SeeThruEquity Issues Update on Cellectar Biosciences, Inc. (Nasdaq: CLRB)

NEW YORK, NY / ACCESSWIRE / August 18, 2016 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it issued an update on Cellectar Biosciences, Inc. (Nasdaq: CLRB).

The report is available here: CLRB August 2016 Update Note.

Highlights from the update are as follows:

CLRB reports 2Q16 results, receives $2mn NCI award

On August 15, 2016, Cellectar management held a conference call with investors following 2Q16 results. 2Q16 results were largely in line with our view, as Cellectar is a pre-revenue company and continued to advance its pipeline, ending the quarter with approximately $8.0mn in cash and equivalents. Importantly, Cellectar also announced that it would receive a $2mn award from the National Cancer Institute (NCI) Fast Track Small Business Innovation Research (“SBIR”), which will be applied to fund a Phase 2 clinical study of CLR 131 for the potential treatment of hematologic malignancies, including multiple myeloma. In our view, the announcement is a significant event for Cellectar, as it provides the company with $2mn in non-dilutive funding for its lead product, while also providing validation from NCI of the promise of Cellectar’s approach.

Cellectar initiated a Phase 1 clinical study of CLR 131 for multiple myeloma in April 2015, and during the earnings call, management indicated that it expected to provide an update on cohort 2 data from this trial during 3Q16. Cellectar stated that it currently expects to announce a clinical design for a Phase 2 trial of CLR 131 for multiple myeloma by the end of 2016, with the initiation of the trial occurring in 1H17.

Corporate developments include improved capital structure, new patent awards and a key addition to management team

On the corporate development front, Cellectar reduced the quantity of outstanding price protected warrants from 0.7mn to 38,750 and strengthened its intellectual property position with multiple patent awards from the USPTO. These included a patent covering the use of CLR 131 and other radiotherapeutics for the treatment of cancer stem cells (CSCs) in combination with external beam treatment, as well as issued patents protecting assets derived from Cellectar’s CTX program – including its delivery vehicle conjugated with cytotoxic molecules and its delivery vehicle combined with paclitaxel, among others. We see these as key milestones considering the company’s planned strategy of targeting the market through collaborative partnerships. Along those lines, Cellectar announced that it had hired a new SVP of Corporate Development, Jarrod Longcor, who will bring a wealth of relevant industry experience to the company – including a track record of leading or participating in over 40 industry collaborations.

Maintain price target of $7.44 for Cellectar

We continue to see Cellectar as a high risk / high potential reward company in the biotechnology sector, with the potential to develop and commercialize an impactful new delivery technology in oncology therapeutics. If achieved, the price target of $7.44 suggests potential upside of 187.6% from the recent price of $2.59 on August 16, 2016.

Please review important disclosures at www.seethruequity.com.

About Cellectar Biosciences, Inc.

Cellectar Biosciences is developing phospholipid drug conjugates (PDCs) designed to provide cancer targeted delivery of diverse oncologic payloads to a broad range of cancers and cancer stem cells. Cellectar’s PDC Delivery Platform is based on the company’s proprietary phospholipid ether analogs. These novel small-molecules have demonstrated highly selective uptake and retention in a broad range of cancers. Cellectar’s PDC pipeline includes product candidates for cancer therapy and cancer diagnostic imaging. The company’s lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131 is currently being evaluated under an orphan drug designated Phase 1 study in patients with relapsed or refractory multiple myeloma. The company is also developing PDCs for targeted delivery of chemotherapeutics such as paclitaxel (CLR 1603-PTX), a preclinical stage product candidate, and plans to expand its PDC chemotherapeutic pipeline through both in-house and collaborative R&D efforts. For additional information please visit www.cellectarbiosciences.com.

About SeeThruEquity

Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.

SeeThruEquity is approved to contribute its research reports and estimates to Thomson One Analytics (First Call), the leading estimates platform on Wall Street, as well as Capital IQ and FactSet. SeeThruEquity maintains one of the industry’s most extensive databases of opt-in institutional and high net worth investors. The firm is headquartered in Midtown Manhattan in New York City.

For more information, visit www.seethruequity.com.

Contact:

Ajay Tandon
SeeThruEquity
info@seethruequity.com

SOURCE: SeeThruEquity

ReleaseID: 443965