cell cancer.

READ: Cellectar Biosciences wins FDA Fast Track designation for multiple myeloma drug

The results demonstrated strong improvement over previous levels, including a 50% partial response rate, 50% minimal response rate, and 100% disease control rate among patients.

A partial response is defined as a decline in disease markers between 50% and 89.9%, according to the Myeloma Working Group while a minimal response indicates a decline between 25% and 49.9%.

Going forward, a slightly higher dosage will be given to a new sample of patients. Results from that group are expected in the fourth quarter of 2019.

Positive safety data

“We are very pleased to see continued positive safety and tolerability data in addition to enhanced efficacy from our ongoing Phase 1 dose escalation study for CLR 131,” said Cellectar Biosciences CEO James Caruso in a statement. “We are observing a clear dose response with greater and more prolonged median reductions in surrogate efficacy markers throughout the study safety evaluation period as compared to prior cohorts, along with an improved overall drug profile with our fractionated dosing regimen.”

Cellectar is a New Jersey clinical-stage biopharmaceutical company focused on developing and bringing to market cancer treatments. Its CLR 131 drug is designed to serve as the fourth or later option in treating blood cell cancers by delivering radiation directly and selectively to cancer cells.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Cellectar Biosciences

Price: 2.15 USD

NASDAQ:CLRB
Market: NASDAQ
Market Cap: $20.2 m
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