Russia's Renova invests in Novelos; Novo Nordisk opens Vietnam office

USA-based Novelos Therapeutics (OTCQX: NVLT), which is developing novel drugs for the treatment and diagnosis of cancer, has announced the closing of a private placement of equity securities to an affiliated entity of Renova Group, a leading Russian private business group, for gross proceeds to Novelos of $2 million.

Novelos has earmarked the proceeds for the build-out of an in-house clinical-stage manufacturing facility for I-124-CLR1404 (LIGHT), its small-molecule, broad-spectrum, cancer-targeted imaging agent. The facility is expected to be completed in about one year and is expected to cost approximately $3 million.

Harry Palmin, president and chief executive of Novelos, commented: “Having demonstrated initial positive LIGHT imaging data in lung and brain cancer patients and awaiting initial LIGHT imaging data across nine other solid tumor indications starting early next year, the build-out of an in-house clinical-stage manufacturing facility for LIGHT is a key strategic initiative as we move toward larger Phase II and pivotal LIGHT imaging trials. In the interim, we believe additional positive data will further establish proof-of-concept for LIGHT as a PET imaging agent in multiple cancer indications as well as guide selection of indications and trial designs for Phase II clinical trials with I-131-CLR1404 (HOT).”