Cellectar Biosciences Inc (NASDAQ: CLRB) is flying early on in the trading session this morning, and for good reason. The company announced news with regard to an Import Alert exemption, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- The granted exception;
- what we’re seeing from CLRB stock as a result; and
- what we’ll be watching for ahead.
CLRB Announces FDA News
As mentioned above, Cellectar Biosciences is having an incredibly strong day in the market today after announcing FDA news. The news came via press release early this morning.
In the release, the company announced that the United States Food and Drug Administration has granted an exemption to an Import Alert. The Alert was placed on the Centre for Probe Development and Commercialization.
In the announcement, CLRB said that the exemption was for the use of CLR 131 with the company’s pediatric IND. Ultimately, the exemption will allow the company to begin enrolling patients in a Phase 1 pediatric study immediately.
In the study, the company plans on assessing CLR 131 as a potential option for select relapsed or refractory solid tumors. These include neuroblastoma, lymphomas and malignant brain tumors.
At the moment, the company is enrolling patients in its Phase 1 and Phase 2 multiple myeloma and select B-cell lymphoma studies of CLR 131. These enrollments began after the company received the FDA exemption back in November of 2018 for its hematology IND.
In a statement, James Caruso, President and CEO at CLRB, had the following to offer:
We are grateful that the FDA has granted this additional exemption for CLR 131, which allows us to immediately initiate our pediatric clinical study in children battling life-threatening cancers. These patients have a very poor prognosis and low rates of survival as a result of limited effective treatment options. Based on our preclinical and ongoing clinical studies, we are optimistic that CLR 131 has the potential to provide a meaningful treatment option for children suffering from cancers with high unmet medical needs.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. When it comes to Cellectar Biosciences, the news proved to be overwhelmingly positive.
After all, this exemption means that the company can move forward with a key clinical trial, bringing CLR 131 one step further down the line of development.
Considering this, it’s not surprising to see that excited investors are pushing the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:02), CLRB is trading at $3.49 per share after a gain of $0.75 per share or 27.37% 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 the company’s continued work to bring CLR 131 to market as the treatment has shown quite a bit of promise to date. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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