Published on September 19, 2007
FOR
IMMEDIATE RELEASE
NOVELOS
THERAPEUTICS ELECTS DR. STEPHEN HILL TO SERVE AS CHAIRMAN OF BOARD OF
DIRECTORS
NEWTON,
Mass., September 19, 2007
-
Novelos
Therapeutics, Inc. (OTCBB: NVLT),
a
biopharmaceutical company focused on the development of therapeutics to treat
cancer and hepatitis, today announced the election of Stephen A. Hill, B.M.
B.Ch., M.A., F.R.C.S. to serve as non-executive chairman of Novelos’ board of
directors. Dr. Hill, President and CEO of ArQule, Inc. (NASDAQ: ARQL), has
over
25 years of expertise in biopharmaceutical senior management, product
development, commercialization and partnering. His election increases the number
of directors to eight, six of whom are independent directors.
“We
are
very pleased to enlist Dr. Hill’s developmental and commercialization leadership
on our board, as we approach the possible approval and commercialization of
NOV-002, and explore potential partnerships,” said Harry Palmin, President and
CEO of Novelos. “Dr. Hill’s impressive credentials will further enhance the
overall quality of Novelos’ board. His election demonstrates our commitment to
the maintenance of a strong, experienced and independent board.”
“I
am
delighted to add my experience and insights to those of the Novelos board and
executive team,” said Dr. Hill. “Lung cancer remains a disease for which more
effective therapy is an essential need. I am hopeful that Novelos’ lead
compound, NOV-002, will demonstrate benefit in the ongoing Phase 3 trial, and
look forward to supporting the company during this important stage of its
development.”
Dr.
Hill
has served as ArQule's President and CEO since April 1999. Before joining
ArQule, Dr. Hill was the Head of Global Drug Development at F. Hoffmann-La
Roche
Ltd. from 1997-1999. Dr. Hill joined Roche in 1989 as Medical Adviser to Roche
Products in the United Kingdom. He held several senior positions there that
included Medical Director, responsible for clinical trials of compounds across
a
broad range of therapeutic areas, including CNS, HIV, cardiovascular, metabolic
and oncology products. Subsequently, he served as Head of International Drug
Regulatory Affairs at Roche headquarters in Basel, Switzerland, where he led
the
regulatory submissions for seven major new chemical entities. Dr. Hill also
was
a member of Roche's Portfolio Management, Research, Development and
Pharmaceutical Division Executive Boards. Prior to Roche, Dr. Hill served seven
years with the National Health Service in the United Kingdom in General and
Orthopedic Surgery. Dr. Hill is a Fellow of the Royal College of Surgeons of
England and holds his scientific and medical degrees from St. Catherine's
College at Oxford University.
About
Novelos Therapeutics, Inc.
Novelos
Therapeutics, Inc. is a biopharmaceutical company commercializing oxidized
glutathione-based compounds for the treatment of cancer and hepatitis. NOV-002,
the lead compound currently in Phase 3 development for lung cancer under a
SPA
and Fast Track, acts together with chemotherapy as a chemoprotectant and an
immunomodulator. NOV-002 is also in Phase 2 development for
chemotherapy-resistant ovarian cancer and early-stage breast cancer, and is
in
addition being developed for acute radiation injury. NOV-205 acts as a
hepatoprotective agent with immunomodulating and anti-inflammatory properties.
NOV-205 is in Phase 1b development for chronic hepatitis C non-responders.
Both
compounds have completed clinical trials in humans and have been approved for
use in the Russian Federation where they were originally developed. For
additional information about Novelos please visit www.novelos.com
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COMPANY
|
INVESTOR
RELATIONS
|
|
|
Harry
S. Palmin, President and CEO
|
Stephen
Lichaw
|
|
|
Ph:
617-244-1616 x11
|
Ph:
201-240-3200
|
|
|
Email:
hpalmin@novelos.com
|
Email:
slichaw@novelos.com
|
Novelos
Therapeutics, Inc.
One
Gateway Center, Suite 504
Newton,
MA 02458
This
news release contains forward-looking statements. Such statements are valid
only
as of today, and we disclaim any obligation to update this information. These
statements are subject to known and unknown risks and uncertainties that may
cause actual future experience and results to differ materially from the
statements made. These statements are based on our current beliefs and
expectations as to such future outcomes. Drug discovery and development involve
a high degree of risk. Factors that might cause such a material difference
include, among others, uncertainties related to the ability to attract and
retain partners for our technologies, the identification of lead compounds,
the
successful preclinical development thereof, the completion of clinical trials,
the FDA review process and other government regulation, our pharmaceutical
collaborators’ ability to successfully develop and commercialize drug
candidates, competition from other pharmaceutical companies, product pricing
and
third-party reimbursement.
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