Cellectar Biosciences Inc (CLRB) Patent Allowed in Japan for Use of CLR 1501 and CLR 1502
Cellectar Biosciences Inc (NASDAQ:CLRB) announces the Japanese Patent Office has granted a composition of matter patent for the company’s optical imaging phospholipid drug conjugates (PDCs), CLR 1501 and CLR 1502.
The recently issued patent, JP6073961, describes CLR 1501 and CLR 1502 for use in intraoperative tumor imaging both in vitro and in vivo. The patent allows intellectual property protection in Japan through May 11, 2030. Both compounds utilize the company’s PDC delivery platform for tumor targeting optimization.
“This patent represents another demonstration of both the unique properties and varied utility of our PDC platform,” said Jim Caruso, president and CEO of Cellectar. “While our focus continues to be the development of the PDC platform for therapeutic uses, including our lead product candidate CLR 131 in hematologic malignancies, the additional global patent protection provides us with unique opportunities for partnerships to further explore the clinical utility of our technology and enhance the value of the platform.”
Shares of Cellectar Biosciences are currently trading at $2.71, up $0.05 or 1.91%. CLRB has a 1-year high of $5.12 and a 1-year low of $1. The stock’s 50-day moving average is $2.08 and its 200-day moving average is $1.98.
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 slight upside potential from current levels. According to TipRanks.com, Li has a yearly average return of 11.6%, a 40% success rate, and is ranked #2182 out of 4517 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.