Cellectar Biosciences Inc Stock Price, News & Analysis

Cellectar Biosciences, Inc. (NASDAQ: CLRB) announced the completion of a registered direct offering and private placements, raising approximately $10.7 million. The company sold 3,275,153 shares at $2.085 each and issued warrants for the same amount, along with pre-funded warrants for 1,875,945 shares. Proceeds will be allocated for clinical studies, research and development, working capital, and corporate purposes. The transaction was facilitated by Oppenheimer & Co. Inc. and complies with SEC regulations.

Cellectar Biosciences (NASDAQ: CLRB) announced a registered direct offering and concurrent private placements totaling approximately $10.7 million. The agreements involve the sale of 3,275,153 shares at $2.085 each and warrants for the same number of shares, along with pre-funded warrants for an additional 1,875,945 shares. The funds will be used for clinical studies, R&D, working capital, and corporate purposes. The transactions are expected to close on October 25, 2022. Oppenheimer & Co. Inc. acted as the sole placement agent.

Cellectar Biosciences (NASDAQ: CLRB) announced a $1.98 million grant from the National Cancer Institute to expand its Phase 1 study of iopofosine I-131 in pediatric patients with inoperable high-grade gliomas. The funding supports the transition to Part 1b of the study, focusing on optimal dosing after initial efficacy signals from Part 1a. HGGs are aggressive brain tumors with poor prognoses. Iopofosine delivers radioisotopes directly to cancer cells, showing promising early results, including extended progression-free survival for patients.

Cellectar Biosciences (NASDAQ: CLRB) announced promising findings from the Phase 2 CLOVER-1 study of iopofosine I-131 in patients with quad-class refractory multiple myeloma who failed anti-BCMA therapies. The study revealed an overall response rate (ORR) of 50% among seven patients with a median of nine prior therapies. The mean overall survival was reported at 9.1 months. Safety assessments indicated manageable side effects with no treatment discontinuations. The company aims to leverage these results to expand iopofosine's application in treating aggressive hematologic cancers.

Cellectar Biosciences, Inc. (NASDAQ: CLRB) reported its financial results for Q2 2022, highlighting a significant milestone in the Phase 2B trial of iopofosine for Waldenstrom's macroglobulinemia. The independent data monitoring committee recommended continuation of the trial. As of June 30, 2022, the company had $24.8 million in cash, down from $35.7 million at the end of 2021. R&D expenses were $4.5 million for Q2 2022, consistent with the previous year, while G&A expenses rose to $2.9 million, reflecting higher costs. The net loss for the quarter was $7.4 million, compared to $6.0 million in Q2 2021.

Cellectar Biosciences (Nasdaq: CLRB) announced a reverse stock split effective July 22, 2022, consolidating every ten shares into one new share. Post-split, approximately 6.1 million shares will be outstanding while the ticker symbol and par value remain unchanged. Stockholder rights will stay the same except for fractional shares, which will be cashed out. The company aims to enhance its share value and improve trading liquidity amid its ongoing development of targeted cancer therapies, particularly iopofosine, currently in pivotal clinical studies.

Cellectar Biosciences, Inc. (NASDAQ: CLRB) reported financial results for Q1 2022, emphasizing the continuation of its pivotal Phase 2b trial of iopofosine for Waldenstrom’s macroglobulinemia (WM) after a positive assessment from an independent data monitoring committee. The company had cash and equivalents of $30.6 million as of March 31, 2022. Net loss for the quarter was $6.1 million, down from $6.4 million in Q1 2021. R&D expenses decreased to approximately $3.9 million, while G&A expenses rose to $2.3 million, reflecting increased professional fees.

Cellectar Biosciences (NASDAQ: CLRB) announced that an independent Data Monitoring Committee has completed a futility/efficacy assessment of its pivotal Phase 2b study of iopofosine in Waldenstrom’s macroglobulinemia (WM) and recommended continuation. The study aims to enroll 50 patients, focusing on a primary endpoint of a 20% major response rate. Cellectar noted an encouraging 83.3% major response rate in a prior study. The pivotal trial will assess treatment-free survival and duration of response, further advancing Cellectar's mission in targeted cancer therapies.

Cellectar Biosciences has announced the appointments of Matthew Hagan as Vice President, Marketing and Strategic Alliances, and David Lasecki as Executive Director, Strategic Alliances. Both bring extensive experience in oncology therapeutics, which the company believes will aid its transition to a commercial-stage entity. Cellectar's pivotal trial for iopofosine, targeting Waldenstrom’s macroglobulinemia, is ongoing, with interim data expected soon. The company continues to develop its Phospholipid Drug Conjugate platform, aiming to enhance cancer treatment efficacy while reducing side effects.