By Josh Beckerman
Cellectar Biosciences shares fell sharply after it revised its plans for its cancer-focused phospholipid ether drug conjugate platform and said it would cut 60% of its workforce.
The stock was recently down 76% to 30 cents. The stock closed at $1.28 on Tuesday, and is now down 90% year to date.
Due to recent communications with the Food and Drug Administration regarding a confirmatory study to support accelerated approval and the regulatory submission for iopofosine I 131, the company said Tuesday that will pursue strategic options for the further development and commercialization of this drug candidate.
"While iopofosine I 131's positive WM data along with the high unmet medical need for these patients support further investment, we have determined that such a program may best be brought to market by a larger organization with greater resources," the company said.
Cellectar said it will focus resources on targeting solid tumors by advancing CLR 121225, its actinium-225 based program, and CLR 121125, its iodine-125 Auger-emitting program into the clinic. It expects to file investigational new drug applications for both drug candidates in the first half of 2025.
The strategic reprioritization will impact all departments and result in an immediate reduction in headcount of about 60%, the company said. It expects the headcount reduction to be complete by the end of the fourth quarter.
Cellectar expects the restructuring will extend its cash runway into the third quarter of 2025.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 11, 2024 13:29 ET (18:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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