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.

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Vertex Pharmaceuticals (NASDAQ:VRTX) of Cambridge, MA, saw its stock soar today after preliminary data from a small ongoing trial of its oral hepatitis C drug Telaprevir were released in a conference abstract.

The abstract indicated that patients for whom standard hepatitis treatments had previously failed responded well to Telaprevir. The data are scheduled to be presented at a late April meeting of the European Association for the Study of the Liver in Milan.

Vertex shares reached as high as $24.20 before closing at $23.89, up $5.23 (28 percent) from yesterday’s close.

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