Novelos Therapeutics, Inc. Announces $15 Million Private Placement, Supplementing Today's Earlier Announcement

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 $15.06 million (representing an increase of $2.2 million over the $12.86 million announced earlier today) in gross proceeds through the sale of shares of its common stock and warrants. Novelos has agreed to sell an aggregate of 11.15 million shares of common stock at a price of $1.35 per share. The investors will also receive warrants to purchase an aggregate of 8.37 million shares of common stock at an exercise price of $2.50 per share.