Cellectar Biosciences, Madison, says it is collaborating with Onconova Therapeutics, of Newtown, Pennsylvania, to develop drug compounds.

"Onconova is an established player in developing small molecule anti-cancer compounds," said Jim Caruso, president and CEO of Cellectar. "Their unique early-stage assets, development experience and ability to successfully advance compounds into Phase 3 clinical trials makes them an excellent partner for Cellectar."

Under terms of the arrangement, Onconova will provide Cellectar with several compounds and Cellectar will link the molecules to its delivery platform. Their goal is to create new drugs that will target cancerous tumors more precisely, the companies said.

Terms of the collaboration were not disclosed.

Meanwhile, Cellectar says it is extending its collaboration with Pierre Fabre, a French pharmaceutical company, also in search of new drugs to treat cancer.

The two companies said preclinical results of compounds they are developing have been "encouraging" in tests on several types of solid tumors.

Cellectar and Pierre Fabre first announced a collaboration in December 2015. 

Contact Judy Newman at jdnewman@madison.com with tips and story suggestions.

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Judy Newman is a business reporter for the Wisconsin State Journal.