Novelos Appoints Industry Veteran to Lead Strategic Realignment

  Novelos Appoints Industry Veteran to Lead Strategic Realignment

Business Wire

MADISON, Wis. -- October 9, 2013

Novelos Therapeutics, Inc. (OTCQX:NVLT) announced that the Board of Directors,
on October 4, 2013, appointed Dr. Simon Pedder as Acting Chief Executive
Officer and elected him a Director, replacing Harry Palmin, to complete a
previously announced leadership transition.

“This change of leadership sets the stage for a new era at Novelos and marks
the first of several anticipated changes intended to strengthen the Company
and enhance shareholder value,” said Dr. Stephen Hill, Chairman of Novelos’
Board of Directors. “Over the last several years, we have developed a
compelling portfolio of potentially transformative product candidates for the
detection and treatment of cancer. Based on his broad experience and
expertise, we believe Simon is extremely well-qualified to now lead the
Company through a thorough evaluation of the business and define a corporate
strategy that best aligns Novelos’ resources, pipeline assets and capabilities
with development opportunities to meet critical medical needs.”

Dr. Pedder brings over 25 years of industry experience to the role, having
served most recently as President and Chief Executive Officer of Chelsea
Therapeutics, a Charlotte-based public company which he founded. Prior to his
time at Chelsea, Simon held senior leadership positions at Hoffmann La Roche,
including serving as an Officer and Vice President of Pharma Business
Oncology.

“I am excited by the promising products under development at Novelos and
believe there are compelling near- and long-term opportunities to strengthen
the business, meaningfully advance portfolio products and foster strategic
alliances that will support future growth,” said Dr. Simon Pedder. “In the
immediate future, we plan to take a hard look at the business and anticipate
additional changes in executive and director leadership as we identify ways to
streamline the organization and pair expertise with strategic priorities.
Throughout this process, I look forward to working closely with the Board and
in collaboration with a talented and dedicated team of employees, research
partners and investors to implement a sustainable, growth-oriented strategy
rooted in science and dedicated to excellence and innovation in the treatment
of cancer.”

“Simon brings extensive leadership experience and a wealth of technical
expertise in the oncology field,” continued Dr. Hill, Chairman of Novelos’
Board of Directors. “We are excited to have a leader of Simon’s stature take
the reins at Novelos and look forward to supporting his efforts as we seek to
focus our strategy and unlock the full value and therapeutic potential of our
pipeline.”

In connection with his appointment as Acting CEO, Novelos has entered into a
Consulting Agreement with Dr. Pedder, beginning October 4, 2013. Novelos has
also entered into an Employment Agreement with Dr. Pedder, effective as of
April 1, 2014, pursuant to which Mr. Pedder will serve as President and CEO of
the Company.

About Novelos Therapeutics, Inc.

We are a pharmaceutical company developing novel drugs for the treatment and
diagnosis of cancer. Our cancer-targeted compounds are selectively taken up
and retained in cancer cells, including cancer stem cells, versus normal
cells. I-124-CLR1404 (LIGHT) is a small-molecule, broad-spectrum,
cancer-targeted PET imaging agent. LIGHT Phase 1-2 clinical trials are ongoing
across 11 solid tumor indications. I-131-CLR1404 (HOT) is a small-molecule,
broad-spectrum, cancer-targeted molecular radiotherapeutic that delivers
cytotoxic radiation directly and selectively to cancer cells and cancer stem
cells. HOT Phase 1b dose-escalation trial is ongoing in patients with advanced
solid tumors. CLR1502 (GLOW2) is a preclinical, cancer-targeted,
non-radioactive optical imaging agent for intraoperative tumor margin
illumination and non-invasive tumor imaging. Together, we believe our
compounds are able to “find, treat and follow” cancer anywhere in the body in
a novel, effective and highly selective way. For additional information please
visit www.novelos.com

This news release contains forward-looking statements. You can identify these
statements by our use of words such as "may," "expect," "believe,"
"anticipate," "intend," "could," "estimate," "continue," "plans," or their
negatives or cognates. These statements are only estimates and predictions and
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 raise additional capital,
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. A
complete description of risks and uncertainties related to our business is
contained in our periodic reports filed with the Securities and Exchange
Commission including our Form 10-K for the year ended December 31, 2012 and in
our quarterly reports on Form 10-Q. These forward-looking statements are made
only as of the date hereof, and we disclaim any obligation to update any such
forward-looking statements.

Contact:

INVESTOR
Novelos Therapeutics, Inc.
J. Patrick Genn, 858-775-7456
Vice President of IR
jpgenn@novelos.com
or
LHA
Anne Marie Fields, 212-838-3777
Senior Vice President
afields@lhai.com
@LHA_IR_PR
 
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