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:1/12/2017)... Frederick, MD (PRWEB) , ... ... ... to the market’s rapid adoption of Limfinity® Cloud, RURO has enhanced the ... for cross-continent user groups, federated login, rapid data searching, and more. In ...
(Date:1/11/2017)... 2017  Brian Mehling, M.D., world-renowned stem cell researcher, ... International (BHI), will be attending the 47th Annual World ... from January 17-20, 2017. This will be Dr. Mehling,s ... theme of this year,s forum is Responsive and Responsible ... address strategies for fostering greater social inclusion and human ...
(Date:1/11/2017)... , ... January 11, 2017 , ... ... make all the difference when navigating the challenges young businesses face. With the ... the extensive expertise and experience of Geoff DiMasi, Founder and Principal of interactive ...
(Date:1/11/2017)... , Jan. 11, 2017 AnaptysBio, ... product candidates focused on unmet medical needs in ... Piscitelli as chief financial officer.  Mr. Piscitelli ... strategy, as well as overseeing the company,s accounting ... are pleased to welcome Dominic to the senior ...
Breaking Biology Technology:
(Date:12/19/2016)... BARCELONA , España y TORONTO , 19 ... fusión con Northern Biologics Inc. que permitirá el desarrollo acelerado de ... ensayos clínicos en varios tipos de tumor en 2017, con múltiples ... ... de su clase con objetivo en el factor inhibidor de leucemia ...
(Date:12/15/2016)... , December 15, 2016 Arvato ... an agreement with NuData Security, an award-winning international ... will enable clients to focus on good customer experience, balancing ... regulation. ... In order to provide a one-stop fraud prevention suite, Arvato ...
(Date:12/15/2016)... , Dec. 15, 2016  There is much ... doors or starting the engine. Continental will demonstrate the ... Las Vegas . Through the combination of ... and Entry) and biometric elements, the international technology company ... vehicle personalization and authentication. "The integration of ...
Breaking Biology News(10 mins):