Novelos announces $1 million NIH Grant

Business of Biotech

Novelos Therapeutics, Inc. (OTCBB: NVLT) was awarded a $950,371 competitive grant by the National Institutes of Health (NIH) for a collaborative study with Massachusetts General Hospital (MGH) on 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.

Read the release.

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