Cellectar Biosciences Spiked 30% On Phase 2 INC Contract

Cellectar Biosciences Inc (NASDAQ: CLRB), a nano-cap oncology-focused clinical-stage company, announced on Tuesday a new collaboration to better explore a phase 2 clinical trial.

Cellectar selected INC Research Holdings Inc (NASDAQ: INCR), a leading contract research organization, to oversee its Phase 2 clinical trial of CLR 131 in patients with multiple myeloma and select hematologic malignancies.

CLR 131 is Cellectar's investigational compound under development for the treatment of hematologic malignancies. The therapy is currently undergoing a Phase 1 clinical trial and a Phase 2 trial has been expedited and will begin in the first quarter of 2017.

Interim data from the Phase 1 study suggests that patients benefit from an overall response rate, an improvement in progress-free survival and overall quality of life.

As part of the agreement with INC Research, it will receive a $2 million grant which will cover approximately 50 percent of the study's cost. An additional $3 million could be made available for a pivotal Phase 3 trial.

"INC Research has outstanding experience in cancer clinical research and a strong reputation within the hematology community. With strong investigator relationships, proven operational expertise and a commitment to high-quality data, they are the ideal partner for this important trial," said Jim Caruso, president and CEO of Cellectar. "Given the accelerated initiation of our Phase II study to the first quarter of 2017 and that we will utilize as many as 15 participating sites, we can confidently plan on providing initial efficacy data in the second half of 2017."