Cellectar Biosciences Inc (NASDAQ: CLRB) is likely to have an overwhelmingly strong day in the market today, and for good reason. The company announced patent news that ultimately means that it has successfully locked down an entire corner of the market. Today, we’ll talk about the news, what it means for CLRB, and what we’ll be watching with regard to the stock ahead.
CLRB Announces Patent News
As mentioned above, Cellectar Biosciences made a huge announcement. In a press release issued just minutes ago, the company announced that it has received great news from the United States Patent and Trademark Office (USPTO). According to the release, the company has received news from the USPTO that patent number 9,345,718 has been granted. This patent is titled “Phospholipid-Ether Analogs as Cancer-Targeting Drug Vehicles.” According to the release, the patent is related to the company’s phospholipid-ether analogs for targeting anticancer therapies to tumors and cancer stem cells.
Ultimately, the new patent provides CLRB with protection for both compositions of matter and method of use for PDCs that have been developed with the company’s proprietary phospholipid-ether delivery vehicle conjugated with any known or in-development anti-cancer agent. Of course, this includes the company’s pipeline of internal and partnered PDC programs designed for targeted delivery to cancer cells and cancer stem cells. In a statement, Jim Caruso, CEO at CLRB, had the following to offer:
This seminal patent provides Cellectar with broad protection for Phospholipid Drug ConjugateTM (PDCTM) products created with our phospholipid ether technology, as well as the freedom to operate that is necessary to maximize the value of the platform… The delivery technology forms the backbone of our lead PDC candidate CLR 131, which continues to advance in clinical trials for a variety of hematologic and solid tumors.
What This Means For The Company
This is overwhelmingly positive news for Cellectar Biosciences. At the end of the day, it’s not uncommon for companies to seek patent protection for their treatments. However, this patent goes far beyond the status quo. Ultimately, the protection provided through this patent isn’t drug specific. In fact, it covers the way in which cancer is treated, cornering the entire PDC market. This is overwhelmingly positive news for CLRB. After all, the patent will keep competition at bay for some time!
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 company’s continued progress on their lead PDC candidate, CLR 131, as the treatment seems to be producing overwhelmingly positive results. We’ll also be keeping an eye on the rest of the company’s impressive pipeline and watching for potential partnership opportunities that arise as a result of the patent that was announced this morning. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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