Cellectar Biosciences Reports Financial Results for Q3 2024 and Provides Corporate Update(

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On November 18, 2024, Cellectar Biosciences, Inc. (NASDAQ: CLRB), a clinical biopharmaceutical company specializing in cancer drug development, released a press release detailing its financial outcomes for the quarter ended September 30, 2024. The company also shared updates on its corporate activities, marking significant progress across various fronts.

James Caruso, the President and CEO of Cellectar Biosciences, expressed satisfaction with the achieved clinical, operational, and commercial milestones during the quarter. These include the successful reporting of topline results from the CLOVER-WaM pivotal study focusing on Waldenstrom’s macroglobulinemia (WM), paving the way for an upcoming New Drug Application (NDA) submission seeking accelerated regulatory approval.

In the recent months, Cellectar Biosciences has made significant strides:

– Positive outcomes from the Phase 2 CLOVER-WaM pivotal study were highlighted, endorsing iopofosine I 131 as a promising radiotherapeutic candidate.
– The company was selected to present data from the CLOVER-WaM study at the 66th Annual American Society of Hematology Meeting and Exposition.
– Collaboration efforts were established with the City of Hope Cancer Center to evaluate iopofosine I 131 in mycosis fungoides.
– Fundraising activities resulted in raising $19.4 million, with additional potential funds of up to $73.3 million, which will aid in further advancing commercialization plans and supporting future clinical evolution.

Financially, as of September 30, 2024:

– Cash and cash equivalents stood at $34.3 million, a notable increase from $9.6 million as of December 31, 2023.
– Research and Development expenses were reported at approximately $5.5 million for the third quarter of 2024.
– General and Administrative expenses for the same period totaled around $7.8 million.

To delve deeper into the financial results and corporate updates, Cellectar Biosciences is scheduled to hold a webcast and conference call on November 18, 2024, at 8:30 AM Eastern Time.

Overall, Cellectar Biosciences continues its focused efforts on advancing its proprietary Phospholipid Drug Conjugate delivery platform to develop cutting-edge cancer treatments with improved efficacy and safety profiles. More information about the company and its endeavors can be found on their official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cellectar Biosciences’s 8K filing here.

About Cellectar Biosciences

Cellectar Biosciences, Inc, a clinical biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) candidate is CLR 131 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer.