Cellectar Biosciences Appoints Jarrod Longcor Senior Vice President of Corporate Development and Operations
20 Juli 2016 - 2:30PM
Cellectar Biosciences, Inc. (Nasdaq:CLRB) ("the company"), an
oncology-focused biotechnology company, today announces the
appointment of Jarrod Longcor as senior vice president of corporate
development and operations, effective July 15, 2016.
“Jarrod is an industry veteran who has spent
considerable time creating collaborations between companies, which
have resulted in successful outcomes for both parties,” said Jim
Caruso, president and CEO of Cellectar Biosciences. “We
anticipate his expertise will easily align with our current
corporate priorities, including identifying potential partners to
develop new oncology drugs using our PDC platform delivery
vehicle. We welcome Jarrod to Cellectar and look forward to
our mutual success.”
Mr. Longcor brings more than 20 years of
pharmaceutical and biotech experience to Cellectar, and during that
time was either responsible for or participated in more than 40
collaborations. Prior to joining the company, he served as
chief business officer for Avillion LLP, where he was responsible
for executing the company's unique co-development partnership
strategy. Prior to Avillion, he was vice president of corporate
development for Rib-X Pharmaceuticals, Inc. (now Melinta
Therapeutics) where he was responsible for identifying and
concluding several critical collaborations for the company,
including a discovery collaboration with Sanofi Aventis valued over
$700M. Prior to Rib-X, Mr. Longcor held key positions in
several small to midsized biotech companies where he was
responsible for business development, strategic planning and
operations.
Jarrod holds a B.S. from Dickinson College, an
M.S. from Boston University School of Medicine and an M.B.A. from
Saint Joseph's University's Haub School of Business.
Grant of Inducement
OptionCellectar has granted to Mr. Longcor, effective as
of his first day of employment with Cellectar, an option to
purchase 75,000 shares of Cellectar’s common stock at an exercise
price per share equal to the closing price of Cellectar’s common
stock on the grant date as reported by Nasdaq. This grant was
approved by both the Compensation Committee of Cellectar’s Board of
Directors and the full Board of Directors and made as an inducement
material to Mr. Longcor entering into employment with Cellectar as
contemplated by Nasdaq Listing Rule 5635(c)(4).
The stock option, which has a 10-year term,
vests and becomes exercisable in twelve equal quarterly increments
beginning three months from the date of Mr. Longcor’s first day of
employment.
Cellectar provides this information in
accordance with Nasdaq Listing Rule 5635(c)(4).
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 Delivery 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 is currently being evaluated under an orphan drug
designated Phase 1 study in patients with relapsed or refractory
multiple myeloma. The company is actively developing PDCs for
targeted delivery of chemotherapeutics such as paclitaxel (CLR
1602-PTX), a preclinical stage product candidate, and plans to
expand its PDC chemotherapeutic pipeline through both in-house and
collaborative R&D efforts. For additional information please
visit www.cellectarbiosciences.com
This news release contains forward-looking
statements. You can identify these statements by our use of words
such as "may," "expect," "believe," "anticipate," "intend,"
"could," "estimate," "continue," "plans," or their negatives or
cognates. These statements are only estimates and predictions
and are subject to known and unknown risks and uncertainties that
may cause actual future experience and results to differ materially
from the statements made. These statements are based on our
current beliefs and expectations as to such future outcomes.
Drug discovery and development involve a high degree of risk.
Factors that might cause such a material difference include,
among others, uncertainties related to the ability to raise
additional capital, uncertainties related to the ability to attract
and retain partners for our technologies, the identification of
lead compounds, the successful preclinical development thereof, the
completion of clinical trials, the FDA review process and other
government regulation, our pharmaceutical collaborators' ability to
successfully develop and commercialize drug candidates, competition
from other pharmaceutical companies, product pricing and
third-party reimbursement. A complete description of risks
and uncertainties related to our business is contained in our
periodic reports filed with the Securities and Exchange Commission,
including our Form 10-K/A for the year ended December 31,
2015. These forward-looking statements are made only as of
the date hereof, and we disclaim any obligation to update any such
forward-looking statements.
CONTACT:
Jules Abraham
JQA Partners
917-885-7378
jabraham@jqapartners.com
INVESTOR CONTACT:
Stephanie Prince
Managing Director
PCG Advisory Group
646-762-4518
sprince@pcgadvisory.com
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