Cellectar Biosciences Inc (NASDAQ:CLRB) announces it has entered into a licensing agreement with the Wisconsin Alumni Research Foundation (WARF) for intellectual property rights covering the method of use (MOU) for the company’s lead PDC compound, CLR 131, in multiple myeloma.
“We are extremely pleased to further strengthen our relationship with Cellectar,” said Carrie Thome, WARF director of investments. “WARF’s ability to use the many assets that exist in our portfolio to help advance an important new technology towards ultimate commercialization is a wonderful example of the power of the unique WARF model that combines world class technology transfer and investment management capabilities.”
WARF has been, and continues to be, an investor in Cellectar and has been a joint owner, with Cellectar, of the MOU patent filing for CLR 131 for the treatment of multiple myeloma. While the company has always maintained the rights to develop and commercialize CLR 131 for multiple myeloma, the execution of this licensing agreement provides the company with exclusive rights to the development and commercialization of the compound in multiple myeloma. As a result of this agreement, the company has now consolidated its control of the multiple myeloma indication, while continuing to maintain complete control for all other therapeutic uses of CLR 131.
“WARF is one of Cellectar’s largest shareholders and remains a formidable partner. We believe this expansion of our relationship further solidifies our mutual commitment,” said Jim Caruso, president and CEO of Cellectar. “Acquiring the remaining rights to the use of CLR 131 in multiple myeloma now provides us with complete control over the product’s development and commercialization in all therapeutic areas.”
Shares of Cellectar Biosciences are currently trading at $2.49, up $0.05 or 2.25%. CLRB has a 1-year high of $5.30 and a 1-year low of $1. The stock’s 50-day moving average is $1.92 and its 200-day moving average is $1.97.
On the ratings front, Ladenburg analyst Wangzhi Li initiated coverage with a Buy rating on CLRB and a price target of $2.70, in a report issued on December 21. The current price target represents a potential upside of 11% from where the stock is currently trading. According to TipRanks.com, Li has a yearly average return of 3.6%, a 40% success rate, and is ranked #2642 out of 4513 analysts.
Cellectar BioSciences, Inc. operates as a biopharmaceutical company. It engages developing phospholipid drug conjugates designed to provide cancer targeted delivery of oncologic payloads to cancer stem cells.