Cellectar Biosciences Inc. (NASDAQ:CLRB) jumped 6% on Friday following the election of Dr. Asher Laban Chanan-Khan as an independent director to the company’s Board of Directors. James Caruso, the company’s CEO, said they welcome Asher to the board as his distinguished scientific and medical oncology expertise will be vital to the company.
In addition, Caruso said that his counsel and insight would be invaluable to the company in its path of developing its pipeline of cancer-targeting assets to optimize the PLE-co0njugate platform technology.
Recently, the company announced its Q1 2021 financial results and offered a corporate update. During the quarter ended March 31, Cellectar initiated the pivotal CLR131 study in Waldenstrom’s macroglobulinemia. The study will expand the Phase 2 CLOVER-1 study, and it was designed as per the US FDA’s feedback in September 2020.
The company ended the quarter with $53.6 million in cash and cash equivalents. So in the coming months, CLRB is a stock to watch.
Market Reaction:
On Friday, CLRB stock went up 6% at $1.24 with more than 2.56 million shares, compared to its average volume of 588k shares. The stock had moved within a range of $1.1700 – 1.3100 after opening the trade at $1.22. Over the past 52-week, the stock has been trading within a range of $1.0100 – 2.9800.
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