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 Novelos issued approximately 2,100,000 shares of its Common Stock to certain holders of warrants to purchase approximately 6,900,000 shares of Novelos Common Stock. The warrants, issued in March 2006 in connection with a private placement of Novelos Common Stock and expiring on March 7, 2011, were exercisable at a price of $1.82 per share of Common Stock. Novelos effected the exchange pursuant to an exchange agreement with each warrant holder who agreed not to transfer or dispose of the shares of Common Stock acquired until February 18, 2010. Immediately following the exchange, warrants to purchase an aggregate of approximately 5,400,000 shares of Common Stock at $1.82 remained outstanding.
