Cellectar Biosciences Inc (NASDAQ:CLRB) investors cheer the news that the United States Patent and Trademark Office has granted patent number 9,550,002, which covers method of use for the company’s lead compound, CLR 131, as well as CLR 125, for the treatment of cancer. The granting of this patent follows the company’s previous announcement of patent allowances for the use of the company’s phospholipid drug conjugate (PDC) delivery platform in these tumor types.
Reacting to the news, Cellectar Biosciences shares rose nearly 15% to $1.58 in early trading Tuesday.
“This patent strengthens our radiotherapeutic intellectual property portfolio and further demonstrates Cellectar’s commitment to optimizing our PDC technology platform,” said Jim Caruso, president and CEO of Cellectar. “While we are currently focused on developing CLR 131 for hematologic malignancies such as multiple myeloma, the claims granted provide additional development optionality for Cellectar or a potential partner.”
The granted patent covers the use of CLR 131 for the potential treatment of a broad range of malignant solid tumors, which include adrenal, lung, ovarian or cervical, prostate, liver, breast and colon, as well as melanoma or subcutaneous cancers.
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 60% from current levels. According to TipRanks.com, Li has a yearly average loss of 20.7%, a 20% success rate, and is ranked #3914 out of 4359 analysts.
Cellectar BioSciences, Inc. operates as a biopharmaceutical company that is engaged in developing compounds for the treatment and imaging of cancer. Its cancer-targeting technology permits selective delivery of a wide range of agents to cancer cells, including cancer stem cells.