NEWTON, Mass.--(BUSINESS WIRE)--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biotechnology company focused on the development of therapeutics to treat cancer and hepatitis, today announced that the Department of Health and Human Services (HHS) 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 no longer eligible for procurement under this specific award. Previously, in June 2006, HHS had informed Novelos that its proposal was within the competitive range, consisting of all the most highly rated proposals, for discussion and further evaluation.
