Cellectar Biosciences Inc., a Madison company that is developing radiopharmaceutical drugs for cancer treatment, said Monday it has chosen Centre for Probe Development and Commercialization of Hamilton, Ontario, to supply its lead compound for a 2017 clinical trial and future commercial production.

Cellectar is currently evaluating the compound, called CLR 131, in a Phase I clinical study involving patients with multiple myeloma, a blood cancer. The company plans to initiate a Phase II clinical study to assess efficacy in the first quarter of 2017.

“This partnership with CPDC signals an important milestone in the development of CLR 131; it reflects our confidence in the potential clinical utility of our lead compound and establishes an additional supply source as well as pivotal trial and commercial scale production,” said Jim Caruso, president and CEO of Cellectar Biosciences. Read the full story here.