Cellectar Biosciences announced today it has entered into a strategic collaboration with Onconova Therapeutics, a biopharmaceutical company, to develop new phospholipid drug conjugates (PDC).

According to a release, the Newtown, Pa.-based Onconova will provide Cellectar with several compounds, and Cellectar will link the molecules to its PDC platform to create new antitumor agents.

“Onconova is an established player in developing small molecule anti-cancer compounds,” Cellectar Biosciences President and CEO Jim Caruso said in a statement. “Their unique early-stage assets, development experience and ability to successfully advance compounds into Phase 3 clinical trials makes them an excellent partner for Cellectar.”

Financial terms of the agreement were not disclosed. Read the full story here.