Thinly traded nano cap Cellectar Biosciences (NASDAQ:CLRB) perks up 11% premarket on average volume in reaction to Orphan Drug designation in the U.S. for CLR 131 for a slow-growing type of non-Hodgkin lymphoma called lymphoplasmacytic lymphoma (LPL).
A Phase 2 study, CLOVER-1, evaluating the phospholipid ether-drug conjugate in a range of blood cancers, including LPL, is in process.
Among the benefits of Orphan Drug status in the U.S. is a seven-year period of market exclusivity for the indication, if approved.
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