Cellectar Biosciences Inc (NASDAQ:CLRB) Stock Continues to Trend Lower: Time To Buy?

Late-stage clinical biopharmaceutical focused on development and discovery of drugs for treating cancer, Cellectar Biosciences Inc (NASDAQ:CLRB) announced entering into commercialization collaboration with clinical stage South Korea-based biotech company, LegoChemBio for developing first-in-class phospholipid drug conjugates.

The agreement will allow the firms to develop three new small molecule PDCs harnessing phospholipid ether (PLE) technology, Cellectar’s proprietary drug targeting platform as well as LegoChemBio’s proprietary drug conjugate linker-toxin platform. The two companies will be focusing on developing drug candidates on big tumors with potential for accelerated regulatory pathways. However, the firms have not revealed any financial terms.

James Caruso, president and CEO of Cellectar, said that the partnership demonstrates shared commitment to quickly give unique targeted therapies for patients having cancers.

He added that the partnership can enrich oncology pipeline and builds on the strategy of developing the company’s PDC platform for a diverse set of targeted cancer treatment modalities. Cellectar products pipeline includes cancer treatment both through independent and collaborative approach.

Dr. Yong-Zu Kim, CEO of LegoChemBiosaid that that the collaboration will be important for expanding the application of LegoChemBio’s ADC linker-toxin platform. Kim added that the cooperation in the field of targeted therapies will drive the firm’s research capabilities to create unique PDC clinical candidates.

Market Reaction:

On Monday, CLRB stock fell 1.7% at $1.15 with more than 2.92 million shares, compared to its average volume of 639k shares. The stock had moved within a range of $1.1100 – 1.2200 after opening the trade at $1.20. Over the past 52-week, the stock has been trading within a range of $1.0100 – 2.9800.