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NVLT News Novelos Therapeutics and MUSC Submit Two Abstracts for Presentation at AACR 2007 Annual Meeting

NEWTON, Mass.--(BUSINESS WIRE)--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biotechnology company focused on the development of therapeutics to treat cancer and hepatitis, today announced that the company in collaboration with Dr. Kenneth Tew and Dr. Danyelle Townsend of the Medical University of South Carolina (MUSC) have submitted two non-clinical abstracts for presentation at the American Association for Cancer Research annual meeting in March 2007. These presentations will highlight in vivo and in vitro findings with NOV-002, which is currently in a pivotal Phase 3 trial for non-small cell lung cancer and Phase 2 trials for other oncology indications.

“As clinical development of NOV-002 progresses, we continue to add to our understanding of its molecular and cellular mechanisms of action as they may relate to therapeutic activity,” said Christopher Pazoles, Ph.D., Vice President of Research & Development of Novelos. “Our ongoing and broad-ranging research collaboration with Drs. Tew and Townsend at MUSC is an important part of that effort.”

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 early-stage breast 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.