Celator Pharmaceuticals, Inc., a Princeton, New Jersey-based company that develops cancer therapies, has raised $32.5 million in the final closing of a private placement of common stock and warrants to purchase common stock. The biopharmaceutical reports that the funds will be used to support a Phase 3 clinical study of its CPX-351 Liposome Injection, an “experimental therapy for secondary acute myeloid leukemia.”

According to Celator, the Phase 3 clinical study is designed as a “300-patient, randomized, controlled study comparing CPX-351 to conventional cytarabine and daunorubicin therapy (7+3) with a primary endpoint of overall survival.”

Valence Life Sciences, LLC led the financing, which totaled $39.3 million, including an additional $6.8 million from previous closings. Scott Morenstein, Valence Life Sciences Managing Director, will join Celator’s board of directors. See Celator Pharmaceuticals, Inc. News Release, April 30, 2013.