Cellectar Biosciences is cheering a handful of accomplishments.

The Madison company, working on cancer-fighting drugs, has gotten important designations from the U.S. Food and Drug Administration for one of Cellectar’s drug compounds as a potential treatment for childhood cancers.

CLR 131 has received orphan drug status to treat rhabdomyosarcoma, a rare type of tissue sarcoma in children. Orphan drug designation provides seven-year market exclusivity, tax credits for certain research, and assistance from the FDA.

CLR 131 also has been granted orphan drug status and rare pediatric disease designation to treat neuroblastoma, a cancer that starts in the nerve tissue. That could result in faster FDA review of the prospective drug. Read the full story here.