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RELATED PARTY TRANSACTIONS
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3 Months Ended |
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Mar. 31, 2012
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| RELATED PARTY TRANSACTIONS |
16. RELATED PARTY TRANSACTIONS
Jamey Weichert, the Company’s Chief Scientific Officer and principal founder of Cellectar, and a director and shareholder of the Company, is a faculty member at the University of Wisconsin-Madison (“UW”).
During the year ended December 31, 2011, the Company made contributions totaling $206,500 to UW, for use towards unrestricted research activities. No payments were made to UW during the year ended December 31, 2010.
During the three months ended March 31, 2012, the Company made contributions to UW totaling $81,500 for use towards unrestricted research activities and paid UW $92,754 for costs associated with clinical trial agreements. No payments were made during the three months ended March 31, 2011. |