NEWTON, Mass.--(BUSINESS WIRE)--March 7, 2006--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biotechnology company focused on the development of therapeutics to treat cancer and hepatitis, announced that today, it closed its previously announced private placement resulting in $15.06 million in gross proceeds through the sale of shares of its common stock and warrants to institutional investors. Novelos issued 11.15 million shares of common stock at a price of $1.35 per share. The investors also received warrants to purchase an aggregate of 8.37 million shares of common stock at an exercise price of $2.50 per share.
