Madison drug developer Cellectar Biosciences names CFO<br />May 29, 2014<br /><br /><br /><br />Cellectar Biosciences Inc., a publicly traded cancer drug developer that returned its headquarters to Madison earlier this year, said Thursday it has named Chad J. Kolean as chief financial officer.<br /><br />Kolean replaces Joanne M. Protano, who left the company after it decided to move to Madison from Massachusetts. Kolean will report to Simon Pedder, the company's president and chief executive officer.<br /><br />Cellectar was founded in Madison in 2003 by University of Wisconsin-Madison professor Jamey Weichert. Following a 2011 merger with a public company, Novelos Therapeutics, the corporate headquarters was moved to Newton, Mass.<br /><br />The company has said it is developing a portfolio of imaging and therapeutic agents that capitalize on the unique attributes of its cancer-targeting and retention platform technology. So far, Cellectar has developed three potential products: a diagnostic PET imaging agent; a molecular radiotherapeutic; and a nonradioactive optical imaging agent designed to increase the success of cancer surgery and noninvasively image certain tumors. The company has several clinical trials in process for its product candidates.<br /><br />