On August 11, 2016 Cellectar Biosciences, Inc. (Nasdaq: CLRB) ("the company"), an oncology-focused biotechnology company, reported key accomplishments and its financial results for the second quarter of 2016, which ended June 30, 2016 (Filing, Q2, Cellectar Biosciences, 2016, AUG 12, 2016, View Source [SID:1234514544]).
Corporate highlights for the quarter include:
· USPTO issued patent for CLR 131 and other radiotherapeutics for the treatment of cancer stem cells in combination with external beam treatment
· USPTO issued patent for CLR 1600 series PDC’s protecting assets generated through the conjugation of our delivery vehicle with paclitaxel
· USPTO patent publication related to our delivery vehicle protecting assets generated through the conjugation of any existing or future cytotoxic agents
· Results of preclinical study of 1602, one of our paclitaxel PDC’s demonstrating improved in vivo cancer tumor targeting compared to other cells
· Completion of the first phase of NCI SBIR fast track grant; a preclinical study of CLR 125 which demonstrated activity in triple negative breast cancer models
· Closing of $8M financing
· Achieved all Nasdaq requirements for continued listing, successfully closing the listing qualifications matter
"In addition to expanding and strengthening our intellectual property portfolio this past quarter, we enhanced the company’s capital structure and continued to successfully execute on the corporate objectives established almost a year ago, including our rapid pivot to a therapeutic focused research and development company," said Jim Caruso, president and CEO of Cellectar Biosciences. "We now look forward to upcoming cohort 2 performance results of CLR 131 for Multiple Myeloma as well the first half of 2017 initiation of our NCI supported Phase 2 clinical study of CLR 131in hematologic malignancies."
Financial Results for 2Q 2016
During the second quarter of 2016, the company reported research and development expenses of $1.0 million, a reduction of $0.4 million from the second quarter of 2015. This improvement continues to be attributable to the company’s shift in strategic focus to therapeutic compound research and development efforts exclusively and the streamlined clinical trial approach it implemented during the second half of 2015.
Cellectar’s general and administrative expenses for second quarter 2016 totaled $1.4 million, which was $0.6 million higher than the prior year period. A significant portion of this increase was driven by specific charges related to legal fees and other consulting services that will not recur, in addition to increased personnel costs. Loss from operations was $2.3 million, which was similar to the same period last year.
The Company ended the second quarter with $7.9 million in cash and cash equivalents, compared to $3.9 million in cash and cash equivalents on December 31, 2015. The company estimates that its available cash and cash equivalents should fund its planned operations into the first quarter of 2017. The company expects that additional capital will be required to complete its planned clinical and preclinical development.
Cellectar will be holding a conference call at 8:30 AM ET on Monday, August 15, 2016 to review the company’s performance, as well as these financial results. The call can be accessed by calling 888-646-8293. The call will also be webcast via View Source, and replays will be available via the Investor Relations section of the company’s website: investor.cellectarbiosciences.com.
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