Novelos announces pricing of public offering

Novelos Therapeutics, Inc. (OTCQX: NVLT), a pharmaceutical company developing novel drugs for the treatment and diagnosis of cancer, today announced the pricing of a public offering of 5,420,800 units at $1.00 per unit for gross proceeds of $5,420,800. 

Each unit consists of one share of our common stock, a Class A Warrant with a five-year term to purchase one-half of a share of our common stock at an exercise price of $1.25 per share and a Class B Warrant with a 90-day term to purchase one share of our common stock at an exercise price of $1.00 per share.  Novelos expects to close the transaction, subject to customary conditions, on or about June 13, 2012.