Cellectar Biosciences Inc., a Madison developer of cancer treatment and diagnostic drugs, said Wednesday it has received $2 million from the National Cancer Institute to support a clinical study of its leading drug candidate.

The drug candidate uses ionizing radiation and has potential to treat hematologic malignancies, including multiple myeloma, the company said in a news release. The money represents the second phase of a Fast-Track Small Business Innovation Research, or SBIR, grant. Read the full story here.