Cellectar Biosciences Inc (NASDAQ: CLRB) is seeing slight gains this morning after the company announced that it has been awarded yet another patent. Of course, this led to excitement among investors, causing gains in the value of the stock. Currently (9:38), CLRB is trading at $1.72 per share after a gain of $0.01 per share or 0.51% thus far today.
CLRB Gains On Patent News
As mentioned above, Cellectar Biosciences is having a relatively strong day in the market today after the company announced that it has been awarded a new patent. The patent comes from the Japanese Patent Office, covering both composition of matter and method of use for CLR 131 and CLR 125. Both of these are phospohlipid drug conjugatesTM designed by CLRB. The compounds are composed of radio isotopes conjugated to the company’s proprietary PDC delivery platform. CLR 131 is the lead compound and is currently the center of a Phase 1 trial for multiple myeloma and a Phase 2 trial for multiple blood cancers. CLR 125 was part of the National Cancer Institute-sponsored study showing potential effect against triple-negative breast cancer. In a statement, Jim Caruso, President and CEO at CLRB, had the following to offer:
“The issuance of this Japanese patent enhances our growing intellectual property portfolio in this strategically important market and underscores the novelty of our delivery platform and the potential of these compounds. Certain cancers such as head and neck and gastric are more prevalent in Asia and represent high unmet medical need both within and outside the region… The increased market protection provided by this patent combined with the ongoing NCI supported research in head and neck cancer and the early clinical benefits seen to date with CLR 131, affords us the opportunity to initiate a more global development program.”
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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 following the ongoing work surrounding both CLR 131 and CLR 125 as both of these compounds are showing incredible promise. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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