On August 14, 2017 Cellectar Biosciences, Inc. (Nasdaq:CLRB), an oncology-focused, clinical stage biotechnology company (the "company"), reported financial results for the second quarter of 2017 (Press release, Cellectar Biosciences, AUG 15, 2017, View Source [SID1234520238]). Management will host a teleconference and live webcast to review these results, including a review of corporate performance, at 5:00 PM ET today.
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Summary of Q2 and Q3 2017 Accomplishments to Date
Announced median overall survival for Cohort 1 patients in Phase 1 study of CLR 131 in relapsed/refractory multiple myeloma exceeds 22 months
Signed new collaboration with Avicenna Oncology to develop new chemotherapies, which includes a preclinical side-by-side investigation of the company’s PDC platform against an antibody-drug conjugate (ADC)
Positive safety, tolerability and activity data observed through Cohort 3 of Phase 1 study of CLR 131 in multiple myeloma
Initiated fourth cohort of Phase 1 study of CLR 131 in multiple myeloma
Initiated NCI-supported Phase 2 clinical study of CLR 131 in multiple myeloma and other hematologic malignancies
"We have realigned our investments into programs with the greatest potential to accelerate Cellectar’s growth and development, and are encouraged by the pace of this repositioning and execution on our strategic plan," said Jim Caruso, president and CEO of Cellectar Biosciences. "The CLR 131 clinical data observed to date have been promising and we look forward to announcing additional results from our Phase 1 and Phase 2 trials. We are also driving value creation through strategic collaborations such as the Avicenna deal to enrich the company’s small molecule pipeline with proprietary assets."
Summary of Q2 2017 Financial Results
Research and development expenses were $2.2 million, an increase of $1.2 million from the prior year. The increase was due primarily to the initiation of our Phase 2 clinical trial in hematologic malignancies and the establishment of a secondary CLR 131 manufacturing capability, while investing to support the company’s ongoing Phase 1 relapsed/refractory multiple myeloma trial remained relatively consistent.
General and administrative expenses totaled $1.0 million, which was a $0.3 million reduction from the second quarter of 2016. The improvement was due to lower spending on professional services, particularly consulting, legal and accounting fees.
The company generated a loss from operations of $3.2 million for the three months ended June 30, 2017, while in the second quarter of 2016 the operating loss was $2.3 million; the larger loss resulted from the increase in research and development investment referenced above.
Net loss for second quarter 2017 was $3.1 million, or $0.23 per share. As of June 30, 2017, the company had $8.3 million in cash and cash equivalents on hand, as compared to December 31, 2016, when the company had $11.4 million in cash and cash equivalents. In line with previous guidance, the company estimates that available cash and cash equivalents will fund its planned operations into the second quarter of 2018. Additional capital will be required for operations beyond the second quarter of 2018.