Cellectar Biosciences, Inc. (NASDAQ:CLRB) announces the Japanese Patent Office has granted a method of use patent for two of the company’s phospholipid drug conjugates (PDCs), CLR 131, the company’s lead compound, and CLR 125, each in combination with radiation and/or other therapies to treat cancer stem cells. CLR 125 is a radiotherapeutic isotope conjugated to the company’s proprietary PDC delivery platform, which may be uniquely suited to treat select cancer and micro-metastatic disease.
The recently issued method of use patent, JP 6092624 includes seven claims for CLR 131 and CLR 125 in treating cancer stem cells in a variety of cancers, including brain (glioma), kidney, colorectal, ovarian, prostate, breast, pancreatic and skin cancers, as well as squamous cell carcinoma. The claims further specify the combination of either CLR 131 or CLR 125 with external beam radiation as part of combination therapy with chemotherapy, tumor resection, ablative therapy, or local physical treatment on the basis of cold (cryo), heat (thermal), radiofrequency, and microwave treatments. The patent allows intellectual property protection in Japan through June 11, 2030.
“This method of use patent strengthens our intellectual property portfolio in a strategic market and further validates the clinical utility of our PDC compounds on both cancer cells and cancer stem cells,” said Jim Caruso, president and CEO of Cellectar. “We continue to be encouraged by the progress in the clinical development of our lead compound CLR 131, and this expanded patent protection further supports our belief in its utility in blood cancers, for which we are currently conducting both a Phase I and II trial, as well as its potential in other cancer types.”
Shares of Cellectar are up nearly 8% to $2.25 in pre-market trading Tuesday. CLRB has a 1-year high of $4.93 and a 1-year low of $1.00. The stock’s 50-day moving average is $2.32 and its 200-day moving average is $1.92.
On the ratings front, Ladenburg Thalmann 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 30% from where the stock is currently trading. According to TipRanks.com, Li has a yearly average return of 3.3%, a 40% success rate, and is ranked #2733 out of 4560 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.