Benzinga | Jul 12, 2021 08:34AM EDT

Cellectar Announces Co-Development And Commercialization Collaboration With LegoChemBio For New Small Molecule Phospholipid Drug Conjugates; Financial Details Not Disclosed

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.

"This 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 LegoChem Biosciences, Inc.

LegoChem Biosciences is a biopharmaceutical company focusing on the development of next-generation novel therapeutics utilizing its proprietary medicinal drug discovery technology LegoChemistry & ADC platform technology ConjuAll. Since its foundation in 2006, LCB has focused on the research and development of ADC (Antibody-Drug-Conjugates), antibiotics, anti-fibrosis and anticancer therapeutics based on proprietary platform technologies. For more information on LCB's robust pipeline, visit www.legochembio.com.