Novelos Therapeutics acquires Cellectar

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Novelos Therapeutics has completed its acquisition of Cellectar and $5.1 million financing to develop three novel cancer-targeted compounds.

Cellectar’s three novel cancer-targeted compounds—COLD, HOT and LIGHT—are selectively taken up and retained in cancer cells (including cancer stem cells), according to Novelos.

COLD, a cancer-targeted chemotherapy, is expected to enter clinical trials late in 2012.

HOT, a small-molecule, broad-spectrum, cancer-targeted radiopharmaceutical that delivers radiation directly and selectively to cancer cells and cancer stem cells, is expected to enter a Phase 1b dose escalation trial in the third quarter of this year and Phase 2 trials in mid-2012 in monotherapy for solid tumors.

LIGHT, a small-molecule cancer imaging compound, is expected to enter Phase 1/2 clinical trials in the middle of this year, according to the Madison, Wis.-based company.

The financing was led by Venture Investors with participation from existing and new investors. Novelos filed a warrant to purchase 192,931 shares of common stock, at an exercise price of $0.75 per share, in connection with the financing.