Novelos Therapeutics to Present at 8th Annual BIO Investor Forum

NEWTON, Mass.--(BUSINESS WIRE)--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis, today announced that Harry S. Palmin, President and CEO of Novelos, will present at the 8^th Annual BIO Investor Forum on Wednesday, October 28, 2009. Mr. Palmin is scheduled to present at 2:30pm PDT (5:30pm EDT) in Twin Peaks North. The event will be held at the Palace Hotel in San Francisco, CA.

A live webcast of Mr. Palmin’s presentation may be accessed via www.novelos.com

The webcast will be archived for 90 days following the presentation.

Hosted by the Biotechnology Industry Organization (BIO), this is an international life-sciences conference featuring late-stage private and emerging public companies. Experts hand-selected to speak at this conference will focus on current biotechnology pipeline innovation, and the latest trends in clinical strategy, capital access and creative funding techniques. Information about the conference is available at www.investorforum.bio.org

About Novelos Therapeutics, Inc.

Novelos Therapeutics, Inc. is a biopharmaceutical 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 SPA and Fast Track, acts together with chemotherapy as a chemopotentiator and a chemoprotectant. NOV-002 is also in Phase 2 development for early-stage breast cancer and chemotherapy-resistant ovarian cancer. Novelos has a partnership with Mundipharma to develop and commercialize NOV-002 in Europe and Asia (excluding China). Novelos’ second compound, 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 been partnered with Lee’s Pharm in China. 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.