Monday, June 30, 2008

Novelos nabs patent on anti-cancer drug

By Mass High Tech Staff

Novelos Therapeutics Inc. reports it has received a U.S. patent to the composition and method of use of its experimental anti-cancer drug, NOV-002.

Drug patents are considered to be valuable commodities for life sciences firms in part because they can generate income through licenses to other companies. Novelos said this is the sixth U.S. patent it has been awarded.

The oxidized glutathione-based compound is now in Phase 3 clinical trials for the treatment of non-small cell lung cancer and in Phase 2 clinical trials for other types of cancer, according to Novelos (OTC: NVLT). The compound has been approved for use in the Russian Federation, where the drug was developed originally, company officials said.

Novelos, which says it develops oxidized glutathione-based compounds for the treatment of cancer and hepatitis, reported a 2007 net loss of $29.7 million with no revenue. The firm employs eight workers.