The Wisconsin Alumni Research Foundation (WARF), the commercialization arm of the University of Wisconsin, has entered into a licensing agreement with Cellectar Biosciences to commercialize a treatment for myeloma.
Cellectar is an oncology-focused clinical stage biotech company, and WARF has been one of its key investors. While the company has always maintained the rights to develop and commercialize the CLR 131 compound for the treatment of multiple myeloma, the new licensing agreement with WARF provides Cellectar with exclusive rights, consolidating its control of the multiple myeloma indication while continuing to maintain its control over all other therapeutic uses of CLR 131.
“We are extremely pleased to further strengthen our relationship with Cellectar,” says Carrie Thome, WARF director of investments. “WARF’s ability to use the many assets that exist in our portfolio to help advance an important new technology towards ultimate commercialization is a wonderful example of the power of the unique WARF model that combines world class technology transfer and investment management capabilities.”
Jim Caruso, president and CEO of Cellectar, comments, “WARF is one of Cellectar’s largest shareholders and remains a formidable partner. We believe this expansion of our relationship further solidifies our mutual commitment. Acquiring the remaining rights to the use of CLR 131 in multiple myeloma now provides us with complete control over the product’s development and commercialization in all therapeutic areas.”