Cellectar secures Ac-225 supply for cancer drug development

FLORHAM PARK, N.J. - Cellectar Biosciences Inc. (NASDAQ: NASDAQ:), a biopharmaceutical company engaged in the development of cancer treatments, has announced a strategic agreement with NorthStar Medical (TASE:) Radioisotopes, LLC, to secure a supply of non-carrier-added actinium-225 (Ac-225), essential for its CLR 121225 development program. This program is part of Cellectar's efforts to create targeted therapies for solid tumors using its proprietary Phospholipid () delivery platform.

The partnership aims to address the challenges posed by the limited supply of Ac-225, a radioisotope used in the development of targeted alpha therapies (TAT) for cancer treatment. Cellectar's president and CEO, James Caruso, emphasized the importance of a reliable Ac-225 source for advancing their leading alpha emitter program, CLR 121225, into clinical trials. The program has shown potential in preclinical studies against various solid tumors, including pancreatic and triple-negative breast cancers.

NorthStar's president and CEO, Frank Scholz, highlighted the company's commitment to overcoming technological barriers in radiopharmaceutical production, providing companies like Cellectar with high-purity Ac-225. NorthStar is recognized for its innovative approaches in the field, including its production capabilities for copper-67 (Cu-67) and its goal to become the first commercial-scale producer of n.c.a. Ac-225.

The agreement secures a 10-year supply of Ac-225 from NorthStar, with the expectation that the initiation of the supply will occur in 2025. Cellectar plans to progress CLR 121225 into human clinical trials in the same year, as part of a broader strategy to introduce novel radiotherapeutic treatments to the market.

CLR 121225 is currently an investigational therapy and has not received approval from any regulatory authority. The collaboration between Cellectar and NorthStar is grounded in the shared objective of advancing patient care by developing new cancer treatments.

This news is based on a press release statement and the information provided is intended for general knowledge only, as the investigational therapy mentioned has not been evaluated by the Food and Drug Administration or any other regulatory body.

In other recent news, Cellectar Biosciences has been in the spotlight following a series of significant developments. The company's lead drug candidate, iopofosine I 131, reported an 80% overall response rate and a 98.2% clinical benefit rate in a pivotal trial for treating Waldenström's macroglobulinemia, a rare type of non-Hodgkin lymphoma.

In addition, Oppenheimer has reiterated an Outperform rating on Cellectar Biosciences, maintaining its optimistic stance on the company. This follows Cellectar's recent participation in a panel discussion at Oppenheimer's second annual Targeted Radiopharmaceuticals Summit, where the company's strategies and market potential were discussed.

Moreover, Cellectar Biosciences has announced that it is preparing for a New Drug Application (NDA) for iopofosine I131, expected in the fourth quarter of 2024, with a potential commercial launch in 2025. The company also highlighted its robust supply chain for iopofosine and shared its financial position, with a cash balance of $25.9 million, expected to fund operations through the second quarter of 2025.

Furthermore, the company's ongoing clinical development for iopofosine in other hematologic indications and pediatric high-grade gliomas is progressing. Lastly, preparations are underway for a Phase 1 trial in solid tumors using Cellectar Biosciences' Phospholipid Drug Conjugate (PDC) platform. These are among the recent developments marking the company's progress.

InvestingPro Insights

As Cellectar Biosciences Inc. (NASDAQ: CLRB) forges ahead with its strategic partnership to secure actinium-225 for its cancer treatment development, investors should consider some key financial metrics and insights from InvestingPro.

According to InvestingPro data, Cellectar's market capitalization stands at $74.92 million, reflecting its status as a small-cap biopharmaceutical company. This valuation aligns with the company's focus on developing novel cancer therapies, which often requires significant investment before reaching commercialization.

An InvestingPro Tip highlights that Cellectar holds more cash than debt on its balance sheet. This financial position could be crucial for funding the CLR 121225 development program and supporting the company through the clinical trial phase planned for 2025.

However, another InvestingPro Tip indicates that the company is quickly burning through cash. This is not uncommon for biotech firms in the development stage, but it underscores the importance of the company's strategic moves, such as the partnership with NorthStar, to potentially accelerate its path to market.

The company's Price to Book ratio is notably high at 16.51, suggesting that investors are placing a premium on Cellectar's future potential, likely due to the promising preclinical results of CLR 121225 against various solid tumors.

It's worth noting that InvestingPro offers 10 additional tips for CLRB, providing a more comprehensive analysis for investors interested in delving deeper into the company's financial health and market position.

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