Novelos Therapeutics and MUSC Peer Reviewed Article Published in Expert Opinion on Investigational Drugs

Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis, today announced that Novelos’ peer reviewed article, based on the collaboration with Dr. Kenneth Tew and Dr. Danyelle Townsend of the Medical University of South Carolina (MUSC), has been published in Expert Opinion on Investigational Drugs[Volume 17, Issue 7, pages 1075-1083, 2008]. This article describes clinical results as well as findings in cellular and animal model systems that demonstrate the ability of NOV-002 to influence redox balance in and on cells, resulting in a constellation of effects on redox-sensitive cell processes and functions. NOV-002 is the subject of an ongoing pivotal Phase 3 trial for non-small cell lung cancer under a Special Protocol Assessment (SPA) and Fast Track. NOV-002 has also demonstrated positive results in Phase 2 trials for other oncology indications.

“We are very pleased to have another peer reviewed publication, continuing to establish cellular redox modulation as the fundamental mechanism of action of NOV-002,” said Christopher Pazoles, Ph.D., Vice President of Research & Development of Novelos. “This article strengthens the connection between NOV-002 and an emerging literature that has shown redox status to be a key regulator of signal pathway activation, cell proliferation, cytoskeleton changes and other cell functions that may relate to NOV-002’s unique therapeutic profile, which is also described in the article.”

The article is available at www.novelos.com‘Our Products’, ‘NOV-002’ section.

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 a chemopotentiator. NOV-002 is also in Phase 2 development for chemotherapy-resistant ovarian cancer and early-stage breast cancer. 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 reimbursement.