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FLORHAM PARK, N.J. - Cellectar Biosciences, Inc. (NASDAQ: CLRB), a biopharmaceutical company engaged in the development of cancer treatments, announced today its decision to evaluate strategic alternatives to boost stockholder value. This exploration could encompass a variety of transactions, including mergers, acquisitions, partnerships, joint ventures, or licensing agreements. The announcement comes as the company’s stock has declined over 90% in the past year, according to InvestingPro data, though it has shown strong returns over the last three months.
The company’s board has engaged Oppenheimer & Co. Inc. as its financial advisor to assist in this strategic review. The process aims to identify a partner capable of advancing the development of Cellectar’s radiopharmaceutical pipeline, specifically iopofosine I 131. The company’s portfolio also includes other promising treatments in various stages of development, targeting solid tumors with radioconjugates CLR 225 and CLR 125, as well as small molecule and oligonucleotide conjugates.
James Caruso, president and CEO of Cellectar, stated the company’s focus on maximizing stockholder value through the potential identification of a strategic partner. He emphasized the opportunities presented by their platform, including iopofosine I 131, which has been studied in Phase 2b trials for multiple myeloma and central nervous system lymphoma.
Cellectar has not set a timeline for the completion of this strategic evaluation and has made it clear that there is no guarantee of any transaction resulting from this process. The company has not reached any agreements and will not disclose further information unless deemed necessary.
Cellectar Biosciences specializes in the discovery and development of proprietary drugs for cancer treatment using its Phospholipid Drug Conjugate™ (PDC) platform. The platform is designed to develop targeted cancer cell treatments with improved efficacy and safety. Their lead assets include iopofosine I 131 and programs such as CLR 225 and CLR 125, targeting various solid tumors. The FDA has granted iopofosine I 131 multiple designations to expedite its development for various cancer indications. With a market capitalization of approximately $13.4 million and analyst price targets ranging from $1 to $13, investors can access detailed financial analysis and 11 additional ProTips through InvestingPro’s comprehensive research reports. The company is scheduled to report its next earnings on May 7, 2025.
This news is based on a press release statement and contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Cellectar’s periodic reports filed with the Securities and Exchange Commission provide a complete description of these risks.
In other recent news, Cellectar Biosciences reported a net loss of $44.6 million for the fiscal year 2024, translating to a loss of $1.22 per share. Despite the financial setback, the company has managed to extend its cash reserves to the fourth quarter of 2025, primarily due to a restructuring initiative that reduced its workforce by 60%. This restructuring is expected to yield annual savings of approximately $7.5 million. Additionally, Cellectar’s cash and cash equivalents increased significantly to $23.3 million by the end of 2024, up from $9.6 million the previous year. The company is also moving forward with a new Phase III study design for iapopacine, which has been agreed upon with the FDA. This study aims to enroll 100 patients per arm and is projected to cost between $40 million and $45 million. Furthermore, Cellectar is exploring licensing opportunities for iapopacine to support its financial and strategic objectives. These recent developments reflect Cellectar’s ongoing efforts to overcome financial challenges while advancing its clinical programs.
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