Attached files
| file | filename |
|---|---|
| 8-K - Cellectar Biosciences, Inc. | v191210_8k.htm |
| EX-10.3 - Cellectar Biosciences, Inc. | v191210_ex10-3.htm |
| EX-10.1 - Cellectar Biosciences, Inc. | v191210_ex10-1.htm |
FOR IMMEDIATE
RELEASE
NOVELOS
THERAPEUTICS ANNOUNCES $1.5 MILLION REGISTERED DIRECT OFFERING
NEWTON, Mass., July 22, 2010 –
Novelos Therapeutics, Inc.
(OTCBB: NVLT), a biopharmaceutical company developing therapeutics to
treat cancer and hepatitis, today announced that Novelos entered into a
definitive agreement with institutional investors to sell units consisting of an
aggregate of 21,428,576 shares of its common stock and five-year warrants to
purchase up to an aggregate of 16,071,434 shares of its common stock at an
exercise price of $0.07 per share, for gross proceeds of $1.5
million. The net proceeds of the offering, after deducting $120,000
in placement agent fees and an estimated $130,000 in other transaction expenses,
are estimated to be $1.25 million. Each unit consists of one share of
common stock and a warrant to purchase 0.75 shares of common
stock. The price per unit at which the units are being sold in the
offering is $0.07.
In
connection with obtaining the consent of our preferred stockholders for the
transaction, we will issue five-year warrants to them for the purchase of up to
an aggregate of 16,071,434 shares of common stock at an exercise price of $0.105
per share following the consummation of the transaction.
“This
financing will provide us with capital into Q2 of 2011,” said Harry Palmin,
President and CEO of Novelos. “We will seek to design a larger
randomized controlled trial in breast cancer based on a recent positive Phase 2
result, as well as explore NOV-002 clinical development in other solid tumors in
combination with immunogenic chemotherapies. Meanwhile, we intend to
expand our pipeline through licensing or acquiring clinical-stage oncology
compounds, utilizing our experienced and proven development
team.”
The
shares and warrants were offered by the Company pursuant to an effective
registration statement filed with the Securities and Exchange Commission and
declared effective on July 8, 2010. This press release is not an
offer to sell or the solicitation of an offer to buy securities.
About
Novelos Therapeutics, Inc.
Novelos
Therapeutics, Inc. is a biopharmaceutical company developing oxidized
glutathione-based compounds for the treatment of cancer and
hepatitis. 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 is seeking to expand our pipeline through
licensing or acquiring clinical stage compounds or technologies for oncology
indications. For additional information about Novelos please visit
www.novelos.com
|
COMPANY
|
INVESTOR
RELATIONS
|
|
Harry
S. Palmin, President and CEO
|
Stephen
Lichaw
|
|
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
1
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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