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NetworkNewsBreaks – Onconova Therapeutics, Inc. (NASDAQ: ONTX) Enters Strategic Collaboration with Cellectar Biosciences, Inc. (NASDAQ: CLRB) to Develop New PDCs

Company: Onconova Therapeutics, Inc. (ONTX)
Category: News

Shares of Onconova Therapeutics (NASDAQ: ONTX) are up 6% after the company this morning said it has entered into a strategic collaboration with Cellectar Biosciences (NASDAQ: CLRB) to develop new phospholipid drug conjugates (PDCs). The companies intend to combine Cellectar’s patented phospholipid ether delivery platform with select proprietary compounds or payloads from Onconova’s early stage product pipeline. Per the terms of the collaboration, Onconova will provide several compounds to Cellectar, which will then link to its PDC platform to create new, more precisely targeted antitumor agents. “We are focused on optimizing the delivery of our therapeutic compounds in the battle against Myelodysplastic Syndrome and a variety of cancers. As such, we are excited to collaborate with Cellectar and leverage their PDC platform, which we believe can improve the targeting of our molecules directly to the cancer, in addition to extending the patent coverage of these drug candidates,” Onconova Therapeutics president and CEO Ramesh Kumar, Ph.D., stated in the news release.

To view the full press release, visit: http://nnw.fm/qRa6g

About Cellectar Biosciences, Inc.

Cellectar Biosciences is developing phospholipid drug conjugates (PDCs) designed to provide cancer targeted delivery of diverse oncologic payloads to a broad range of cancers and cancer stem cells. Cellectar’s PDC platform is based on the company’s proprietary phospholipid ether analogs. These novel small-molecules have demonstrated highly selective uptake and retention in a broad range of cancers. Cellectar’s PDC pipeline includes product candidates for cancer therapy and cancer diagnostic imaging. The company’s lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131 has been designated as an orphan drug by the US FDA and is currently being evaluated in a phase 1 clinical study in patients with relapsed or refractory multiple myeloma and a phase 2 clinical study to assess efficacy in a range of B-cell malignancies. The company is also developing proprietary PDCs for targeted delivery of chemotherapeutics and has several preclinical stage product candidates, and plans to expand its PDC chemotherapeutic pipeline through both in-house and collaborative R&D efforts. For more information, please visit www.cellectar.com.

About Onconova Therapeutics, Inc.

Onconova Therapeutics, Inc. is a phase 3-stage biopharmaceutical company focused on discovering and developing novel small molecule drug candidates to treat cancer, with a primary focus on Myelodysplastic Syndromes (MDS). Rigosertib, Onconova’s lead candidate, is a proprietary phase 3 small molecule agent, which the company believes blocks cellular signaling by targeting RAS effector pathways. Using a proprietary chemistry platform, Onconova has created a pipeline of targeted agents designed to work against specific cellular pathways that are important in cancer cells, while causing minimal damage to normal cells. Onconova has three product candidates in the clinical stage and several pre-clinical programs. Advanced clinical trials with the company’s lead compound, rigosertib, are aimed at what the company believes are unmet medical needs of patients with MDS. For more information, please visit www.onconova.com.

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