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Novelos Therapeutics Prices $5.5 Million Public Offering
Date:2/13/2013

MADISON, Wis., Feb. 13, 2013 /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 11,000,000 units at $0.50 per unit for gross proceeds of $5,500,000.  Each unit consists of one share of our common stock, a Class A Warrant with a one-year term to purchase one-half of a share of our common stock at an exercise price of $0.50 per share and a Class B Warrant with a five-year term to purchase one share of our common stock at an exercise price of $0.50 per share.  Novelos expects to close the transaction, subject to customary conditions, on or about February 19, 2013.

Burrill Securities LLC is acting as a placement agent in a co-lead capacity for the offering.  Dawson James Securities, Inc. is acting as a sub-agent in a co-lead capacity.

The Benchmark Company, LLC is acting as a sub-agent.

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 Burrill Securities LLC, Prospectus Department, One Embarcadero Center, Suite 2700, San Francisco, CA 94111, 415-591-5400 or email: ksheinerman@b-c.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.

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