424B3: Prospectus filed pursuant to Rule 424(b)(3)
Published on August 16, 2007
Filed
pursuant to Rule 424(b)(3)
File
Nos. 333-133043
333-129744
Prospectus
Supplement No. 5
(To
Prospectus dated March 28, 2007)
NOVELOS
THERAPEUTICS, INC.
34,285,449
shares of common stock
___________________
This
prospectus supplement supplements the Prospectus dated March 28, 2007, relating
to the resale of 34,285,449 shares of our common stock. This prospectus
supplement should be read in conjunction with the Prospectus.
Election
of Director
On
August
14, 2007 the Board of Directors of Novelos Therapeutics, Inc. (the “Company”)
elected James S. Manuso, Ph.D. as a director of the Company, to hold office
until the next annual meeting of stockholders and thereafter until his successor
is duly elected. Upon his election, Dr. Manuso received an option to purchase
100,000 shares of the Company’s common stock at an exercise price of $0.56 per
share, vesting quarterly over two years. Dr. Manuso will also receive quarterly
director fees and compensation for meeting attendance consistent with the
Company’s practice for other independent directors.
The
appointment of Dr. Manuso fills the vacancy created by the resignation of Mark
Balazovsky in November 2006.
___________________
Investing
in our common stock involves a high degree of risk.
See
Risk Factors beginning on page 7 of the Prospectus.
___________________
Neither
the Securities and Exchange Commission nor any state securities commission
has
approved or disapproved of these securities or passed on the adequacy or
accuracy of this prospectus supplement. Any representation to the contrary
is a
criminal offense.
___________________
The
date
of this prospectus supplement is August 16, 2007