CLRB stock has been on a tear for the better part of the early hours of trading in Wednesday’s session after Cellectar Biosciences Inc (NASDAQ:CLRB) announced major positive news related to one of its flagship drugs.
The drug in question is CLR131 and once the initial results of the phase 1 trial for the drug showed positive results, CLRB stock price started going up. The dose that has been decided on for the drug in question proved to be effective enough according to the Independent Data Monitoring Committee and now the company is looking to raise the amount of the key drug in its next batch of drugs.
For any pharmaceutical company, even a little bit of success when it comes to a key drug can raise its stock price significantly and that is exactly what happened with the CLRB stock this morning.
The company stated in the press release “The 37.5mCi/m2 fractionated dose was determined to be safe and tolerable by the independent Data Monitoring Committee (DMC). Following the determination, the Company has initiated a Cohort 7 utilizing a 40mCi/m2fractionated dose (20mCi/m2 dose on day 1 and day 8).”
However, that is not all the great news in relation to the CLR11 drug. Prior to the news that was delivered today, the company had more great news regarding the drug on May 13.
The drug which is meant for the treatment of cancer was able to garner a coveted Fast Track Designation by the United States Food and Drug Administration. That sort of an endorsement is rare for most drugs and considering the fact that CLR131 was given such a status goes to show the sheer promise of the drug.
CLRB stock is up a whopping 34%, now selling at $3.05. However, the stock is down about 75% from its 52-week high of $12.76.
The data released today was hugely positive and hence the move that the CLRB stock experienced this morning was not surprising at all. The positive results now allow the company to go into the next stage of trials and with the Fast Track Designation in place from the FDA, it could go into the market fairly quickly. Hence, today’s news is a landmark one in more ways than one.
The company’s activities and the status of the next stage of trials are going to be closely watched by CLRB stock investors.
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