Cellectar Biosciences Inc (NASDAQ: CLRB) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that data from a key clinical study was accepted for a presentation. Of course, this is leading to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from CLRB, and what we’ll be watching for ahead.
CLRB Gains On Presentation Acceptance
As mentioned above, Cellectar Biosciences is having an incredibly strong start to the trading session this morning after announcing that a presentation has been accepted. In a press release issued early this morning, the company announced that the results from a Phase 1 study surrounding 124I-CLR1404, also known as CLR 124, have been accepted for an oral presentation.
CLRB said that the data, demonstrating an ability to cross the blood brain barrier and achieve uptake in brain tumors will be presented in an oral presentation. The presentation will be offered at the 12th World Congress of the World Federation of Nuclear Medicine and Biology. The event takes place between April 20 and April 24 in Melbourne Australia. In a statement, James Caruso, CEO at CLRB, had the following to offer:
These Phase 1 data suggest that CLR124 is able to cross the blood-brain barrier and enter brain tumor cells, an important property for both diagnostic and therapeutic compounds. This may have positive read-through for CLR 131, our analogous molecule that uses I-131 for therapy. We plan to initiate a Phase 1 pediatric study in cancers including pediatric high-grade gliomas and malignant brain tumors in the near future.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news proved to be overwhelmingly positive. After all, the data being presented was so strong and revolutionary that it was accepted as a presentation at a key conference. So, it’s no surprise to see that Cellectar Biosciences is making a run for the top today. Currently (8:09), CLRB is trading at $1.29 per share after a gain of $0.10 per share or 8.40% thus far today.
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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 presentation mentioned above to learn more about this revolutionary method for crossing a key physical barrier in the world of oncology. We’re also watching the continued development of products within the company’s impressive pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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