NEWTON, Mass.--(BUSINESS WIRE)--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis, today announced that Harry Palmin, President and CEO of Novelos, purchased 50,000 shares of the company stock on August 22, 2007, in market transactions.
“Novelos is in a pivotal Phase 3 lung cancer trial, which is on track for full enrollment in March 2008. We have Phase 2s in other cancer indications, having recently announced encouraging results in an ongoing ovarian cancer trial,” said Harry Palmin, President and CEO of Novelos. “This purchase reinforces my continued confidence in Novelos and our prospects.”
