Novelos Therapeutics, Inc. Announces Definitive Agreements To Raise $4.0 Million In Private Placement Of Convertible Debentures And Warrants

MADISON, Wis., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Novelos Therapeutics, Inc. (OTCQX:NVLT), a pharmaceutical company developing novel agents for the treatment and diagnosis of cancer, today announced it has entered into definitive agreements with investors to raise $4.0 million through a non-brokered private placement of convertible debentures and warrants. Proceeds will be used to fund operations, including the initiation of its Phase II imaging trial of 124I-CLR1404 (LIGHT) in glioblastoma during the first quarter of 2014. The closing of the transaction is subject to the satisfaction of customary closing conditions and is expected to occur on or before February 7, 2014.

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