NEW YORK, Feb. 16, 2012 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), the company that operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks, today announced that Novelos Therapeutics, Inc. (OTCQX: NVLT), a U.S.-based pharmaceutical company, is now trading on the OTC market's highest tier, OTCQX®.
Novelos began trading today on the OTC market's prestigious tier, OTCQX. U.S. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
"Investors prefer the quality-controlled admission process on OTCQX which identifies the segment of OTC companies focused on valuation and transparency," said R. Cromwell Coulson, President and Chief Executive Officer of OTC Markets Group. "We are pleased to welcome Novelos Therapeutics to OTCQX."
Rodman & Renshaw, LLC will serve as Novelos' Designated Advisor for Disclosure ("DAD") on OTCQX, responsible for providing guidance on OTCQX requirements.
About Novelos Therapeutics, Inc.
Novelos Therapeutics, Inc. (OTCQX: NVLT) trades in the United States on OTCQX under the symbol "NVLT". Novelos Therapeutics is a pharmaceutical company developing novel drugs for the treatment and diagnosis of cancer. Novelos' three cancer-targeted compounds are selectively taken up and retained in cancer cells (including cancer stem cells) versus normal cells. Thus, Novelos' therapeutic compounds appear to directly kill cancer cells while minimizing harm to normal cells. This offers the potential for a paradigm shift in cancer therapy by providing efficacy versus all three major drivers of mortality in cancer: primary tumors, metastases and stem cell-based relapse. LIGHT is a small-molecule cancer-targeted PET imaging agent. Novelos believes that LIGHT has first-in-class potential and Phase 1-2 clinical trials are ongoing. HOT is a small-molecule, broad-spectrum, cancer-targeted molecular radiotherapeutic that delivers radiation directly and selectively to cancer cells and cancer stem cells. Novelos believes that HOT also has first-in-class potential. HOT Phase 1b dose-escalation trial is ongoing and Novelos expects HOT to enter Phase 2 trials in the first quarter of 2013 as monotherapy for solid tumors with significant unmet medical need, subject to additional funding. COLD, a cancer-targeted non-radioactive chemotherapy, works primarily through Akt inhibition. Novelos plans to file an IND for COLD in the first quarter of 2013, subject to additional funding. Together, Novelos believes that its 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
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest OTC marketplace for equity securities. Our OTC Link® trading system delivers price transparency in over 10,000 securities and enables direct interaction between broker-dealers that provide liquidity and execution services. We organize the marketplace by categorizing the wide spectrum of OTC-traded companies into three tiers: OTCQX - The Intelligent Marketplace for the Best OTC Companies; OTCQB® - The Venture Marketplace; and OTC Pink® - The Open Marketplace. Our information-driven platform makes it easy for investors to trade at the best price through the broker of their choice and empowers companies to build the best markets for their investors. To learn more about our Open, Transparent, and Connected marketplace, visit www.otcmarkets.com.
SOURCE OTC Markets Group Inc.