Shares of Cellectar Biosciences Inc (NASDAQ:CLRB) ended Thursday session in red amid volatile trading. The shares closed down -0.04 points or -1.83% at $2.15 with 56,053.00 shares getting traded. Post opening the session at $2.21, the shares hit an intraday low of $2.10 and an intraday high of $2.25 and the price vacillated in this range throughout the day. The company has a market cap of $10.89 million and the numbers of outstanding shares have been calculated to be 5.37 million shares.
Cellectar Biosciences Inc (CLRB) on Aug. 12, 2016 announced key accomplishments and its financial results for the second quarter of 2016, which ended June 30, 2016.
Financial Results for 2Q 2016
During the second quarter of 2016, the company reported research and development expenses of $1.0 million, a reduction of $0.4 million from the second quarter of 2015. This improvement continues to be attributable to the company’s shift in strategic focus to therapeutic compound research and development efforts exclusively and the streamlined clinical trial approach it implemented during the second half of 2015.
Cellectar’s general and administrative expenses for second quarter 2016 totaled $1.4 million, which was $0.6 million higher than the prior year period. A significant portion of this increase was driven by specific charges related to legal fees and other consulting services that will not recur, in addition to increased personnel costs. Loss from operations was $2.3 million, which was similar to the same period last year.
The Company ended the second quarter with $7.9 million in cash and cash equivalents, compared to $3.9 million in cash and cash equivalents on December 31, 2015. The company estimates that its available cash and cash equivalents should fund its planned operations into the first quarter of 2017. The company expects that additional capital will be required to complete its planned clinical and preclinical development.
Shares of Exelixis, Inc. (NASDAQ:EXEL) ended Thursday session in green amid volatile trading. The shares closed up +0.20 points or 1.79% at $11.35 with 3.87 million shares getting traded. Post opening the session at $11.13, the shares hit an intraday low of $11.05 and an intraday high of $11.37 and the price vacillated in this range throughout the day. The company has a market cap of $2.64 billion and the numbers of outstanding shares have been calculated to be 230.33 million shares.
Exelixis, Inc. (EXEL) announced that Michael M. Morrissey, Ph.D., the company’s president and chief executive officer, will provide an overview of the company at the Morgan Stanley Global Healthcare Conference taking place September 12-14 in New York, NY. The Exelixis presentation is scheduled for 9:10 AM EDT/6:10 AM PDT on Tuesday, September 13, 2016.
The presentation will be webcast live and may be accessed via the Event Calendar page under Investors & Media at www.exelixis.com. Please connect to the company’s website at least 15 minutes prior to the presentation to ensure adequate time for any software download that may be require to listen to the webcast. A replay will also be available at the same location for 14 days.