Benzinga | Jul 12, 2021 11:01AM EDT

Cellectar, LegoChemBio Team Up To Develop Phospholipid Drug Conjugates For Solid Tumors

* Cellectar Biosciences Inc (NASDAQ:CLRB) has collaborated with LegoChemBio to develop and commercialize phospholipid drug conjugates (PDCs).

* Under the agreement, the two companies have the option to jointly develop three new small molecule PDCs utilizing Cellectar's drug targeting platform, phospholipid ether 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 the development of the drug candidates on solid tumors.

* Financial terms have not been disclosed.

* Price Action: CLRB shares are down 1.71% at $1.15 during the market session on the last check Monday.