Cellectar, Inc. Raises $13 Million in Privat...(ry. Since then Cellectar has expanded it...)

Date:1/8/2008

ry. 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
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SOURCE Cellectar, Inc. Copyright©2008 PR Newswire. All rights reserved

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