Cellectar Biosciences, which develops agents to detect, treat and monitor cancers, announced today it has applied to the U.S. Food & Drug Administration to begin a clinical study of a highly-selective, cancer-targeting radiopharmaceutical in patients with relapsed or refractory multiple myeloma.

“Despite the emergence of new treatment options, no cure exists for multiple myeloma … creating a clear need for the development of additional novel therapeutics,” President and CEO Dr. Simon Pedder said in a statement. “We believe the selective nature and prolonged retention of our agent could enable effective, localized treatment to suppress or eliminate malignant plasma cells while preserving the important functions of normal blood cells.”

According to a release, the incurable multiple myeloma is the second-most common hematologic cancer and results from an abnormality of plasma cells, usually in the bone marrow. Approximately 70,000 people are living with multiple myeloma in the United States.