Cellectar Biosciences Inc Stock Price, News & Analysis

Cellectar Biosciences, Inc. (NASDAQ: CLRB) announced the appointment of Shane Lea as chief commercial officer on November 21, 2022. Mr. Lea has extensive experience in hematology and oncology, previously holding senior positions at TG Therapeutics and Celgene-BMS. His expertise is expected to enhance Cellectar's commercial strategy as they prepare for the approval of iopofosine, a targeted therapy for Waldenstrom’s macroglobulinemia. The company granted him a stock option of 100,000 shares as part of his inducement package in accordance with Nasdaq rules.

Cellectar Biosciences (NASDAQ: CLRB) has successfully resolved a lawsuit regarding employee contracts and intellectual property rights related to cancer treatment. The company secured an irrevocable, non-exclusive license to the patents involved. This resolution allows Cellectar to maintain exclusivity over its cancer-targeting PLE technology platform, including iopofosine. The company continues its clinical trials for iopofosine, targeting patients with relapsed or refractory cancers, while also expanding its intellectual property rights to enhance its drug development efforts.

Cellectar Biosciences, Inc. (NASDAQ: CLRB) reported its financial results for Q3 2022, highlighting a net loss of $7.8 million, or $1.28 per share, compared to a loss of $5.8 million in Q3 2021. The company raised $10.7 million through direct and private placements, with plans to utilize funds for clinical studies and general corporate expenses. Notable developments include a 50% overall response rate in a Phase 2 study for multiple myeloma and a $2 million grant from the NCI to expand pediatric trials. Cash and equivalents totaled $17.8 million as of September 30, 2022, down from $35.7 million at year-end 2021.

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.