Novelos Therapeutics Inc. on Tuesday announced it’s changing
its name to Cellectar Biosciences Inc.
The newly named Cellectar stock will trade under the symbol
CLRB, effective Wednesday. It was previously trading on the
OTCQX marketplace under “NVLT.”
The Madison-based biopharmaceutical company develops cancer
and cancer stem cell selective technology. It recently
closed a $4 million private placement.
The name-change accompanies a new chapter in the company’s
business strategy and efforts to rebuild shareholder value,
according to a company statement.
“Over the course of the last few months, we have undertaken
a thorough evaluation of our development pipeline and
business strategy with an eye toward taking the necessary
steps to begin rebuilding share-holder value," said Simon
Pedder, acting chief executive officer. "As part of this
process we have implemented organizational and personnel
changes, sought additional capital and defined clinical
development programs that target areas of high unmet medical
need, provide an opportunity to validate our technology and
allow us to firmly establish proof-of-concept for our
highly-selective cancer-targeting and retention delivery
www.cellectar.com for more information.