Stock Alert: Cellectar Shares Rally 34% In Premarket On FDA Fast Track Designation

(RTTNews) - Shares of Cellectar Biosciences Inc. (CLRB) are soaring over 34% in pre-market today, after the biopharmaceutical company announced that the U.S. FDA has granted Fast Track Designation for CLR 131 in lymphoplasmacytic lymphoma or LPL/Waldenstrom's macroglobulinemia or WM in patients having received two prior treatment regimens or more.

CLR 131 is the company's small-molecule, cancer-targeting radiotherapeutic Phospholipid Drug Conjugate designed to deliver cytotoxic radiation directly and selectively to cancer cells and cancer stem cells. It is currently being evaluated in Cellectar's ongoing Phase 2 CLOVER-1 clinical study in patients with relapsed or refractory multiple myeloma and lymphoplasmacytic lymphoma/Waldenstrom's macroglobulinemia.

Cellectar announced that it had received Orphan Drug Designation or ODD for CLR 131 in LPL earlier this year. In addition to the variety of benefits derived from the ODD, the company would also receive increased engagement and assistance from the FDA in support of the regulatory approval pathway for LPL/WM.

The stock has been trading in the range of $1.04 - $3.33 for the past one year, and closed Friday's trade at $1.41, up 1 cent or 0.71%. CLRB is currently trading at $1.90, up 49 cents or 34.75% in the pre-market session.