- 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.
Media: Patricia F. Dimond, Ph.D., +1-617-747-3609, pat.dimond@fd.com, or
Investors: John Capodanno, +1-212-850-5705, john.capodanno@fd.com, both of FD
Life Sciences, for Cellectar, Inc.
