Novelos may return to PIPE market for additional funding

By Sheri Kasprzak

New York, Nov. 8 - Novelos Therapeutics, Inc. said it might seek out additional private placements for funds.

In its most recent form 10-QSB filed with the Securities and Exchange Commission, the company listed private placements as a potential financing vehicle.

"The company's continuation as a going concern is dependent upon its ability to continue business development, obtain United States Food and Drug Administration approval to market its products, create sales, meet its obligations, raise additional capital financing and, ultimately, attain profitable operations," said the report.

"Management is continuing its efforts to obtain additional funds through registered or private placement offerings and possible collaborative arrangements so that the company can continue to meet its obligation and sustain operations."

From May through August, Novelos, also operating under its previous name Common Horizons, raised $4.45 million from private placements of units of shares and warrants.

Newton, Mass.-based Novelos is a biotechnology company focused on treatments for cancer and hepatitis.

On Tuesday, the company's stock lost $0.20 to close at $3.00.

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