Cellectar Biosciences named Jim Caruso to be its new President and CEO, the company announced today.

“(Jim) brings a level of energy and commitment, combined with his significant industry experience that I am confident will enable Cellectar to achieve the potential we all believe is inherent in its technology,” Cellectar Board of Directors Chairman Stephen Hill said in a statement.

According to a release, Caruso was most recently the executive VP, CEO and co-founder of HIP Innovation Technology, LLC. He has more than 25 years of industry experience relating to drugs, devices and oncology that he will bring to Cellectar.

Caruso replaces Dr. Simon Pedder, who retired due to “personal family reasons,” according to the company.