U.S. Markets closed

Cellectar Biosciences Jumps 200% After Getting Patent Identification Numbers For Cancer-Targeting Drug Vehicles

R. Chandrasekaran

Cellectar Biosciences, Inc. (NASDAQ: CLRB), an oncology-focused biotechnology company, revealed Friday that it got patent identification numbers for its Phospholipid-Ether Analogs as Cancer Targeting Drug Vehicles. The company has filed non-provisional US and International patent applications earlier. According to the company, it marked the next step in the application process for approval, as well as, issuance of these patents.

The company's President and CEO, Jim Caruso, commented "When issued, these patents will provide Cellectar and potential partners with intellectual property (IP) protection through approximately November 2036, providing significant runway for product development and commercialization. This expanded IP protection supports the value-optimizing potential of our CLR CTX chemotherapeutic program and we look forward to providing ongoing updates as we continue to advance this R&D program."

Cellectar Biosciences said that these patents would protect both composition of matter and method of use for those phospholipid drug conjugates, or PDCs, developed with its proprietary phospholipid-ether delivery vehicle conjugated with any existing or future cytotoxic agents. It included chemotherapeutics like paclitaxel, for targeted delivery to cancer cells and cancer stem cells.

Following the news, the stock jumped 190 percent on Friday.

See more from Benzinga

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.