Cellectar Biosciences names new president and CEO

Special to The Freeman

April 2, 2014

 Simon Pedder has been named president and CEO of Cellectar Biosciences.
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MADISON Cellectar Biosciences Inc., a developer of drugs for the treatment and diagnosis of cancer, has named Simon Pedder as its president and chief executive officer.

Pedder has been acting CEO of the company for the last six months. The company recently moved its headquarters to Madison from Boston.

"Under Simon's leadership, Cellectar has already made measurable progress in focusing the company's development programs, initiating its first phase II trial and mapping a path toward initial approval of our product candidates," said Stephen Hill, chairman of the company. "The board of directors looks forward to his continued contributions as we work toward advancing our pipeline of promising cancer-targeting agents while optimizing our internal resources and increasing shareholder value.

Pedder founded and previously ran Chelsea Therapeutics International Ltd., a biopharmaceutical company, until he resigned in 2012. Cellectar was founded in Madison in 2003 by Jamey Weichert, a University of Wisconsin-Madison professor.

"I believe Cellectar's highly selective cancer-targeting platform technology has the potential to radically change the way a broad range of cancers are detected, treated and monitored, Pedder said. "The challenges that lay before us are to successfully identify the most efficient and risk-mitigating strategies for validating our core technology and prioritizing those indications in which there are significant unmet clinical needs, well-defined regulatory paths and viable commercial markets.