Cellectar, Inc. Raises $13 Million in Privat...( - Funds to Be Used for ...)

- 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 histo
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