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Novelos Raises $3M in Stock Sale

Novelos Therapuetics (OTC:NVLT), a Newton, MA, developer of treatments for cancer and hepatitis, announced today that it has raised $3 million through the private placement of 4.6 million shares of common stock for 65 cents per share. Novelos CEO Harry Palmin said in a statement that the proceeds of the private placement would fund the firm’s development programs through the end of the year.