Cellectar Biosciences, Inc. (CLRB) is up 0.96% in the after-hours trading session at the price of $1.05 despite any recent news. CLRB discovers and develops drugs for the treatment of cancer. The company is developing proprietary drugs independently as well as through research and development collaborations.
CLRB Awarded $2.0 Million Phase II NIH SBIR Grant
On 18th August 2021, CLRB announced it had been awarded a peer-reviewed National Institutes of Health (NIH) Phase II Small Business Innovation Research (SBIR) grant from the National Cancer Institute (NCI). The awarded grant has a total worth of approximately $2 Million. The company is conducting a globally pivotal study of iopofosine I-131 (CLR 131). The study is for patients of Waldenstrom’s macroglobulinemia (WM) who have received at least two prior lines of therapy. It also includes patients of failed Bruton tyrosine kinase inhibitor or suboptimal response. The study has initiated in January of 2021. It is expected to take around 18 months to enroll fully.
CEO of CLRB, James Caruso, remarked that they appreciate the funding from NIH and NCI for their pivotal iopofosine program. WM is a deadly disease with existing treatment restricted to one approved drug and various unapproved therapies. This $2 million non-dilutive grant will support and accelerate the ongoing pivotal study. It will help them achieve top-line data and submission of the NDA, he added.
Agreement with Evergreen Theragnostics for CLR-131
On 16th August 2021, CLRB announced that it had entered into commercial manufacturing and supply agreement with Evergreen Theragnostics. It had also announced that United States Adopted Names Council (USAN) approved the use of iopofosine I-131, the generic name for CLR-131. Evergreen, a global radiopharmaceutical contract manufacturing organization, will conduct process development and validation of large-scale commercial quantities of iopofosine I-131. This mutual agreement with Evergreen provides a long-term commercial supply of iopofosine I-131. It will also supply clinical study material for Cellectar’s pivotal study in Waldenstrom’s macroglobulinemia (WM) as well as ongoing Phase 1 and Phase 2 clinical studies.
Second Quarter 2021 Financial Results
On 9th August 2021, CLRB announced financial results for the second quarter ended on 30th June 2021. The company reported cash and cash equivalents of $46.8 million by 30th June 2021. The cash equivalents were $57.2 million on 31st December 2020. The cash used in operating activities was $11.6 million during the six months ended on 30th June 2021, compared to $6.6 million for the same period the previous year. The net loss attributable to common stockholders for the three months ended 30th June 2021 was ($6.0) million or ($0.11) per share. For the three months ended 30th June 2020, net loss was ($3.6) million or ($0.26) per share. Net loss attributable to common stockholders for the six months ended 30th June 2021 was ($12.4) million or ($0.25) per share. It was ($7.6) million or ($0.65) per share for the same period of 2020.
