Published on March 10, 2010
FOR IMMEDIATE
RELEASE
NOVELOS
THERAPEUTICS BELIEVES CLASS ACTION LAWSUIT IS WITHOUT MERIT AND INTENDS TO
DEFEND VIGOROUSLY
NEWTON, Mass., March 10, 2010
– Novelos Therapeutics, Inc.
(OTCBB: NVLT), a biopharmaceutical company focused on the development of
therapeutics to treat cancer and hepatitis, today announced that a purported
class action complaint was filed on March 5, 2010 in the United States District
Court for the District of Massachusetts by Drew Weaver, allegedly a purchaser of
shares of Novelos’ common stock on February 1, 2010, on behalf of himself and
all others similarly situated against Novelos and Harry S. Palmin, Novelos’
President and Chief Executive Officer. The complaint claims that
Novelos violated Section 10(b) of the Securities Exchange Act of 1934, as
amended, and Rule 10b-5 promulgated thereunder in connection with alleged
disclosures related to the Phase 3 clinical trial of its compound NOV-002 for
non-small cell lung cancer. The plaintiff seeks a jury
trial.
Novelos
has reviewed the complaint and believes that the allegations are without
merit. Novelos plans to vigorously defend against the
litigation. Novelos’ policy is to not discuss pending
litigation.
About
Novelos Therapeutics, Inc.
Novelos
Therapeutics, Inc. is a biopharmaceutical company commercializing oxidized
glutathione-based compounds for the treatment of cancer and
hepatitis. Novelos is building an oncology pipeline via in-licensing
or acquisition of clinical stage compounds or technologies for oncology
indications. Our lead compound, NOV-002, has been administered to
approximately 1,000 cancer patients in clinical trials and is in Phase 2
development for solid tumors in combination with
chemotherapy. Novelos has a partnership with Mundipharma, an
independent associated company of Purdue Pharma, to develop and commercialize
NOV-002 in Europe and Asia (excluding China). Novelos’ second
compound, NOV-205, which has been administered to approximately 200 hepatitis
patients in clinical trials, is in Phase 2 development for chronic hepatitis C
non-responders. Both compounds have been partnered with Lee’s Pharm
in China. For additional information about Novelos please visit www.novelos.com
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COMPANY
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INVESTOR
RELATIONS
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Harry
S. Palmin, President and CEO
|
Stephen
Lichaw
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Ph:
617-244-1616 x11
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Ph:
201-240-3200
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Email:
hpalmin@novelos.com
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Email:
slichaw@novelos.com
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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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