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Celator Pharmaceuticals, a privately held pharmaceutical company developing novel products based on proven combinations of chemotherapeutic drugs, today announced that it raised in excess of $22.5 million in a Series C private equity financing.  The proceeds will be used to fund Phase 2 studies of CPX-351 (a liposomal formulation of cytarabine:daunorubicin) in patients with acute myeloid leukemia. The company expects to start enrolling patients in a Phase 2 study of CPX-351 in newly diagnosed, elderly patients with AML before the end of 2008. Celator will continue to develop other CombiPlex(TM) products from its pipeline alone or in collaborations with pharmaceutical partners.