NEWTON, Mass.--(BUSINESS WIRE)--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical 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 million in gross proceeds through the sale of shares of a new series of its convertible preferred stock and warrants to purchase its common stock to institutional investors. Novelos sold 300 shares of Series B convertible preferred stock, having a stated value equal to $50,000 per share, a cumulative annual dividend of 9% of stated value and a conversion price of $1.00 per share of common stock. The investors also received warrants, callable in certain circumstances, expiring in five years to purchase an aggregate of 7,500,000 shares of common stock at an exercise price of $1.25 per share.
