Navigation Links
Cellectar, Inc. Raises $13 Million in Private Offering
Date:1/8/2008

- Funds to Be Used for Phase 1 Clinical Trial -

MADISON, Wis., Jan. 8 /PRNewswire/ -- Cellectar, Inc., a privately-held radiopharmaceuticals company that designs and develops products to detect, treat and monitor human cancers, today announced that it has raised $13 million in a private offering. Cellectar will use the money to continue operations and execute a Phase 1 clinical trial for its lead oncology product candidate, CLR1404, which is planned to start this summer. Cellectar recently opened a new manufacturing facility in Madison, WI which will make it possible to complete its clinical trials while remaining independent.

The round was led by Venture Investors, LLC, with participants including Advantage Capital, several Wisconsin based angel investor groups, and a large private equity firm. John Neis, Managing Director of Venture Investors has joined the Cellectar Board of Directors.

Bill Clarke, M.D., Cellectar's President and CEO, commented, "Based on the encouraging data for our lead product candidate, CLR1404, these funds will allow us to move into the clinical trial phase of development. We are pleased with the confidence that our investors have in the Cellectar team. Additionally, John Neis brings a tremendous amount of experience to our Board and will be a key contributor not only to the management of our company, but also to our future fund raising efforts."

"Cellectar is another great example of a company formed around leading edge discoveries from major Midwestern research universities attracting a world class management team," said John Neis. "Cellectar has a lead pharmaceutical candidate that is well validated and has the potential to be an effective treatment for a wide variety of cancer types. Bill Clarke brings exceptional experience in the development of radiopharmaceuticals and has attracted a stellar team."

During 2007, Cellectar raised $7 million in the largest angel round in Wisconsin history. Since then, Cellectar has expanded its team from four employees to 17, and expects to hire more this year. Dr. Clarke commented, "Expanding our staff allows us to continue our progression through clinical trials and ultimately into the global oncology therapy market."

Cellectar plans to submit its lead molecule, CLR1404, for IND (Investigational New Drug) status with the FDA in the coming weeks in order to enter Phase 1 clinical trials during the summer of 2008.

About Cellectar

Cellectar LLC is a radiopharmaceuticals company that designs and develops products to detect, treat and monitor a wide variety of human cancers. Cellectar's novel product candidates combine lipid-like molecules, phospholipid ethers (PLEs), with radioisotopes that can either image or destroy malignant cells. Cellectar's products' unique mechanism of action is based on their selective accumulation and retention in malignant tumors and not normal cells. The company's operations are based in Madison, WI. Cellectar has previously raised approximately $9.0 million from angel investors; including Continuum Investment Partners. For further information about Cellectar, visit the company website at http://www.cellectar.com.

About CLR1404

Cellectar's lead product candidate, CLR1404, is a phospholipid ether (PLE) combined with the radiolabel 131Iodine. Preclinical studies have shown that this compound is selectively retained in malignant cells. In pre-clinical studies, CLR1404 was taken up and retained in 100% of the 40+ malignant tumor types tested. Cellectar plans to move the compound into phase I clinical trials in mid-2008.

About Venture Investors LLC

Venture Investors LLC is a venture capital firm with over $200 million under management. The firm invests in seed and early-stage life science and technology companies in the Midwest, with a primary focus on opportunities that spin out of the region's leading research universities. Formed in 1982, Venture Investors has offices strategically located next to the country's second and fourth largest research institutions in Madison, Wisconsin and Ann Arbor, Michigan. For additional information on the firm, visit http://www.ventureinvestors.com.


'/>"/>
SOURCE Cellectar, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Follica Raises $5.5 M To Advance New Treatment for Androgenetic Alopecia Into the Clinic
2. Anesiva Raises $45 Million in Common Stock Offering
3. Perrigo Announces Final FDA Approval of Dexcels OTC Omeprazole; Raises Full Year Earnings Guidance
4. Antibody Engineering Company f-star Raises EUR 3.0 Million in a Second Closing of its Series A Financing Round From Novo A/S
5. Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Total Revenues
6. Thermo Fisher Scientific Reports Record Third Quarter Revenues and Adjusted EPS and Raises Full-Year Guidance
7. VisEn Medical Raises $7 Million in Series B Financing
8. MannKind Corporation Raises $250 Million in Self Managed Registered Direct Offerings of Common Stock
9. Cardiosolutions Raises $7 Million for Spacer Technology to Mitigate Mitral Regurgitation
10. Enobia Pharma Raises $40.1 Million Series B Financing
11. Pearl Therapeutics Raises $15.5 Million in Private Financing
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... on a range of subjects including policies, debt and investment ... Speaking at a lecture to the Canadian Economics ... the country,s inflation target, which is set by both the ... "In certain areas there needs to be frequent ... not sit down and address strategy together?" He ...
(Date:6/24/2016)... Raleigh, NC (PRWEB) , ... June 24, 2016 , ... ... find the most commonly-identified miRNAs in people with peritoneal or pleural mesothelioma. Their findings ... here to read it now. , Diagnostic biomarkers are signposts in the blood, ...
(Date:6/23/2016)... 23, 2016   Boston Biomedical , an ... designed to target cancer stemness pathways, announced that ... Orphan Drug Designation from the U.S. Food and ... cancer, including gastroesophageal junction (GEJ) cancer. Napabucasin is ... inhibit cancer stemness pathways by targeting STAT3, and ...
(Date:6/23/2016)... , June 23, 2016 Houston Methodist ... the Cy-Fair Sports Association to serve as their ... agreement, Houston Methodist Willowbrook will provide sponsorship support, ... connectivity with association coaches, volunteers, athletes and families. ... the Cy-Fair Sports Association and to bring Houston ...
Breaking Biology Technology:
(Date:4/28/2016)... and BANGALORE, India , April 28, ... Systems, a product subsidiary of Infosys (NYSE: INFY ... announced a global partnership that will provide end ... use mobile banking and payment services.      (Logo: ... key innovation area for financial services, but it also plays ...
(Date:4/15/2016)... 2016  A new partnership announced today will ... decisions in a fraction of the time it ... high-value life insurance policies to consumers without requiring ... Force Diagnostics, rapid testing (A1C, Cotinine and HIV) ... pressure, weight, pulse, BMI, and activity data) available ...
(Date:3/31/2016)... March 31, 2016  Genomics firm Nabsys has completed ... Barrett Bready , M.D., who returned to the ... original technical leadership team, including Chief Technology Officer, ... Development, Steve Nurnberg and Vice President of Software and ... company. Dr. Bready served as CEO of ...
Breaking Biology News(10 mins):