FLORHAM PARK, N.J. - Cellectar Biosciences, Inc. (NASDAQ: NASDAQ:CLRB), a biopharmaceutical company specializing in cancer drug development, announced a strategic partnership with the City of Hope Cancer Center to advance a potential treatment for a rare form of non-Hodgkin’s lymphoma. The collaboration will focus on iopofosine I 131, a radioconjugate asset, for mycosis fungoides (MF), a type of cutaneous T-cell lymphoma (CTCL).
The partnership aims to evaluate iopofosine's efficacy in treating MF, which affects approximately 30,000 patients in the U.S. and lacks curable treatment options. The clinical trial, expected to commence between late 2024 and early 2025, will involve around 10 patients. Iopofosine I 131 has been granted Orphan Drug and Fast Track Designation by the FDA for various relapsed/refractory blood cancers, and Cellectar plans to submit a New Drug Application based on its CLOVER WaM pivotal study in Waldenstrom's macroglobulinemia in the second half of 2024.
Dr. Steven T. Rosen from the City of Hope highlighted the potential advantages of iopofosine over conventional radiotherapy, noting its ability to target tumor cells systemically. Dr. Andrei Shustov of Cellectar expressed optimism about iopofosine's potential to change the treatment paradigm for MF patients.
As a late-stage clinical biopharmaceutical company, Cellectar is committed to leveraging its proprietary Phospholipid Drug Conjugate platform to develop targeted treatments for cancer. The company's pipeline includes iopofosine I 131, preclinical PDC chemotherapeutic programs, and partnered PDC assets.
City of Hope, a comprehensive cancer center, stands as one of the largest cancer research and treatment organizations in the U.S., known for its clinical expertise and contributions to cancer medicine.
InvestingPro Insights
Cellectar Biosciences, Inc. (NASDAQ: CLRB) has recently entered a promising partnership with the City of Hope Cancer Center, which could be a pivotal move for the biopharmaceutical company. As investors assess Cellectar's potential, it is essential to consider the company's financial health and market performance. Here are some insights from InvestingPro that may provide a clearer picture:
InvestingPro Data indicates that Cellectar has a market capitalization of approximately $106.11 million. Despite the challenges faced by the company, which include a steep operating loss of $42.26 million in the last twelve months as of Q1 2024, there is a silver lining. The company's cash position is stronger than its debt, suggesting a degree of financial stability.
However, the company's Price / Book ratio stands at a high 11.68, which could be a concern for value-focused investors. The company's performance over the past year shows a significant return of 93.46%, but it's important to note that this follows a period of underperformance over the last decade.
InvestingPro Tips highlight that while Cellectar is quickly burning through its cash reserves and suffers from weak gross profit margins, it also has liquid assets that exceed its short-term obligations. The company does not pay a dividend, which might be a consideration for income-focused investors.
For those who seek more in-depth analysis and additional InvestingPro Tips on Cellectar Biosciences, there are 11 more tips available, which can be accessed through the dedicated page: https://www.investing.com/pro/CLRB. To enhance your investment research with InvestingPro, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This comprehensive service may provide valuable insights as Cellectar embarks on its new partnership and continues its drug development endeavors.
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