SOURCE: Novelos Therapeutics Inc.

July 28, 2005 09:36 ET

Novelos Therapeutics Names New Vice President of Research & Development

Dr. Christopher Pazoles, Former Senior Executive at Abbott Labs and Pfizer, to Head Novelos' R&D Effort

NEWTON, MA -- (MARKET WIRE) -- July 28, 2005 -- Novelos Therapeutics, Inc. (OTC BB: NVLT), a biotech company focusing on oxidized glutathione for use in fighting cancer and hepatitis, announced today that Christopher J. Pazoles, Ph.D., has been named Vice President of Research and Development for the Company.

Dr. Pazoles has more than 25 years of biopharmaceutical R&D and senior management experience. Most recently, he held a senior research and development position at Abbott Laboratories, where he helped to establish the Department of Translational Medicine. In 1994, Dr. Pazoles joined the biotech industry, focusing on infectious diseases and oncology, where he built and led multi-disciplinary and multi-national research teams, and helped forge a variety of corporate alliances and partnerships. Previously, he spent 13 years as a researcher and senior manager with Pfizer, where he was involved in numerous pre-clinical and clinical development programs, ultimately serving as Director, Exploratory Development Planning.

"We are extremely pleased to have Dr. Chris Pazoles join our senior management team," said Harry S. Palmin, President and Acting CEO of Novelos Therapeutics. "His 25 years of drug development expertise, from both big pharma and biotech companies, will be invaluable to Novelos. We very much look forward to Dr. Pazoles driving our cancer and hepatitis development programs."

About Novelos Therapeutics, Inc.

Novelos Therapeutics, Inc. (OTC BB: NVLT) was established in 1996 to commercialize two promising oxidized glutathione based compounds, NOV-002 and NOV-205, for the treatment of cancer and hepatitis. Both compounds have completed clinical trials in humans and have been approved for use in the Russian Federation where they were developed. NOV-002, marketed in Russia by an unrelated entity under the trade name GLUTOXIM®, has been administered to over 5,000 patients, demonstrating clinical efficacy and excellent safety data. The U.S.-based Phase 1/2 clinical trial of NOV-002 for lung cancer has been completed. The Company plans to file an IND with the FDA for NOV-205 as a mono-therapy for hepatitis C in 2005.

About the Products

NOV-002, the lead compound, is being developed to treat non-small cell lung cancer (NSCLC). NOV-002 is designed to act as a cytoprotectant and an immunomodulator. When used in combination with chemotherapy, NOV-002 increased the one-year survival rate from 17% to 63% in a Russian study, a result that also represents an 80% improvement above the U.S. 35% current standard of care. A U.S. Phase 1/2 clinical study has been completed.

NOV-002 is also being developed to treat refractory (that is, not responsive to chemotherapy) ovarian cancer. Two additional clinical indications, radiation protection and psoriasis, will also be investigated for NOV-002.

NOV-205 is being developed to treat chronic hepatitis C in the U.S. NOV-205 is designed to act as a hepatoprotective agent with immunomodulating and antiviral activity. In Russian clinical studies, when used as mono-therapy for one month in hepatitis B and for two months in hepatitis C, NOV-205 has been shown to greatly reduce or eliminate viral loads and to vastly improve liver function relative to existing drugs on the market.

This news release contains forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other government regulation, our pharmaceutical collaborators' ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third-party reimbursement.

Consulting For Strategic Growth I, Ltd. ("CFSG") has a June 1, 2005, contract to provide Novelos with consulting, business advisory, investor relations, public relations and corporate development services for a three-month period. In connection with these services, CFSG prepares press releases, corporate profiles, and other publications on behalf of the Company. Independent of CFSG's receipt of cash compensation from the Company, CFSG may choose to purchase the common stock of the Company and thereafter liquidate those securities at any time it deems appropriate to do so.

Contact Information

    Harry S. Palmin, President and Acting CEO
    Novelos Therapeutics, Inc.
    One Gateway Center, Ste. 504
    Newton, MA 02458
    Ph: 617-244-1616 ext.11
    Fax: 631-574-3130
    Email: Email Contact

    Stanley Wunderlich, CEO
    Consulting for Strategic Growth
    800 Second Avenue
    New York, NY 10017
    Ph: 800-625-2236
    Fax: 212-337-8089
    Email: Email Contact