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

.  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 a
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SOURCE Novelos Therapeutics, Inc.
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