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Cellectar treatment secures US FDA orphan drug status for neuroblastoma

Cellectar Biosciences Inc. said its lead compound CLR 131 received the U.S. Food and Drug Administration's orphan drug designation to treat a rare type of cancer in children.

The Madison, Wis.-based biotechnology is studying the medicine as a treatment for neuroblastoma, a cancer that forms in certain types of nerve tissue.

The designation will help provide seven years of market exclusivity once the drug is commercialized as well as other benefits to expedite development.

The drug is also being studied in other indications, including multiple myeloma.