Cellectar Biosciences announces plan to explore strategic alternatives

Cellectar Biosciences (CLRB) announced that the company will explore a full range of strategic alternatives to advance its promising platform and radiopharmaceutical drug development pipeline to maximize stockholder value. Strategic alternatives under consideration may include, but are not limited to mergers, acquisitions, partnerships, joint ventures, licensing arrangements or other strategic transactions. The company’s board of directors has approved the engagement of Oppenheimer & Co. to serve as exclusive financial advisor to assist in the strategic evaluation process. “We have initiated a process to explore alternatives available to the company to maximize stockholder value that includes identifying a strategic partner with the resources to develop iopofosine I 131. In addition to iopofosine I 131, our platform provides exciting opportunities including our alpha- and Auger-emitting radioconjugates, CLR 225 and CLR 125, respectively, in multiple solid tumor indications as well as our small molecule and oligonucleotide conjugates,” said James Caruso, president and chief executive officer of Cellectar.