Cellectar Biosciences (NASDAQ:CLRB) stock is heading higher on Monday after the company posted positive results from its CLOVER WaM study of iopofosine I 131.
According to a press release from the company, iopofosine I 131 performed well in the trial as a potential first-in-class, targeted radiotherapy candidate to treat patients with relapsed/refractory Waldenstrom’s macroglobulinemia that have already undergone a minimum of two previous forms of therapy.
Cellectar Biosciences notes that the study met its primary endpoint with a 61% major response rate. The company also saw an overall response rate of 75.6% in evaluable patients, and 100% of patients recorded disease control.
Sikander Ailawadhi, M.D., professor of medicine at Mayo Clinic and lead investigator in the CLOVER WaM study, said the following:
“There are no approved treatments for patients post BTKi therapy, where currently the expected response rate to salvage treatments is approximately 10%, and the expected duration of response in those patients is less than six months. The results from this pivotal study utilizing just four doses of iopofosine monotherapy in heavily pretreated patients are very compelling, demonstrating deep and durable remissions.”
How This Affects CLRB Stock Today
With this news comes heavy trading of CLRB shares on Monday. That has more than 5.7 million shares of the company’s stock changing hands as of this writing. This is well above its daily average trading volume of only about 319,000 shares.
CLRB stock is up 16.2% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
