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Novelos Therapeutics Prices $5.4 Million Public Offering
Date:6/8/2012

MADISON, Wis., June 8, 2012 /PRNewswire/ -- 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.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Direct Markets Holdings Corp. (NASDAQ: MKTS), is acting as exclusive placement agent for the offering. 

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of these securities in any jurisdiction or to any person in any particular jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: 212-356-0500 or email: placements@rodm.com. Before any investment, an investor should read the prospectus supplement and the accompanying prospectus, including the information incorporated by reference therein, for more complete information about Novelos and this offering.INVESTOR CONTACTSJ. Patrick Genn, Vice President of IRAnne Marie Fi
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SOURCE Novelos Therapeutics, Inc.
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