Message #1 From:
Stock News Bot Date: September 11, 2006 05:30:00 AM
NVLT News Novelos Therapeutics Receives Notice of Allowance For 5th U.S. Patent; Further Strengthening Novelos' Commanding IP
NEWTON, Mass.--(BUSINESS WIRE)--Sept. 11, 2006--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biotechnology company focused on the development of therapeutics to treat cancer and hepatitis, today announced that the Company has received a notice of allowance from the U.S. Patent and Trademark Office for its patent application extending the composition and method of use claims relating to NOV-002, Novelos' lead compound in Phase 3 development for non-small cell lung cancer under a Special Protocol Assessment (SPA) and Fast Track.
Novelos has a commanding intellectual property position around its oxidized glutathione-based product platform. In addition to the newly allowed U.S. patent, its intellectual property includes 4 earlier issued U.S. patents, 2 European and 2 Japanese issued patents, and 30 patent applications filed worldwide. Together, these provide broad and long-lasting coverage encompassing composition of matter, method of use and manufacturing for its products.
"This most recent addition to our IP portfolio further strengthens Novelos' proprietary position in the oxidized glutathione field in general and, in particular, around the structure of NOV-002," said Christopher Pazoles, Ph.D, Vice President of Research and Development of Novelos. "It will also allow us to expand our pipeline to include additional compounds based on this structural motif."
About Novelos Therapeutics, Inc.
Novelos Therapeutics, Inc. is a biotechnology company commercializing oxidized glutathione-based compounds for the treatment of cancer and hepatitis. NOV-002, the lead compound currently in Phase 3 development for lung cancer under a SPA and Fast Track, acts together with chemotherapy as a chemoprotectant and an immunomodulator. NOV-002 is also in Phase 2 development for chemotherapy-resistant ovarian cancer and is in addition being developed for acute radiation injury. NOV-205 acts as a hepatoprotective agent with immunomodulating and anti-inflammatory properties. NOV-205 is in Phase 1b development for chronic hepatitis C non-responders. Both compounds have completed clinical trials in humans and have been approved for use in the Russian Federation where they were originally developed. For additional information about Novelos please visit www.novelos.com
This news release contains forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements 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.
