Newton-based Novelos Raises $9 Million in Private Placement

From New England Tech Wire

Newton,
Mass. - Novelos Therapeutics, a Newton-based biopharmaceutical company,
announced on Wednesday that it has raised $9 million in a private placement of
stock. The company is selling about 13.6 million common shares to Purdue
Pharma in the deal, priced at $0.66 per share. Novelos also agreed to
negotiate with Purdue for rights to license, develop and commercialize a drug
candidate for the treatment of non-small cell lung cancer in the U.S. on an
exclusive basis until the conclusion of the pivotal Phase 3 trial, which is
expected to conclude in early 2010. Novelos also granted Purdue a conditional
right of first refusal to acquire rights to the drug, NOV-002, in the U.S.,
after the conclusion of the Phase 3 trial.
http://www.novelos.com

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