424B3: Prospectus filed pursuant to Rule 424(b)(3)
Published on February 24, 2010
Filed
pursuant to Rule 424(b)(3)
File
No. 333-161922
Prospectus
Supplement No. 1
(To
Prospectus dated February 12, 2010)
NOVELOS
THERAPEUTICS, INC.
19,000,000
shares of common stock
This
prospectus supplement supplements the Prospectus dated February 12, 2010,
relating to the resale of 19,000,000 shares of our common stock. This
prospectus supplement should be read in conjunction with the
Prospectus.
Announcement
of Phase 3 Clinical Trial Results
On
February 23, 2010, we received a report of the top-line results of our pivotal
Phase 3 clinical trial in advanced non-small cell lung cancer studying our lead
product, NOV-002, in combination with first-line chemotherapy. Upon
evaluation and review of the data contained in the report, we determined that
the primary endpoint of improvement in overall survival was not met in the
trial.
Based on
a preliminary analysis of the clinical trial data, it appears that internal
simulations suggesting positive trial results were inaccurate due to the
deviation of certain trial data from our statistical model, the impact of
censoring patterns and the survival of patients in the control arm exceeding our
expectations, which had been based on historical precedents. We
expect to present detailed Phase 3 lung cancer trial results at an appropriate
scientific venue later this year.
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 February 24, 2010