Novelos Therapeutics, Inc. Announces $12.9 Million Private Placement

NEWTON, Mass.--(BUSINESS WIRE)--March 2, 2006--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biotechnology company focused on the development of therapeutics to treat cancer and hepatitis, today announced that it has entered into definitive securities purchase agreements with institutional investors to raise $12.86 million in gross proceeds through the sale of shares of its common stock and warrants. Novelos has agreed to sell an aggregate of 9.53 million shares of common stock at a price of $1.35 per share. The investors will also receive warrants to purchase an additional 7.15 million shares of common stock at an exercise price of $2.50 per share.