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news.Novelos Therapeutics, which focuses on the development of therapeutics to treat cancer and hepatitis, has received $3 million from the sale of 4.61 million shares of its common stock at $0.65 per share to two accredited investors.
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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.
Harry Palmin, president and CEO of Novelos, said: “We are pleased with this financing, which will fund our current development programs into year end. We continue to pursue our ex-US partnering initiative and other funding options.
“We expect detailed interim results of a Phase II breast cancer trial in December 2008, and we expect our pivotal, fully-enrolled, 840-patient Phase III lung cancer trial to conclude in mid-2009.”