Cellectar Biosciences Appoints Chad J. Kolean Chief Financial
Officer
MADISON, Wis., May 29, 2014 (GLOBE NEWSWIRE) — Cellectar Biosciences,
Inc. (OTCQX:CLRB), a clinical stage biopharmaceutical company
developing innovative agents for the detection and treatment of cancer,
today announced the appointment of Chad J. Kolean as chief financial
officer, effective May 28, 2014. Mr. Kolean brings more than 25 years
of experience to Cellectar, including extensive operational and
financial experience with global publicly- and privately-held
companies. Mr. Kolean will report directly to Dr. Simon Pedder,
president and chief executive officer of Cellectar.
Mr. Kolean replaces Ms. Joanne M. Protano, who, as previously
announced, is departing as the Company’s chief financial officer
following the relocation of its principal executive offices to Madison,
WI.
Mr. Kolean most recently served as CFO for Pioneer Surgical Technology,
Inc., a global manufacturer and distributor of spinal, biological and
orthopedic implants acquired by RTI Biologics in July 2013. From 2010
until its merger in 2011 with Accuray, Inc., Mr. Kolean served as
corporate controller for Tomotherapy, Inc., a publicly traded global
leader in developing and manufacturing innovative radiation oncology
equipment. From 2001 through 2008, Mr. Kolean held multiple leadership
positions of increasing responsibility at Metavante Corporation, a
provider of banking and payments technologies and services to financial
institutions, businesses and individual consumers worldwide. He brings
additional financial and operational leadership experience from
companies including Snap-On Inc., Herman Miller and Kaydon Corporation.
Mr. Kolean began his career at Arthur Andersen LLP, where he practiced
as a certified public accountant.
“Chad is extremely well qualified to serve as CFO,” said Dr. Simon
Pedder, president and chief executive officer of Cellectar. “His deep
leadership experience will be a strong complement to our executive team
and will be a valuable asset as we continue to drive our strategic and
operational transformation.”
“Joanne has done a tremendous job during her tenure with the Company
and, on behalf of Cellectar, I would like to thank her for
contributions as a senior member of our leadership team and wish her
well in all of her future endeavors,” continued Dr. Pedder.
Commenting on his appointment, Mr. Kolean said, “Cellectar has made
tremendous progress under Simon’s leadership. I look forward to joining
this talented team and contributing to the company’s next phase of
growth.”
Mr. Kolean earned his B.A. Business Administration and Finance from
Hope College.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is developing agents to detect, treat and monitor
a broad spectrum of cancers. Using a novel phospholipid ether analog
(PLE) platform technology as a targeted delivery and retention vehicle,
Cellectar’s compounds are designed to be selectively taken up and
retained in cancer cells including cancer stem cells. With the ability
to attach both imaging and therapeutic agents to its proprietary
delivery platform, Cellectar has developed a portfolio of product
candidates engineered to leverage the unique characteristics of cancer
cells to “find, treat and follow” malignancies in a highly selective
way. I-124-CLR1404 is a small-molecule, broad-spectrum, cancer-targeted
PET imaging agent currently being evaluated in a Phase II glioblastoma
imaging trial. Additionally, multiple investigator-sponsored Phase I/II
clinical trials are ongoing across 11 solid tumor indications.
I-131-CLR1404 is a small-molecule, broad-spectrum, cancer-targeted
molecular radiotherapeutic that delivers cytotoxic radiation directly
and selectively to cancer cells including cancer stem cells. A Phase Ib
dose-escalation trial of I-131-CLR1404 in patients with advanced solid
tumors was completed in the first quarter of 2014 and results have been
submitted to the American Society of Clinical Oncology (ASCO) 2014
Annual Meeting. CLR1502 is a preclinical, cancer-targeted,
non-radioactive optical imaging agent for intraoperative tumor margin
illumination and non-invasive tumor imaging. For additional information
please visit www.cellectar.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 for the year
ended December 31, 2013. 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: INVESTOR CONTACT
Kate McNeil, Vice President of IR, PR &
Corporate Communications
Cellectar Biosciences, Inc.
Phone: (347) 204-4226
Email: kmcneil@cellectar.com
