Novelos Therapeutics Announces $1 Million NIH Grant to MGH to Study NOV-002 and NOV-205 In Animal Models of Radiation-Induced Lung Injury
NEWTON, Mass.-(Business Wire)-September 29, 2009 - Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis, today announced that the Massachusetts General Hospital (MGH), in collaboration with Novelos, was awarded a $950,371 competitive grant by the National Institutes of Health (NIH) to study two Novelos compounds – NOV-002 and NOV-205 – for the mitigation and treatment of radiation-induced pulmonary injury. This 17-month grant will fund the assessment of both drug candidates in animal models designed to reflect pulmonary injury resulting from, for example, a terrorist incident involving a radiation-dispersal device (“dirty bomb”) or nuclear device or in a radiation accident such as at Chernobyl.
Dr. Kathryn D. Held is the Principal Investigator of the grant. Dr. Held is Associate Professor of Medicine at the Harvard Medical School and Radiation Biologist and Associate Radiation Biologist, Department of Radiation Oncology at MGH. Co-PIs at MGH/Harvard include Drs. Mark C. Poznansky, Assistant Professor in the AIDS Research Center, and Leo E. Gerweck, Associate Professor in Radiation Oncology.
“Radiation injury studies have indicated that among organs whose ablation leads to death, lung is the second most sensitive organ system after the hematopoietic system,” said Dr. Held. “We want to determine whether certain compounds have a beneficial effect on radiation-induced lung damage.”
“Novelos is pleased to be collaborating with Dr. Held and her MGH/Harvard colleagues to study NOV-002 and NOV-205 under this NIH grant,” said Christopher Pazoles, Ph.D., Vice President of Research & Development of Novelos, who will be part of the team of scientists executing the studies under the grant. “The ability of our compounds to modulate the redox status of cells may offer a novel therapeutic modality for radiation injury.”
The stated goal of this NIH challenge grant (RC1) program is “to accelerate the development of safe and effective medical products to mitigate or to treat pulmonary injury arising from intentional or accidental exposure to ionizing radiation. Specifically, this new initiative will support research and development of the most promising new approaches and medical products to mitigate and/or treat radiation-induced pulmonary injury.” For more information visit: http://grants.nih.gov/grants/guide/rfa-files/RFA-AI-07-040.html
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 SPA and Fast Track, acts together with chemotherapy as a chemopotentiator and a chemoprotectant. NOV-002 is also in Phase 2 development for early-stage breast cancer and chemotherapy-resistant ovarian cancer. Novelos has a partnership with Mundipharma to develop and commercialize NOV-002 in Europe and Asia (excluding China). Novelos’ second compound, 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 been partnered with Lee’s Pharm in China. 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.
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