Cellectar Biosciences shares rise 32% higher in the active-premarket trade after the news of positive clinical trial emerge. In fact, they were the biggest gainers in last Wednesday Trading. The company mentioned that the preliminary study showed that CLR 1602, a paclitaxel chemotherapeutic conjugates is up to 3o times more effective in killing tumors than the free paclitaxel. The CLR 1602 also showed an extended plasma half-life as compared with free paclitaxel.
They also announced that they are going to conduct future studies regarding this drug. Jim Caruso, Chief Executive Officer of Cellectar said that the data confirms their company’s assertion in delivering chemotherapeutic drug that provides superior tumor cell targeting than the standard chemotherapeutics drugs. Their drug technology works on converting non-targeted chemotherapeutics into a cytotoxic targeted agent.