Novelos Therapuetics, cancer, hepatitis

Novelos Raises $3M in Stock Sale

Ryan McBride 8/18/08

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.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.