Cellectar Biosciences Inc (NASDAQ:CLRB) announces financial results for the year ending December 31, 2016. Management will host a teleconference and live webcast to review these financial results, followed by a review of corporate performance and 2017 objectives at 6:00 PM EDT today.
Summary of Q1 2017 Accomplishments:
- Positive safety, tolerability and activity data through Cohort 3 of Phase I study of CLR 131 in multiple myeloma
- Initiation of fourth cohort of Phase I study of CLR 131 in multiple myeloma
- Additional IP protection for CLR 131 in solid tumors
- Japanese Composition of Matter Patent for CLR 1501 and CLR 1502
- Consolidation of IP portfolio for CLR 131 in multiple myeloma following license agreement with Wisconsin Alumni Research Foundation
Summary of 2016 Financial Results:
Research and development expenses for 2016 were $4.8 million, a reduction of $0.4 million from 2015. This reflects the company’s continued focus on its therapeutic lead product candidate, CLR 131 and the implementation of operating improvements, which have reduced its cost structure.
General and administrative expenses for the year totaled $4.7 million, compared to $3.4 million in 2015. The increase was largely a result of increased consulting and personnel costs, of which approximately $0.5 million are not expected to recur.
The operating loss was $9.4 million for 2016, compared to $8.8 million in 2015. Other income was $3.3 million for fiscal 2016 and 2015, and is primarily due to changes in the valuation of certain warrants that are classified as liabilities on the company’s balance sheet. These amounts are almost exclusively non-cash in nature. As a result, the company’s net loss for the year ended December 31, 2016 was $6.2 million, or $1.36 per share, compared to a 2015 net loss of $5.5 million, or $7.03 per share.
As of December 31, 2016, the company had $11.4 million in cash and cash equivalents on hand, compared to $3.9 million in cash and cash equivalents at December 31, 2015. Management anticipates its available cash and cash equivalents will fund its planned operations into the first quarter of 2018, and believes additional capital will be required to complete its research and development plans.
“Over the last year Cellectar Biosciences, has made tremendous progress in the development of our lead product candidate, CLR 131, which is in the fourth cohort of a Phase I trial for multiple myeloma, and will enter an NCI-supported Phase II study in hematological malignancies in the first quarter of this year,” said Jim Caruso, president and CEO of Cellectar Biosciences. “The numerous additions to our intellectual property portfolio provide further protection for our product assets and we are encouraged by the progress with our conjugate program and Pierre Fabre partnership. We look forward to reviewing our 2016 successes and 2017 plans on today’s conference call.”
Shares of Cellectar Biosciences are up nearly 4% to $2.68 in after-hours trading. CLRB has a 1-year high of $5.11 and a 1-year low of $1. The stock’s 50-day moving average is $2.11 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 implies an upside of 5% from current levels. According to TipRanks.com, Li has a yearly average return of 11.4%, a 40% success rate, and is ranked #2173 out of 4539 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.