Cellectar Biosciences Inc (NASDAQ: CLRB) is likely to have an incredibly strong run in the market today, following up on relatively strong gains seen in the value of the stock yesterday. The reason we believe the stock is going to make a run for the top today is a relatively simple one. The company announced that a key collaboration agreement has been extended. Here’s what we saw from the announcement…
CLRB Expands Collaboration With Pierre Fabre
As mentioned above, today is likely to be a strong day in the market for Cellectar Biosciences after the company announced that it has extended its collaboration agreement with the French pharmaceutical company known as Pierre Fabre. The collaboration between the two surrounds the development of new Phospholipid drug conjugates, also known as PDCsTM, for oncology applications.
Throughout the collaboration thus far, CLRB and Pierre Fabre have worked to test PDC compounds across various solid tumor types. In the press release issued this morning, the company said that due to the overwhelmingly encouraging results of preclinical data seen with PDC compounds across these solid tumors, both companies have decided to extend the collaboration agreement.
Ultimately, through the extension, both companies are working to further validate the synergistic effects observed when CLRB phospholipid ethers are combined with Pierre Fabre’s novel cytotoxic payloads. The companies said that the program teams will continue to evaluate these new PDC compounds in order to expedite the development of these novel targeted chemotherapeutics. The aim of the original research collaboration was to co-design a small library of PDCs and achieve in-vivo proof-of-concept for these newly constructed compounds. In a statement, Jim Caruso, President and CEO at Cellectar Biosciences, had the following to offer:
“The extension of our research agreement with Pierre Fabre allows us to further progress the development of an exciting new class of novel targeted antitumor agents and underscores the promise of our next generation delivery technology. To date, the PDC molecules have demonstrated a clear cancer targeting advantage over the unconjugated payloads… We look forward to leveraging these synergistic technologies and skills of our respective organizations to further advance this exciting research.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CLRB. In particular, we’re interested in watching the ongoing collaboration surrounding the company and Pierre Fabre and their work with regard to using PDCs to combat cancer. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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