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Novelos Therapeutics Inc., a biotechnology company with a late-stage drug target for lung cancer, has closed a $9 million private placement of shares with an existing investor, Stamford, Conn.-based Purdue Pharma LP.
This is the last tranche of the previously announced deal, whereby Purdue purchases 2.9 million shares of common stock at an exercise price of $0.66 per share, worth $5.5 million.
“I am very pleased with Purdue’s continued support, providing Novelos funds for a robust development program into Q3 2010,” said Harry Palmin, president and CEO of Novelos (OTCBB: NVLT), in a statement.
Palmin said he expects the company’s 900-patient Phase 3 lung cancer trial to conclude in early 2010.
The drug target, called NOV-002, is also in Phase 2 development for early-stage breast cancer and chemotherapy-resistant ovarian cancer.
Novelos has a partnership with Mundipharma, an independent associated company of Purdue, to develop and commercialize NOV-002 in Europe and Asia (excluding China). Novelos also has an early stage drug target for the treatment of Hepatitis C. Both compounds have been partnered with Lee’s Pharmaceutical Holdings Ltd. in China.
Novelos’ stock was trading at 76 cents in morning trading on Thursday, down a penny from 77 cents at the previous close.
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