Government OKs Novelos' initial proposal for NOV-002 in treatment of radiation exposure

By Lisa Kerner

Charlotte, N.C., June 26 - The Department of Health and Human Services said it will further evaluate and discuss Novelos Therapeutics, Inc.'s proposal for the use of NOV-002 to treat people exposed to high levels of penetrating radiation that may develop Acute Radiation Syndrome (ARS).

"I am very pleased that the government has favorably completed initial review of Novelos' proposal and determined that NOV-002 is competitive for possible addition to our country's Strategic National Defense Stockpile (SNS) to treat the effects of ARS," president and chief executive officer Harry Palmin said in a company news release.

NOV-002 is in phase 3 development for non-small cell lung cancer, in combination with chemotherapy, under a Special Protocol Assessment.

Based in Newton, Mass., Novelos develops therapeutics to treat cancer and hepatitis.

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