Full Press Release Details
Announces a Co-Development and Commercialization Collaboration with
LegoChemBio for New Small Molecule Phospholipid Drug
Development of Multiple
PARK, N.J., July 12, 2021 -- Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical
company focused on the discovery and development of drugs for the treatment of cancer, today announced that it has entered into a development
and commercialization collaboration with LegoChemBio, a clinical stage South Korea-based biotechnology company, for the development and
commercialization of novel first-in-class phospholipid drug conjugates (PDCs).
Under the agreement,
the two companies have the option to jointly develop three new small molecule PDCs utilizing Cellectar's proprietary drug targeting
platform, phospholipid ether (PLE) technology and LegoChemBio's proprietary drug conjugate linker-toxin platform. The co-development
option is exercisable at defined points with either party allowed to acquire full global commercialization rights. The parties have further
agreed to focus development of the drug candidates on solid tumors with significant unmet medical need and potential for accelerated regulatory
pathways . Details of the financial terms of the agreement have not been disclosed.
partnership reflects the shared commitment of LegoChemBio and Cellectar to rapidly provide novel targeted therapies to patients with difficult
to treat cancers. LegoChemBio's proprietary and validated ADC linker-toxin platform technology is well-suited to be combined with
our validated PLE tumor targeting technology to generate new PDC's" said James Caruso, president and CEO of Cellectar. "This
collaboration has potential to further enrich our oncology pipeline and builds upon our strategy of developing our PDC platform across
a multitude of targeted cancer treatment modalities, including radioisotopes small molecules as well as others."
Dr. Yong-Zu Kim, CEO of LegoChemBio said, "This
collaboration is of great significance for the expansion of the application of LegoChemBio's ADC linker-toxin platform using an
innovative drug delivery platform technology with a novel mechanism beyond antibodies. Through this cooperation with Cellectar and its'
validated competitive platform technology in the field of targeted therapies, we will drive our research capabilities to create novel
PDC clinical candidates with full speed."
About Cellectar Biosciences, Inc.
Cellectar Biosciences
is focused on the discovery and development of drugs for the treatment of cancer. The company is developing proprietary drugs independently
and through research and development collaborations. The company's core objective is to leverage its proprietary Phospholipid Drug
Conjugate (PDC) delivery platform to develop PDCs that specifically target cancer cells, delivering improved efficacy and better
safety as a result of fewer off-target effects. The company's PDC platform possesses the potential for the discovery and development
of the next-generation of cancer-targeting treatments, and it plans to develop PDCs independently and through research and development
The company's product
pipeline includes CLR 131, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope), and proprietary preclinical
PDC chemotherapeutic programs and multiple partnered PDC assets.
more information, please visit www.cellectar.com and www.wmclinicaltrial.com or join the conversation by liking and
following us on the company's social media channels: Twitter, LinkedIn, and Facebook.
Forward-Looking Statement Disclaimer
This news release contains
forward-looking statements. You can identify these statements by our use of words such as "may," "expect," "believe,"
"anticipate," "intend," "could," "estimate," "continue," "plans," or their
negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties
that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current
beliefs and expectations as to such future outcomes including our expectations of the impact of the COVID-19 pandemic. Drug discovery
and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties
related to the ability to raise additional capital, uncertainties related to the disruptions at our sole source supplier of CLR 131, the
ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development
thereof, patient enrollment and the completion of clinical studies, the FDA review process and other government regulation, our ability
to maintain orphan drug designation in the United States for CLR 131, the volatile market for priority review vouchers, our pharmaceutical
collaborators' ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product
pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business is contained in our periodic
reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2020. These forward-looking
statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements.