Cellectar Biosciences Inc (NASDAQ: CLRB) was having a pretty flat day in the market early on today. However, minutes ago, the company announced that its flagship candidate has been granted Orphan Drug Designation from the United States Food and Drug Administration (FDA). Today, we’ll talk about:
- The Orphan Drug Designation;
- what we’re seeing from the stock;
- and what we’ll be watching for with regard to CLRB ahead.
CLRB Announces Orphan Drug Designation
As mentioned above, Cellectar Biosciences is having an overwhelmingly strong time in the market at the moment after a relatively flat day. The gains are ultimately the result of a press release issued minutes ago announcing Orphan Drug Designation. In the release, CLRB announced that the FDA’s Office of Orphan Products Development has granted CLR 131 Orphan Drug Designation. CLR 131 is the company’s lead Phospholipid Drug Conjugate™ (PDC) product candidate. The treatment designation has been granted to the drug as a treatment for rhabdomyosarcoma, a rare pediatric cancer. In a statement, John Friend, M.D., CMO at CLRB, had the following to offer:
Rhabdomyosarcoma is the most common type of tissue sarcoma in children. While initial response to treatment is generally favorable, there is an important need for new treatments, especially in children who experience relapse… Cellectar is committed to working closely with the FDA to fully evaluate the potential for targeted delivery of CLR 131 to address this currently unmet medical need.
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 case, the news proved to be overwhelmingly positive. After all, Orphan Drug Designation will open up further resources with regard to the regulatory pathway surrounding CLR 131 for Cellectar Biosciences. So, it’s no surprise that investors are reacting in a positive way. At the moment (2:42), CLRB is trading at $1.19 per share after a gain of $0.08 per share or 7.21% 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 story surrounding CLR 131. We knew the data was good. However, with the Orphan Drug Designation, the treatment is now that much more promising. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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