Novelos seeks Archipelago listing

New York, Oct. 6 - Novelos Therapeutics, Inc. said it has applied to list its common stock on the Archipelago Exchange.

The Newton, Mass., biotechnology company said it is seeking a more prominent market for its stock and to gain more visibility, including among institutional investors.

Over the past two quarters, Novelos has raised $8 million in equity financings, the company noted. On Sept. 30 it settled a $3 million private placement of series A cumulative convertible preferred stock, and on Aug. 1 it closed a $4.15 million private sale of units of 20,000 common shares and 10,000 warrants.

Novelos is working on treatments using oxidized glutathione to fight cancer and hepatitis. Both compounds have completed clinical trials in humans and have been approved for use in Russia, where they were developed.

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