Cellectar Biosciences Inc (NASDAQ: CLRB) is having a relatively rough day in the market today. However, the declines are far from justified. In fact, the company released overwhelmingly positive clinical data this morning that just seems to have not gotten to the right eyes. Nonetheless, a big thank you goes out to our friends at Trade Ideas for being the first to alert us to the movement. At the moment (11:05), CLRB is trading at $1.69 per share after a decline of $0.12 per share or 6.63% thus far today.
CLRB Announces Positive Clinical Data
As mentioned above, Cellectar Biosciences released incredibly positive clinical data this morning. The oncology-centric company announced that patients treated with their lead PDCTM compound, known as CLR 131, achieved a partial response in the fourth cohort of its Phase 1 dose escalation safety trial. The treatment is designed to treat relapsed or refractory multiple myeloma.
The study’s primary objective is to find out what the highest dose that patients can tolerate of the treatment. According to the release by CLRB, the trial’s Data Monitoring Committee determined that the fourth cohort dose was safe and tolerated. The dose in the cohort was 31.25 mCi/m2.
On top of the safety and tolerability, CLRB said that the treatment has shown signals of efficacy. In particular, surrogate markers M protein and free light chain showed improvement. The International Myeloma Working Group defines a PR as a greater than equal to 50 percent decrease in FLC levels or 50 percent decrease in M protein.
In the study, cohort 4 had three patients enrolled. Each of these patients had heavily pretreated relapsed or refractory multiple myeloma and a high degree of tumor burden upon entry into the trial. Each of the patients included in the were treated with a single dose of CLR 131 as a 30 minute infusion and were evaluated over the course of 85 days for safety and efficacy. According to the release offered by Cellectar Biosciences, all patients in the fourth cohort experienced a clinical benefit with two of the three patients achieving stable disease and one patient achieving partial response. One patient experiencing stable disease attained a 44% reduction in M protein. The patient that experienced a partial response showed an 82% reduction in FLC. This particular patient did not produce M protein. In a statement, Jim Caruso, President and CEO at CLRB, had the following to offer:
“The encouraging data from Cohort 4 including the partial response and the DMC’s determination that the 31.25 mCi/m2 of CLR 131 was safe is impressive in light of the highly advanced disease and heavily pretreated patients within the cohort… Given the preclinical and clinical data results we’ve seen to date, the company intends to advance the compound into a fifth cohort using a multi-dose regimen.”
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to follow CLRB incredibly closely. In particular, we’re interested in following the ongoing work surrounding CLR 131. After all, the treatment is proving not only to be safe and well tolerated, but it is also showing signs of efficacy in a patient cohort that is heavily pretreated. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!