Novelos Therapeutics (OTCBB: NVLT) Successful Completion of First Cohort In Lung Cancer Trial

Northern, WI 4/25/12 (StreetBeat) -- Novelos Therapeutics, Inc. (OTCBB: NVLT), a pharmaceutical company developing novel drugs for treatment and diagnosis of cancer, today announced that the University of Wisconsin Carbone Cancer Center, a leading oncology research institution, has successfully completed the first cohort in a Phase 1-2 positron emission tomography (PET) imaging trial of I-124-CLR1404 (LIGHT), a cancer-targeted PET imaging agent, in patients with advanced non-small cell lung cancer (NSCLC). The first cohort comprised three patients dosed with LIGHT at 5 mCi. Details of the trial design are available atwww.clinicaltrials.gov ID: NCT00582283, or at www.novelos.comin the "Clinical Trials" section. Anne M. Traynor, M.D., is the trial's principal investigator. Detailed trial results are expected to be presented at a scientific venue at a later date.

"The preliminary results from the first cohort are encouraging. We see strong uptake of LIGHT in cancerous tumors against very low background and have not observed any adverse safety signals," said Dr. Traynor. "Although still early and in a small number of subjects, there is some suggestion that LIGHT imaging was more tumor-selective than the comparator modality 18F-fluorodeoxyglucose (18F-FDG) PET."

"Having observed initial cancer-specific uptake with LIGHT at 5 mCi in NSCLC patients, we now look forward to evaluating the next dose level in this indication," said Kim Hawkins, Vice President of Clinical Development of Novelos. "The protocol was prospectively designed to dose three patients at 3 mCi in the next cohort, as we seek to identify a minimally effective dose, and we look forward to obtaining these results in a few months."

"We are very pleased with the positive initial LIGHT imaging data in lung cancer patients obtained to date, and with our collaboration with the UW Carbone Cancer Center," said Harry Palmin, President and CEO of Novelos. "We believe these data begin to establish proof-of-concept for LIGHT as a PET imaging agent for NSCLC, could advance our partnering discussions and could be used to calculate effective doses for Phase 2 clinical trials of I-131-CLR1404 (HOT). HOT is our chemically identical small-molecule, broad-spectrum, cancer-targeted molecular radiotherapeutic that delivers cytotoxic radiation directly and selectively to cancer cells and cancer stem cells."

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