Novelos prices underwritten public offering of $5,904,000 of common stock

Novelos Therapeutics, Inc. (OTCBB: NVLT), a pharmaceutical company developing novel drugs for treatment and diagnosis of cancer, today announced the pricing of an underwritten public offering of 9,840,000 units at $0.60 per unit for gross proceeds of $5,904,000.  Each unit consists of one share of common stock and a warrant to purchase one share of common stock.  The warrants will have an exercise price of $0.60 per share and a 5-year term.  The Company has granted the underwriter a 45-day option to purchase up to an additional 15% of the units offered in the public offering to cover over-allotments, if any.  The offering is being made pursuant to an effective registration statement under the Securities Act of 1933, as amended.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), is acting as sole underwriter for the offering.  Novelos expects to close the transaction, subject to customary conditions, on or about December 6, 2011.