Cellectar Biosciences Inc (NASDAQ: CLRB) is having an overwhelmingly strong day in the market today, and for good reason. The company released overwhelmingly positive news with regard to CLR 131. Of course, this led to excitement among investors, causing gains and prompting our friends at Trade Ideas to alert us to the movement. Currently (9:57), CLRB is trading at $1.82 per share after a gain of $0.24 per share or 15.51% thus far today.
CLRB Announces Positive Clinical Data
As mentioned above, Cellectar Biosciences is having an overwhelmingly strong start to the trading session today after releasing positive clinical data with regard to CLR 131. CLR 131 is the company’s lead PDC compound. In a press release early this morning, the company announced that the treatment has achieved a mean overall survival rate of 22.5 months to date after a single dose infusion of 12.5mCi/m2 in patients with multiple myeloma. The company also said that patients in the first cohort of the Phase 1 clinical trial had an average of 5.8 prior lines of treatment. Therefore, these patients are considered to be heavily pre-treated before entering the trial.
While this news is overwhelmingly positive, it’s important to keep in mind that this may just be the tip of the iceberg. At the end of the day, the trial is still ongoing, so overall survival may continue to increase over time. While we could see continued growth in overall survival, at this point, the results published through the trial surpass published outcomes of currently commercialized second and third in line treatments for multiple myeloma, making this news even more exciting for CLRB investors.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CLRB. In particular, we’ll be following the ongoing work surrounding CLR 131 as the treatment, in this early stage study, is proving to be overwhelmingly promising. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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