Shares of Cellectar Biosciences, Inc. (CLRB) are higher by 38.48% in pre-market trading on Wednesday. The $16.57 million market cap company today announced that the results of a preliminary tumor-targeting study that shows its prototype paclitaxel chemotherapeutic conjugate, CLR 1602, may be up to 30 times more tumor selective in comparison to free paclitaxel.
“This promising new in vivo paclitaxel data further confirms the tumor targeting selectivity of our PDC carrier, which has been consistently observed with oncology therapeutics and imaging agents. With targeting confirmed we will now optimize the PDC linker with the aim of enhancing the cytotoxic impact on cancer cells,” said Jamey Weichert, Ph.D., founder and chief scientific officer of Cellectar Biosciences.
“Furthermore, these results validate our ‘tool kit’ concept whereby carbon-14 labeled versions of our PDCs are utilized to quickly assess the potential tumor targeting enhancement that our PDC delivery system may afford to existing or new chemotherapeutic agents.”
In the past 52 weeks, shares of the biopharmaceutical company have traded between a low of $1.00 and a high of $38.90 with the 50-day MA and 200-day MA located at $2.44 and $4.80 levels.