Published on August 18, 2008
FOR
IMMEDIATE RELEASE
NOVELOS
THERAPEUTICS CLOSES $3 MILLION PRIVATE PLACEMENT
NEWTON,
Mass., August 18, 2008 –
Novelos
Therapeutics, Inc. (OTCBB: NVLT),
a
biopharmaceutical company focused on the development of therapeutics to treat
cancer and hepatitis, today announced that it received $3 million from the
sale
of 4,615,384 shares of its common stock at $0.65 per share to two accredited
investors. The shares of common stock were issued in a private placement
transaction under Regulation D of the Securities Act of 1933 and have not been
registered under the Securities Act of 1933, as amended, or any state securities
laws.
“We
are
pleased with this financing, which will fund our current development programs
into year end,” said Harry Palmin, President and CEO of Novelos. “We continue to
pursue our ex-US partnering initiative and other funding options. We recently
demonstrated positive results with NOV-002 in two Phase 2 trials in ovarian
and
breast cancers, and our scientific progress was recognized in two peer reviewed
publications. We expect detailed interim results of a Phase 2 breast cancer
trial in December 2008, and we expect our pivotal, fully-enrolled, 840-patient
Phase 3 lung cancer trial to conclude in mid-2009.”
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 a
chemopotentiator. NOV-002 is also in Phase 2 development for
chemotherapy-resistant ovarian cancer and early-stage breast cancer. 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.