Cellectar Biosciences announced today it is the recipient of the second phase of a National Cancer Institute Fast-Track SBIR contract worth $2 million.

According to a release, the money will be used to support funding of a Phase 2 clinical study of the company’s lead product candidate, CLR 131, for the potential treatment of hematologic malignancies, including multiple myeloma.

“The NCI SBIR contract is important to Cellectar in a variety of ways, ranging from the opportunity to receive non-dilutive funding that will significantly support a Phase 2 clinical study of our lead product candidate, CLR 131, to further advance our understanding of the potential clinical utility of CLR 131 in additional hematologic malignancies with high unmet medical needs, as well as providing further validation of the benefits of our Phospholipid Drug Conjugate (PDC) development program,” Cellectar Biosciences President and CEO Jim Caruso said in a statement.

As previously reported, Phase 1 focused on the pre-clinical development of CLR 125.