Cellectar Biosciences Inc ( (CLRB) ) has released its Q3 earnings. Here is a breakdown of the information Cellectar Biosciences Inc presented to its investors.
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Cellectar Biosciences Inc., a late-stage clinical biopharmaceutical company, focuses on developing innovative cancer treatments through its proprietary Phospholipid Drug Conjugate™ delivery platform.
In the third quarter of 2024, Cellectar Biosciences reported significant progress in its clinical and corporate objectives, including positive results from its pivotal Phase 2 CLOVER-WaM study on iopofosine I 131 for treating Waldenstrom’s macroglobulinemia (WM), and plans to file a New Drug Application with the FDA for accelerated approval. The company also raised approximately $19.4 million and aims to raise an additional $73.3 million to support further commercialization and development efforts.
Key highlights from the quarter include the presentation of CLOVER-WaM study data at the Annual American Society of Hematology Meeting, collaborations with cancer networks to improve understanding of WM, and a partnership with the City of Hope Cancer Center to explore new treatment avenues. Financially, Cellectar has managed to enhance its cash position to $34.3 million, despite reporting a net loss of $14.7 million for the quarter, attributed to increased G&A expenses necessary for commercialization preparation.
Looking forward, Cellectar Biosciences remains committed to advancing its pipeline, including the iopofosine I 131 program, and exploring new clinical studies in solid tumors as market conditions permit.