Novelos Therapeutics and Lee's Pharmaceutical Sign Exclusive Collaboration Agreement in China for No

[Guest guest]

Novelos Therapeutics and Lee's Pharmaceutical Sign Exclusive Collaboration

Agreement in China for Novelos' Cancer and Hepatitis Compounds

From the PharmaLive.com News Archive - Dec. 17, 2007

NEWTON, Mass.--(BUSINESS WIRE)--Dec 17, 2007 - Novelos Therapeutics, Inc.

(OTCBB: NVLT), a biopharmaceutical company focused on the development of

therapeutics to treat cancer and hepatitis, today announced that Novelos signed

an exclusive license agreement with Lee's Pharmaceutical (HK) Ltd (which is 30%

owned by Sigma-Tau Group through Defiante Farmaceutica Lda) to develop and

commercialize in China, including Hong Kong and Macau, as well as in Taiwan, two

of Novelos' compounds: NOV-002 for cancer and NOV-205 for hepatitis. NOV-002 is

Novelos' lead compound in pivotal Phase 3 trial for non-small cell lung cancer

under a Special Protocol Assessment (SPA) and Fast Track.

Lee's Pharmaceutical ( " Lee's Pharm " ) will be responsible for the cost of all

clinical development, regulatory submissions and commercialization of NOV-002

and NOV-205 in China. In addition to upfront and milestone payments, Novelos

will receive 20-25% royalties from Lee's Pharm on net sales of NOV-002 and

12-15% royalties on net sales of NOV-205.

" I am very pleased to be collaborating with Lee's Pharm, a vibrant public

company that has a proven track record of developmental and commercialization

expertise in China, " said Harry Palmin, President and CEO of Novelos. " The

significant royalties allow Novelos greater participation in China's rapidly

growing marketplace, particularly in critical disease areas of cancer and

hepatitis. This deal also marks the commencement of Novelos' ex-US partnering

initiative. "

" We are excited about the opportunity to work with Novelos on its two exciting

compounds NOV-002 and NOV-205, " said Dr. Li, CEO of Lee's Pharm. " With

over 1.7 million people being diagnosed with cancer each year and over 120

million people being infected with hepatitis B virus, both cancer and hepatitis

B are major health problems facing China today. Better treatment options are

badly needed in those areas and the market potential for innovative and

effective treatment will be enormous. "

About Lee's Pharmaceutical Holdings Ltd

Lee's Pharmaceutical Holdings Limited is a Hong Kong listed (Stock code: 8221)

biopharmaceutical company with over 13 years operation in China's pharmaceutical

industry. It is fully integrated with solid infrastructures in drug development,

clinical development, regulatory, manufacturing, marketing and sales in China

with global perspective and it currently markets five products in China. The

Group focuses on several different areas such as cardiovascular and infectious

diseases, dermatology, oncology and gynecology with more than 10 products under

different development stages stemming from both internal R & D as well as from the

recent acquisition of licensing and distribution rights from various US and

European companies. For additional information about Lee's Pharm, please visit

www.leespharm.com

About Sigma Tau

Sigma-Tau Group is a leading research-based Italian pharmaceutical group founded

in 1957. Sigma-Tau Group had annual revenues equivalent to approximately US$1

billion in 2006 with 2,500 employees worldwide. Therapeutic areas in which

Sigma-Tau Group's research and development are focused include cardiovascular

disease, metabolism, oncology, immunology, central and peripheral nervous system

with 47 projects, 30 clinical indications studied with 17 proprietary molecules,

most of which are new and original. Sigma-Tau Group has operating subsidiaries

throughout Europe and the United States and maintains a presence in all of the

world's major pharmaceutical markets, including in the rapidly growing Chinese

market through its significant shareholding in Lee's Pharm. For additional

information about Sigma Tau, please visit www.sigma-tau.com - www.sigma-tau.it

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 reimbursement.

Contact

Novelos Therapeutics, Inc.

COMPANY

Harry S. Palmin, 617-244-1616 x11

President and CEO

hpalmin@...

or

INVESTOR RELATIONS

Lichaw, 201-240-3200

slichaw@...

http://www.therapeuticsdaily.com/news/article.cfm?contentvalue=500978 & contenttyp\

e=newsarchive & channelID=31

_________________________________________________________________

Get the power of Windows + Web with the new Windows Live.

http://www.windowslive.com?ocid=TXT_TAGHM_Wave2_powerofwindows_122007

[Guest guest]

Novelos Therapeutics and Lee's Pharmaceutical Sign Exclusive Collaboration

Agreement in China for Novelos' Cancer and Hepatitis Compounds

From the PharmaLive.com News Archive - Dec. 17, 2007

NEWTON, Mass.--(BUSINESS WIRE)--Dec 17, 2007 - Novelos Therapeutics, Inc.

(OTCBB: NVLT), a biopharmaceutical company focused on the development of

therapeutics to treat cancer and hepatitis, today announced that Novelos signed

an exclusive license agreement with Lee's Pharmaceutical (HK) Ltd (which is 30%

owned by Sigma-Tau Group through Defiante Farmaceutica Lda) to develop and

commercialize in China, including Hong Kong and Macau, as well as in Taiwan, two

of Novelos' compounds: NOV-002 for cancer and NOV-205 for hepatitis. NOV-002 is

Novelos' lead compound in pivotal Phase 3 trial for non-small cell lung cancer

under a Special Protocol Assessment (SPA) and Fast Track.

Lee's Pharmaceutical ( " Lee's Pharm " ) will be responsible for the cost of all

clinical development, regulatory submissions and commercialization of NOV-002

and NOV-205 in China. In addition to upfront and milestone payments, Novelos

will receive 20-25% royalties from Lee's Pharm on net sales of NOV-002 and

12-15% royalties on net sales of NOV-205.

" I am very pleased to be collaborating with Lee's Pharm, a vibrant public

company that has a proven track record of developmental and commercialization

expertise in China, " said Harry Palmin, President and CEO of Novelos. " The

significant royalties allow Novelos greater participation in China's rapidly

growing marketplace, particularly in critical disease areas of cancer and

hepatitis. This deal also marks the commencement of Novelos' ex-US partnering

initiative. "

" We are excited about the opportunity to work with Novelos on its two exciting

compounds NOV-002 and NOV-205, " said Dr. Li, CEO of Lee's Pharm. " With

over 1.7 million people being diagnosed with cancer each year and over 120

million people being infected with hepatitis B virus, both cancer and hepatitis

B are major health problems facing China today. Better treatment options are

badly needed in those areas and the market potential for innovative and

effective treatment will be enormous. "

About Lee's Pharmaceutical Holdings Ltd

Lee's Pharmaceutical Holdings Limited is a Hong Kong listed (Stock code: 8221)

biopharmaceutical company with over 13 years operation in China's pharmaceutical

industry. It is fully integrated with solid infrastructures in drug development,

clinical development, regulatory, manufacturing, marketing and sales in China

with global perspective and it currently markets five products in China. The

Group focuses on several different areas such as cardiovascular and infectious

diseases, dermatology, oncology and gynecology with more than 10 products under

different development stages stemming from both internal R & D as well as from the

recent acquisition of licensing and distribution rights from various US and

European companies. For additional information about Lee's Pharm, please visit

www.leespharm.com

About Sigma Tau

Sigma-Tau Group is a leading research-based Italian pharmaceutical group founded

in 1957. Sigma-Tau Group had annual revenues equivalent to approximately US$1

billion in 2006 with 2,500 employees worldwide. Therapeutic areas in which

Sigma-Tau Group's research and development are focused include cardiovascular

disease, metabolism, oncology, immunology, central and peripheral nervous system

with 47 projects, 30 clinical indications studied with 17 proprietary molecules,

most of which are new and original. Sigma-Tau Group has operating subsidiaries

throughout Europe and the United States and maintains a presence in all of the

world's major pharmaceutical markets, including in the rapidly growing Chinese

market through its significant shareholding in Lee's Pharm. For additional

information about Sigma Tau, please visit www.sigma-tau.com - www.sigma-tau.it

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 reimbursement.

Contact

Novelos Therapeutics, Inc.

COMPANY

Harry S. Palmin, 617-244-1616 x11

President and CEO

hpalmin@...

or

INVESTOR RELATIONS

Lichaw, 201-240-3200

slichaw@...

http://www.therapeuticsdaily.com/news/article.cfm?contentvalue=500978 & contenttyp\

e=newsarchive & channelID=31

_________________________________________________________________

Get the power of Windows + Web with the new Windows Live.

http://www.windowslive.com?ocid=TXT_TAGHM_Wave2_powerofwindows_122007