Cellectar Biosciences announced today it is the recipient of a $2.3 million Fast-Track SBIR grant.

According to a release, the money from the National Cancer Institute will help fund development of the biopharmaceutical company’s Phospholipid Drug Conjugate (PDC) platform for a targeted delivery of I-125, the radiotherapeutic isotope that may help to treat micro-metastatic disease.

“The receipt of this SBIR grant further validates our PDC delivery platform’s potential to improve the therapeutic index and product performance of known cytotoxic agents through targeted delivery,” President and CEO Jim Caruso said in a statement.

The SBIR grants will be awarded in two installments, with Phase I funding of $300,000.