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Charles C. Harwood, Jr., Joins Cellectar, Inc.'s Board of Directors

9/18/2008 10:21:24 AM

MADISON, Wis., Sept. 18 /PRNewswire/ -- Cellectar, Inc., a privately-held radiopharmaceuticals company that designs and develops products to detect, treat and monitor human cancers, today announced the appointment of Charles C. Harwood, Jr., to the Company's Board of Directors.

Mr. Harwood, 55, is a Healthcare Industry Advisor for Avista Capital Partners, a NYC-based private equity firm. Prior to working with Avista, Mr. Harwood was President and Chief Executive Officer of privately-held Focus Diagnostics, Inc. from 2002 until the company's sale in 2006. With more than 20 years of experience in the healthcare industry, he has also served as Senior Vice President and Chief Financial Officer of Covance, Inc., one of world's largest drug development service companies.

"Charlie brings exceptional financial and transaction expertise to the Cellectar Board," commented William Clarke, MD, M.Sc, President and CEO of Cellectar. "His years of experience in the drug development industry will prove beneficial to the Company as we advance our radiopharmaceutical products toward clinical testing and commercialization."

Mr. Harwood also serves on the Board of Directors at BioReliance, Inc., a contract research organization specializing in biological safety testing and specialized toxicology, RadPharm, Inc., a privately-held contract research organization located in Princeton, NJ, and Itero Biopharmaceuticals, Inc., a development stage company located in the San Francisco Bay Area.

About Cellectar

Cellectar, Inc. is a radiopharmaceutical company that designs, develops and manufactures products to detect, treat and monitor a wide variety of human cancers. Cellectar's novel product candidates combine lipid-like molecules, phospholipid ethers (PLEs) analogs, with radioisotopes that can either image or destroy malignant cells. Cellectar's products' unique mechanism of action is based on their accumulation and selective retention in malignant tumors and not in normal cells. The Company's operations are based in Madison, WI. Cellectar has previously raised approximately $22.0 million from angel and venture capital investors; including Continuum Investment Partners and Venture Investors, LLC. For further information about Cellectar, visit the Company's website at

CONTACT: Investors: John Capodanno, Tel: +1-212-850-5705,, or Media: Irma Gomez-Dib, Tel: +1-212-850-5761,, both of FD Life Sciences, for Cellectar, Inc.

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