Novelos Therapeutics reports plans to price public offering of units

Burrill assists; deal funds research, development, corporate purposes

By Devika Patel

Knoxville, Tenn., Nov. 20 - Novelos Therapeutics Inc. will price a public sale of units, according to a Form S-1 filed Tuesday with the Securities and Exchange Commission.

The company will sell up to 11,764,706 units of common shares, class A warrants and class B warrants.

Burrill LLC is the agent for the deal, which is being conducted on a best-efforts basis.

Proceeds will be used for research and development activities and for general corporate purposes.

Novelos is a Madison, Wis.-based biotechnology company.

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