Cellectar Biosciences, Inc., formerly Novelos Therapeutics, Inc., is a biopharmaceutical company developing compounds for the treatment and imaging of cancer. The Company uses phospholipid ether analog (PLE) platform technology as a targeted delivery and retention vehicle. Its compounds are designed to be selectively taken up and retained in cancer cells including cancer stem cells. Its products include I-124-CLR1404 is a small-molecule, broad-spectrum, cancer-targeted PET imaging agent being evaluated in a Phase II glioblastoma imaging trial; 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. I-131-CLR1404 is in Phase Ib dose-escalation trial for patients with advanced solid tumors; CLR1502 is a preclinical, cancer-targeted, non-radioactive optical imaging agent for intraoperative tumor margin illumination and non-invasive tumor imaging.