The round was led by Venture Investors, with participants including Advantage Capital, several Wisconsin based angel investor groups, and a large private equity firm.
Cellectar will use the money to continue operations and has plans to submit its lead molecule, CLR1404, for IND status with the FDA in the coming weeks in order to enter Phase I clinical trials during the summer of 2008.
Bill Clarke, president and CEO of Cellectar, said: “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.”