(CNN) - Presidential contender Ron Paul raked in $4.5 million in the month of January, the Texas congressman's campaign announced Monday.
The candidate, who is running behind frontrunners Rick Santorum and Mitt Romney in national polls, has $1.6 million in cash-on-hand funds, according to a press release put out by his campaign. The $4.5 million figure did not include money raised in Paul's most recent "money bomb," which the campaign said pulled in $1.7 million.
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While Paul has enjoyed fervent backing from supporters drawn to his libertarian stance, he has yet to place first in a presidential nominating contest, and has spent less on television ads than his competitors. Paul has said he plans to compete in states holding caucuses, and in smaller primary states where campaign costs could be kept low.
Paul has received help from a super PAC supporting his candidacy, Endorse Liberty. PayPal co-founder Peter Thiel donated $1.7 million to the group in January, according to disclosure documents filed with the Federal Election Commission.
In a statement, Paul's national campaign chairman said the numbers reflected the candidate's strong base of supporters.
"Naturally we're pleased that our growing support base continues to generously support Ron Paul, so in turn he can spread his message of constitutionally-limited government, sound money, and a foreign policy that keep America safe," Jesse Benton said. "Ron Paul is the only Republican candidate who can defeat Barack Obama. And, he is the only one prepared for an exhaustive 50-state campaign in terms of organization, ballot access, and fundraising stamina."