NEWTON, Mass.--(BUSINESS WIRE)--June 26, 2006--Novelos Therapeutics, Inc. (OTCBB: NVLT - News), a biotechnology company focused on the development of therapeutics to treat cancer and hepatitis, today announced that the Department of Health and Human Services (DHHS) determined that Novelos’ proposal for the use of NOV-002 to treat subjects that may develop Acute Radiation Syndrome (ARS) after exposure to high levels of penetrating radiation is within the competitive range for discussion and further evaluation. According to DHHS, the competitive range consists of all the most highly rated proposals.
