Cellectar Biosciences Inc.'s lead compound CLR 131 achieved a median overall survival of 22.5 months in patients with multiple myeloma in the first cohort of a phase 1 trial.

The result exceeds past outcomes of marketed treatment modalities for multiple myeloma, Cellectar said in a news release. The overall survival could continue to increase over time as the study is still ongoing.

Meanwhile, patients from the second and third cohort of the trial achieved a median overall survival of 13.2 months and 6.7 months, respectively.

Cellectar Biosciences stocks were up 16.46% to $1.84 as of 9:51 a.m. ET on Aug. 8.