Novelos Therapeutics, Inc. (OTC:NVLT) has sold 8,333,334 shares of common stock and warrants to existing investor Purdue Pharma LP. The stocks and warrants, expiring on December 31, 20105 for 2,916,668 stocks at a price of $0.66 per share, were sold for gross proceeds of $5.5 million. Novell previously sold 5,303,030 shares and warrants to purchase 1,856,062 shares to Purdue for gross proceeds of $3.5 million.
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A biopharmaceutical company, Novelos Therapuetics is focused on the commercialization of oxidized glutathione based compounds for cancer and hepatitis treatment. It’s lead compound, NOV-002 is currently in Phase II development for the treatment of lung cancer. The company’s second leading compound, NOV-205 is in Phase 1b development for chronic hepatitis C non responders.
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