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Novelos Therapeutics Announces Encouraging Results in Ongoing Phase,2 Ovarian Cancer Trial at Dana-Farber/Partners Cancer Care

NEWTON, Mass.--(BUSINESS WIRE)--Jun 18, 2007 - Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis, today announced encouraging results in an ongoing Dana-Farber/Partners Cancer Care (DF/PCC) Phase 2 trial of NOV-002 in combination with carboplatin in platinum-resistant ovarian cancer patients. To date, 10 patients were evaluable for best overall tumor response (assessed at least after 8 weeks / 2 chemotherapy cycles), whereby all 10 women had previously failed three lines of chemotherapy (starting fourth line). 1 patient had a partial response, 5 stable disease and 4 progressive disease. NOV-002 was well-tolerated, further extending the excellent safety profile NOV-002 has demonstrated in previous studies.

The primary objective of this open-label single-arm Phase 2 is to determine the tumor response rate in a cohort of women with platinum-resistant ovarian cancer after treatment with NOV-002 and carboplatin. Up to 25 women may be enrolled in the trial and may receive up to six cycles of NOV-002 and carboplatin. A link to the trial description and contact information is available at www.novelos.com under 'Clinical Trials' section.

"I am encouraged by these preliminary results in platinum-resistant ovarian cancer, with NOV-002 (in combination with carboplatin) apparently slowing disease progression in over half of the treated patients," said Dr. Carolyn Krasner, the Principal Investigator. "Most women, having failed three lines of chemotherapy, would be expected to progress in about eight weeks."

"We look forward to continuing to work closely with Dana-Farber/Partners on developing NOV-002 for this indication," said Harry Palmin, President and CEO of Novelos. "Meanwhile, Novelos remains on-track for full enrollment of our pivotal Phase 3 trial of NOV-002 for lung cancer in the first quarter 2008."

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