Chairman of Board of Directors
NEWTON, Mass.--(BUSINESS WIRE)--September 19, 2007
Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical
company focused on the development of therapeutics to treat cancer and
hepatitis, today announced the election of Stephen A. Hill, B.M.
B.Ch., M.A., F.R.C.S. to serve as non-executive chairman of Novelos'
board of directors. Dr. Hill, President and CEO of ArQule, Inc.
(NASDAQ: ARQL), has over 25 years of expertise in biopharmaceutical
senior management, product development, commercialization and
partnering. His election increases the number of directors to eight,
six of whom are independent directors.
"We are very pleased to enlist Dr. Hill's developmental and
commercialization leadership on our board, as we approach the possible
approval and commercialization of NOV-002, and explore potential
partnerships," said Harry Palmin, President and CEO of Novelos. "Dr.
Hill's impressive credentials will further enhance the overall quality
of Novelos' board. His election demonstrates our commitment to the
maintenance of a strong, experienced and independent board."
"I am delighted to add my experience and insights to those of the
Novelos board and executive team," said Dr. Hill. "Lung cancer remains
a disease for which more effective therapy is an essential need. I am
hopeful that Novelos' lead compound, NOV-002, will demonstrate benefit
in the ongoing Phase 3 trial, and look forward to supporting the
company during this important stage of its development."
Dr. Hill has served as ArQule's President and CEO since April
1999. Before joining ArQule, Dr. Hill was the Head of Global Drug
Development at F. Hoffmann-La Roche Ltd. from 1997-1999. Dr. Hill
joined Roche in 1989 as Medical Adviser to Roche Products in the
United Kingdom. He held several senior positions there that included
Medical Director, responsible for clinical trials of compounds across
a broad range of therapeutic areas, including CNS, HIV,
cardiovascular, metabolic and oncology products. Subsequently, he
served as Head of International Drug Regulatory Affairs at Roche
headquarters in Basel, Switzerland, where he led the regulatory
submissions for seven major new chemical entities. Dr. Hill also was a
member of Roche's Portfolio Management, Research, Development and
Pharmaceutical Division Executive Boards. Prior to Roche, Dr. Hill
served seven years with the National Health Service in the United
Kingdom in General and Orthopedic Surgery. Dr. Hill is a Fellow of the
Royal College of Surgeons of England and holds his scientific and
medical degrees from St. Catherine's College at Oxford University.
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 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
Novelos Therapeutics, Inc.
Harry S. Palmin, 617-244-1616 x11
President and CEO
Stephen Lichaw, 201-240-3200
Press spacebar to pause and continue. Press esc to stop.