Cellectar Biosciences Announces $2 Million NCI SBIR Contract for a Phase 2 Clinical Study
03 August 2016 - 2:00PM
Cellectar Biosciences, Inc. (Nasdaq:CLRB) ("the company"), an
oncology-focused biotechnology company, today announced that it has
received the second phase of a National Cancer Institute (“NCI”)
Fast-Track Small Business Innovation Research (“SBIR”) contract
award in the amount of $2 million to support funding of a Phase 2
clinical study of the company’s lead product candidate, CLR 131,
for the potential treatment of hematologic malignancies, including
multiple myeloma.
“The NCI SBIR contract is important to Cellectar in a variety of
ways, ranging from the opportunity to receive non-dilutive funding
that will significantly support a Phase 2 clinical study of our
lead product candidate, CLR 131, to further advance our
understanding of the potential clinical utility of CLR 131 in
additional hematologic malignancies with high unmet medical needs,
as well as providing further validation of the benefits of our
Phospholipid Drug Conjugate (PDC) development program,” said Jim
Caruso, president and CEO of Cellectar Biosciences. “Previous
studies have demonstrated that hematologic malignancies are highly
sensitive to radiotherapeutics. We anticipate observing the
unique clinical benefits iodine–131, a cytotoxic radioisotope, may
provide in combination with our cancer-selective delivery vehicle.
We are also extremely pleased to be continuing our
collaboration with the NCI’s SBIR program, which plays a vital role
in the development of novel therapeutics.”
The first phase of the NCI SBIR contract was focused on the
pre-clinical development of CLR 125. However, following a
comprehensive data review and product development and
commercialization analysis, the company determined that the
superior strategic approach would be to redeploy the contract to
CLR 131, its lead product candidate. Following a review of
all the data, both the NCI and the company determined that the
second phase of the contract would be optimized through a
multi-center, open label, study of CLR 131 in patients with
hematologic malignancies.
About Cellectar Biosciences, Inc. Cellectar
Biosciences is developing phospholipid drug conjugates (PDCs)
designed to provide cancer targeted delivery of diverse oncologic
payloads to a broad range of cancers and cancer stem cells.
Cellectar's PDC Delivery Platform is based on the company's
proprietary phospholipid ether analogs. These novel
small-molecules have demonstrated highly selective uptake and
retention in a broad range of cancers. Cellectar's PDC
pipeline includes product candidates for cancer therapy and cancer
diagnostic imaging. The company's lead therapeutic PDC, CLR
131, utilizes iodine-131, a cytotoxic radioisotope, as its payload.
CLR 131 is currently being evaluated under an orphan drug
designated Phase 1 study in patients with relapsed or refractory
multiple myeloma. The company is actively developing PDCs for
targeted delivery of chemotherapeutics such as paclitaxel (CLR
1602-PTX), a preclinical stage product candidate, and plans to
expand its PDC chemotherapeutic pipeline through both in-house and
collaborative R&D efforts. For additional information please
visit www.cellectarbiosciences.com
This news release contains forward-looking statements. You can
identify these statements by our use of words such as "may,"
"expect," "believe," "anticipate," "intend," "could," "estimate,"
"continue," "plans," or their negatives or cognates. These
statements are only estimates and predictions and are subject to
known and unknown risks and uncertainties that may cause actual
future experience and results to differ materially from the
statements made. These statements are based on our current
beliefs and expectations as to such future outcomes. Drug
discovery and development involve a high degree of risk.
Factors that might cause such a material difference include,
among others, uncertainties related to the ability to raise
additional capital, uncertainties related to the ability to attract
and retain partners for our technologies, the identification of
lead compounds, the successful preclinical development thereof, the
completion of clinical trials, the FDA review process and other
government regulation, our pharmaceutical collaborators' ability to
successfully develop and commercialize drug candidates, competition
from other pharmaceutical companies, product pricing and
third-party reimbursement. A complete description of risks
and uncertainties related to our business is contained in our
periodic reports filed with the Securities and Exchange Commission,
including our Form 10-K/A for the year ended December 31,
2015. These forward-looking statements are made only as of
the date hereof, and we disclaim any obligation to update any such
forward-looking statements.
CONTACT:
Jules Abraham
JQA Partners
917-885-7378
jabraham@jqapartners.com
INVESTOR CONTACT:
Stephanie Prince
Managing Director
PCG Advisory Group
646-762-4518
sprince@pcgadvisory.com
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