Cellectar Biosciences Strategic Shift and Workforce Reduction

Cellectar Biosciences ( (CLRB) ) has provided an announcement.

Cellectar Biosciences announced a strategic update involving workforce reduction and a shift in focus towards assets with high therapeutic potential, such as precision isotopes targeting solid tumors. The company plans to pursue strategic options for iopofosine I 131 development following FDA communications and will focus on advancing CLR 121225 and CLR 121125 into clinical studies. The restructuring aims to conserve cash and extend the company’s cash runway into the third quarter of 2025, despite a 60% workforce reduction.

More about Cellectar Biosciences

Cellectar Biosciences is a late-stage clinical biopharmaceutical company focused on discovering and developing proprietary drugs for cancer treatment. The company leverages its Phospholipid Drug Conjugate delivery platform to target cancer cells, aiming for improved efficacy and safety. Their product pipeline includes iopofosine I 131, CLR 121225, CLR 121125, and other chemotherapeutic programs, with a focus on solid tumors and unmet medical needs.

YTD Price Performance: -53.79%

Average Trading Volume: 362,832

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $52.83M

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