Cellectar's Stock Soars After Positive Results Of a Study Of Its Tumor Treatment

Shares of Cellectar Biosciences Inc. were the biggest gainers ahead of Wednesday's open, as they ran up 32% in active premarket trade after revealing positive results of a tumor-treatment study. The company said a preliminary study showed that its paclitaxel chemotherapeutic conjugate, CLR 1602, may be up to 30 times more tumor selective when compared with free paclitaxel. Cellectar said CLR 1602 also displayed an extended plasma half-life compared with free paclitaxel. The company said it expects to conduct future studies. "These data clearly confirm our ongoing assertion that delivery of chemotherapeutics with our PDC platform may provide superior tumor cell targeting than chemotherapeutics alone, converting non-targeted chemotherapeutics into targeted cytotoxic agents," said Chief Executive Jim Caruso. The stock had plunged 55% year to date through Tuesday, while SPDR S&P Biotech ETF has lost 22% and the S&P 500 has gained 1.5%.