Navigation Links
Novelos Therapeutics Announces Dismissal of Putative Federal Securities Class Action Lawsuit
Date:6/28/2011

MADISON, Wis., June 28, 2011 /PRNewswire/ -- Novelos Therapeutics, Inc. (OTCBB: NVLT), a pharmaceutical company developing novel drugs for treatment and diagnosis of cancer, today announced that on June 23, 2011, Judge Nathaniel M. Gorton allowed the defendants' motion to dismiss the putative federal securities fraud class action brought in the United States District Court for the District of Massachusetts in March 2010 entitled Boris Urman and Ramona McDonald v. Novelos Therapeutics, Inc. and Harry S. Palmin (Civil Action No. 10-10394-NMG).  The plaintiffs alleged that the defendants made materially false and misleading statements and omissions regarding the progress of the Phase 3 clinical trial before the United States Food and Drug Administration of Novelos' oxidized glutathione compound, NOV-002, in application to non-small cell lung cancer.  On February 24, 2010, Novelos announced that the Phase 3 trial had concluded unsuccessfully, and the price per share of Novelos' common stock dropped by approximately 80% from its close on the prior day.

In dismissing the action without prejudice, Judge Gorton concluded that the statements made by Mr. Palmin to which the plaintiffs objected were not misleading, and endorsed the "competing and more persuasive non-fraudulent inference that Mr. Palmin understood that alleged changes to the NOV-002 specifications presented to the FDA affected only the color specifications rather than the effectiveness or fundamental composition of the drug."

Novelos and Mr. Palmin were defended by Foley Hoag LLP.

About Novelos Therapeutics, Inc.We are a pharmaceutical company developing novel drugs for the treatment and diagnosis of cancer. We currently have three cancer-targeted compounds, which are selectively taken up and retained in cancer cells (including cancer stem cells) versus normal cells.  Thus, our therapeutic compounds directly kill cancer cells while minimizing harm to normal cells.  This offers the potential for a paradigm shift in cancer therapy – efficacy versus all three major drivers of mortality in cancer: primary tumors, metastases and stem cell-based relapse.  LIGHT is a small-molecule cancer imaging agent.  We believe LIGHT has first-in-class potential and expect it to enter Phase 1/2 clinical trials in the third quarter of this year.  HOT is a small-molecule, broad-spectrum, cancer-targeted molecular radiotherapeutic that delivers radiation directly and selectively to cancer cells and cancer stem cells.  We believe HOT also has first-in-class potential, and we expect it to enter a Phase 1b dose escalation trial in the third quarter of this year, and Phase 2 trials in mid-2012 as a monotherapy for solid tumors with significant unmet medical need.  COLD, a cancer-targeted chemotherapy that we expect to enter clinical trials late in 2012, works primarily through Akt inhibition.  Together, we believe our compounds are able to "find, treat and follow" cancer anywhere in the body in a novel, effective and highly selective way.  For additional information please visit www.novelos.comCOMPANYINVESTOR RELATIONSHarry S. Palmin, President and CEO

Patrick Genn, Exec. DirectorPh: 617-244-1616 x11

Ph: 858-775-7456Email: hpalmin@novelos.com

Email: pgenn@novelos.comNovelos Therapeutics, Inc.Madison, WI

Boston, MAThis news release contains forward-looking statements.  You can identify these statements by our use of words such as "may," "expect," "believe," "anticipate," "intend," "could," "estimate," "continue," "plans," or their negatives or cognates.
Such statements are valid only as of today, and we disclaim any obligation to update this information.  These statements are only estimates and predictions and 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.


'/>"/>

SOURCE Novelos Therapeutics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Novelos Therapeutics to Present at the 5th Lippert/Heilshorn Life Sciences & Medical Technologies Virtual Conference on June 16
2. Nonconformity of NOV002 Used in Phase 3 NSCLC Trial Sponsored by Novelos Therapeutics, Inc to NOV002 (Glutoxim(R)), Used in Phase 1/2 NSCLC and all Previous Trials
3. Echo Therapeutics Announces NASDAQ Listing
4. Cell Therapeutics Added to Russell 3000®, Russell 2000® and Russell Global Indexes
5. Prime Therapeutics Vice President of Specialty Pharmacy Solutions Presents at 6th Annual Executive Forum on Pharmacy Benefit Management Strategies
6. Amsterdam Molecular Therapeutics Receives Opinion on Glybera(R) Marketing Authorisation Application
7. Sirnaomics Seals a Second Partnership Deal with a Chinese Pharmaceutical Company for Developing siRNA Therapeutics
8. Alzheimers Drug Discovery Foundation Supports Axxam To Develop Novel Therapeutics for Alzheimers Disease
9. Reportlinker Adds U.S. Retinal Therapeutics Market
10. Cell Therapeutics, Inc. Reports Outcome of Special Meeting of Shareholders
11. Pearl Therapeutics Advances Its Long-Acting Bronchodilator Combination Product Candidate into Four Additional Phase 2 Studies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/2/2016)... 2, 2016 Kalorama Information noted the 5 ... market in a recent white paper.  The healthcare market ... usage, a growing market are among the top drivers ... report EMR 2016: The Market for Electronic ... complete study of the EMR industry, and the report ...
(Date:5/2/2016)... LAWRENCEVILLE, N.J. , May 2, 2016 /PRNewswire/ ... drug development company, today announced data from the ... dose escalating clinical trial (the OVATION Study) combining ... of care for the treatment of newly-diagnosed patients ... chemotherapy followed by interval debulking surgery.  In the ...
(Date:4/29/2016)... New Jersey , April 29, 2016 /PRNewswire/ ... Software Suite for Life Sciences, Product Development Capabilities ... Global Life Science Customer Base . ... solutions provider, today announced the acquisition of Skura ... a global leader in adaptive sales enablement technology ...
Breaking Medicine Technology:
(Date:5/3/2016)... ... May 03, 2016 , ... Elizabeth Murray has always loved ... join her with one on her shoulder and one on her arm. But she ... because of years of mitral valve prolapse. , The valves of the heart wouldn’t ...
(Date:5/3/2016)... ... May 03, 2016 , ... University of the People, ... launch of its Associates and Bachelor's degrees in Health Studies. Leading figures are ... Dr. Torsten N. Wiesel; Chairman and CEO of Fortune 500® company Henry Schein, ...
(Date:5/3/2016)... ... ... Boston Children’s Hospital today announced its new pediatric Simulation (SIM) Center — ... procedures in an environment that looks and feels real. , Located in the heart ... “hackers” to develop and test new devices or software platforms and see how they ...
(Date:5/3/2016)... ... ... Park Cities Pet Sitter has openings for both full-time and part-time ... 75219, 75220, 75225, 75229, 75230, 75231 and 75235 zip codes. These zip codes ... and Park Cities areas of the Metroplex. Candidates must love animals, have attention ...
(Date:5/3/2016)... ... May 03, 2016 , ... ... industry, announced today that Legacy Health is expanding its use of Intrigma’s cloud-based ... a highly successful initial proof of concept. The Portland, Oregon based health system ...
Breaking Medicine News(10 mins):