Novelos Therapeutics, Inc. (OTCQX:NVLT) announced that the Board
of Directors, on October 4, 2013, appointed Dr. Simon Pedder as Acting
Chief Executive Officer and elected him a Director, replacing Harry
Palmin, to complete a previously announced leadership transition.
“This change of leadership sets the stage for a new era at Novelos and
marks the first of several anticipated changes intended to strengthen
the Company and enhance shareholder value,” said Dr. Stephen Hill,
Chairman of Novelos’ Board of Directors. “Over the last several years,
we have developed a compelling portfolio of potentially transformative
product candidates for the detection and treatment of cancer. Based on
his broad experience and expertise, we believe Simon is extremely
well-qualified to now lead the Company through a thorough evaluation of
the business and define a corporate strategy that best aligns Novelos’
resources, pipeline assets and capabilities with development
opportunities to meet critical medical needs.”
Dr. Pedder brings over 25 years of industry experience to the role,
having served most recently as President and Chief Executive Officer of
Chelsea Therapeutics, a Charlotte-based public company which he founded.
Prior to his time at Chelsea, Simon held senior leadership positions at
Hoffmann La Roche, including serving as an Officer and Vice President of
Pharma Business Oncology.
“I am excited by the promising products under development at Novelos and
believe there are compelling near- and long-term opportunities to
strengthen the business, meaningfully advance portfolio products and
foster strategic alliances that will support future growth,” said Dr.
Simon Pedder. “In the immediate future, we plan to take a hard look at
the business and anticipate additional changes in executive and director
leadership as we identify ways to streamline the organization and pair
expertise with strategic priorities. Throughout this process, I look
forward to working closely with the Board and in collaboration with a
talented and dedicated team of employees, research partners and
investors to implement a sustainable, growth-oriented strategy rooted in
science and dedicated to excellence and innovation in the treatment of
cancer.”
“Simon brings extensive leadership experience and a wealth of technical
expertise in the oncology field,” continued Dr. Hill, Chairman of
Novelos’ Board of Directors. “We are excited to have a leader of Simon’s
stature take the reins at Novelos and look forward to supporting his
efforts as we seek to focus our strategy and unlock the full value and
therapeutic potential of our pipeline.”
In connection with his appointment as Acting CEO, Novelos has entered
into a Consulting Agreement with Dr. Pedder, beginning October 4, 2013.
Novelos has also entered into an Employment Agreement with Dr. Pedder,
effective as of April 1, 2014, pursuant to which Mr. Pedder will serve
as President and CEO of the Company.
About Novelos Therapeutics, Inc.
We are a pharmaceutical company developing novel drugs for the treatment
and diagnosis of cancer. Our cancer-targeted compounds are selectively
taken up and retained in cancer cells, including cancer stem cells,
versus normal cells. I-124-CLR1404 (LIGHT) is a small-molecule,
broad-spectrum, cancer-targeted PET imaging agent. LIGHT Phase 1-2
clinical trials are ongoing across 11 solid tumor indications.
I-131-CLR1404 (HOT) is a small-molecule, broad-spectrum, cancer-targeted
molecular radiotherapeutic that delivers cytotoxic radiation directly
and selectively to cancer cells and cancer stem cells. HOT Phase 1b
dose-escalation trial is ongoing in patients with advanced solid tumors.
CLR1502 (GLOW2) is a preclinical, cancer-targeted, non-radioactive
optical imaging agent for intraoperative tumor margin illumination and
non-invasive tumor imaging. Together, we believe our compounds are able
to “find, treat and follow” cancer anywhere in the body in a novel,
effective and highly selective way. For additional information please
visit www.novelos.com
This news release contains forward-looking statements. You can identify
these statements by our use of words such as "may," "expect," "believe,"
"anticipate," "intend," "could," "estimate," "continue," "plans," or
their negatives or cognates. These statements are only estimates and
predictions and 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 raise additional capital, 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. A complete description of risks and uncertainties related
to our business is contained in our periodic reports filed with the
Securities and Exchange Commission including our Form 10-K for the year
ended December 31, 2012 and in our quarterly reports on Form 10-Q. These
forward-looking statements are made only as of the date hereof, and we
disclaim any obligation to update any such forward-looking statements.
Copyright Business Wire 2013