Document:

AMENDMENT
      

    TO
      THE

    SECURITIES
      PURCHASE AGREEMENT

     

    This
      AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT (the “Amendment”)
      dated
      as of April 9, 2008, is entered into by and between Novelos Therapeutics, Inc.,
      a Delaware Corporation (the “Company”)
      and
      the investors listed on the signature pages hereto (each an “Investor”
and
      collectively the “Investors”).
      

     

    WHEREAS,
      the Company and the Investors have entered into that certain Securities Purchase
      Agreement dated as of March 26, 2008 (the “Purchase
      Agreement”);

     

    WHEREAS,
      pursuant to Section 11.6 of the Purchase Agreement, the Purchase Agreement
      may
      be amended with the written consent of the Company and the Requisite Holders
      (as
      defined in the Purchase Agreement);

     

    WHEREAS,
      the Company and the Investors, which Investors include the Requisite Holders,
      desire to amend the Purchase Agreement as hereinafter set forth.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants herein
      contained, the parties hereto agree as follows:

     

    1.    Amendment.
      The
      Purchase Agreement is hereby amended as follows:

     

    (a) Paragraph
      A of the Recitals is hereby deleted in its entirety and replaced with the
      following:

     

    “A. The
      Company desires, pursuant to this Agreement, to raise up to the Investment
      Amount (as defined below) through the issuance and sale of the following to
      the
      Investors (the “Private
      Placement”):
      (i)
      up to 113.5 shares of a newly created series of the Company’s Preferred Stock,
      designated “Series D Convertible Preferred Stock”, par value $0.00001 per share
      (the “Preferred
      Stock”),
      which
      Preferred Stock shall have the rights, preferences and privileges set forth
      in
      the Certificate of Designations, Preferences and Rights, in the form of
Exhibit
      A
      annexed
      hereto and made a part hereof (the “Certificate
      of Designations”),
      and
      each share of Preferred Stock shall have a stated value of $50,000 and shall
      initially be convertible into shares of the Company's Common Stock, par value
      $0.00001 per share (the “Common
      Stock”),
      at a
      price of $0.65 per share (the “Conversion
      Price”),
      for
      an aggregate of 8,730,755 shares of Common Stock; and (ii) warrants to acquire
      up to 4,365,381 shares of Common Stock, equal to 50% of the number of shares
      of
      Common Stock underlying the Preferred Stock on the date of issue, with an
      exercise price of $0.65 per share, in the form of Exhibit
      B
      annexed
      hereto and made a part hereof (the “Warrants”);”

     

    (b) The
      definition of “Investment Amount” in Section 1 is hereby deleted in its entirety
      and replaced with the following:

     

    “Investment
      Amount”
means
      an amount equal to $5,675,000

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) The
      definition of “Orbimed Entities” in Section 1 is hereby deleted in its entirety
      and replaced with the following: 

     

     
      “Orbimed
      Entities
      means,
      collectively, Caduceus Master Fund Limited, a Bermuda corporation (“Caduceus
      Master”),
      Caduceus Capital II, L.P., a Delaware limited partnership (“Caduceus
      Capital”),
      Summer
      Street Life Sciences Hedge Fund Investors LLC, a Delaware limited liability
      company (“Summer
      Street”),
      UBS
      Eucalyptus Fund, L.L.C., a Delaware registered investment company (“UBS
      Eucalyptus”)
      and PW
      Eucalyptus Fund, Ltd., a Cayman Islands investment company (“PW
      Eucalyptus”)

     

    (d) The
      definition of “Requisite Holders” in Section 1 is hereby deleted in its entirety
      and replaced with the following:

     

    “Requisite
      Holders”
shall
      mean the holders of at least a majority of the then outstanding shares of
      Preferred Stock which majority must include (i) the Xmark Entities, provided
      such Xmark Entities have purchased an aggregate of $1,480,000 of Preferred
      Stock
      pursuant to this Agreement and hold at least one-third of the Preferred Stock
      issued to the Xmark Entities at Closing as of the date of determination and
      (ii)
      the OrbiMed Entities, provided such OrbiMed Entities have purchased an aggregate
      of $1,813,750 of Preferred Stock pursuant to this Agreement and hold at least
      one-third of the Preferred Stock issued to the OrbiMed Entities at Closing
      as of
      the date of determination (appropriately adjusted for any stock dividend, stock
      split, reverse stock split, reclassification, stock combination or other
      recapitalization occurring after the date hereof).

    

    (e) The
      definition of “Xmark Entities” in Section 1 is hereby deleted in its entirety
      and replaced with the following: 

    

    Xmark
      Entities”
means,
      collectively, Xmark Opportunity Fund, L.P., a Delaware limited partnership
      (“Xmark
      LP”),
      Xmark
      Opportunity Fund, Ltd., a Cayman Islands exempted company (“Xmark
      Ltd”)
      and
      Xmark JV Investment Partners, LLC (“Xmark
      LLC”),
      a
      Delaware limited liability company.

    

    (f) Section
      7
      is hereby amended by adding a new Section 7.4 as follows:

    

    7.4 Series
      B Dividend. The
      Company and each of the Series B Investors hereby agree that the dividend
      accrued on each share of Series B Preferred Stock from April 1, 2008 through
      the
      day immediately preceding the Exchange shall be paid, out of legally available
      funds, on June 30, 2008.

    

    (g) Schedule
      I attached to the Purchase Agreement
      is hereby deleted in its entirety and replaced with Schedule I attached
      hereto.

    

    (h) Schedule
      5.3(b) attached to the Purchase Agreement is hereby deleted in its entirety
      and
      replaced with Schedule 5.3(b) attached hereto

    

    (i) Schedule
      5.19 attached to the Purchase Agreement is hereby deleted in its entirety and
      replaced with Schedule 5.19 attached hereto.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    2.     Applicable
      Law.
      This
      Amendment shall be governed by, and construed and enforced in accordance with,
      the substantive laws of the State of New York, without regard to its principles
      of conflicts of laws.

     

    3.     Effect
      on Purchase Agreement.
      Except
      as modified hereby, the Purchase Agreement shall remain in full force and
      effect.

     

    4.     Counterparts.
      This
      Amendment may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which together shall be deemed to constitute one
      instrument.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    Amendment
      to the Securities Purchase Agreement

    Company
      Signature Page

     

    IN
      WITNESS WHEREOF the undersigned have executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written.

     

    
      	 	
              NOVELOS
                THERAPEUTICS, INC.

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                Harry S. Palmin

            
	 	
              Name:  Harry
                S. Palmin

            
	 	
              Title:    President
                and CEO

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written.

    

    
      	
              Xmark
                Opportunity Fund, Ltd.

            	 
	
              Name
                of entity

            	 
	 	 
	
              By:
                

            	
              Xmark
                Opportunity Manager, LLC,

            	 
	
              its
                Investment Manager

            	 
	 	 
	
              By:
                

            	
              Xmark
                Opportunity Partners, LLC,

            	 
	
              its
                Sole Member

            	 
	 	 
	
              By:
                

            	
              Xmark
                Capital Partners, LLC,

            	 
	
              its
                Managing Member

            	 
	 	 
	
              By:
                

            	
              /s/
                Mitchell D. Kaye

            	 
	 	 
	
              Name:
                Mitchell D. Kaye

            	 
	
              Title:
                Chief Executive Officer

            	 
	 	 
	
              Cayman
                Islands

            	 
	
              Jurisdiction
                of organization of entity

            	 
	 	 
	
              Address:

            	 
	 	 
	
              90
                Grove Street

            	 
	
              Ridgefield,
                CT 06877

            	 

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

     

    
      	
              Closing
                Price:

            	 	
              $

            	
              940,000

            	 

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    Amendment
      to Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written.

    

    
      	
              Xmark
                Opportunity Fund, L.P.

            	 
	
              Name
                of entity

            	 
	 	 
	
              By:
                

            	
              Xmark
                Opportunity GP, LLC

            	 
	
              its
                General Partner

            	 
	 	 
	
              By:
                

            	
              Xmark
                Opportunity Partners, LLC,

            	 
	
              its
                Sole Member

            	 
	 	 
	
              By:
                

            	
              Xmark
                Capital Partners, LLC,

            	 
	
              its
                Managing Member

            	 
	 	 
	 	 
	
              By:
                

            	
              /s/
                Mitchell D. Kaye

            	 
	
              Name:
                Mitchell D. Kaye

            	 
	
              Title:
                Chief Executive Officer

            	 
	 	 
	
              Delaware

            	 
	
              Jurisdiction
                of organization of entity

            	 
	 	 
	
              Address:

            	 
	 	 
	
              90
                Grove Street

            	 
	
              Ridgefield,
                CT 06877

            	 

    

     

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended. 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              495,000

            	 

    

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    

    Amendment
      to Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written.

    

    
      	
              Xmark
                JV Investment Partners, LLC

            	 
	
              Name
                of entity

            	 
	 	 
	
              By:
                

            	
              Xmark
                Opportunity Partners, LLC

            	 
	
              its
                Investment Manager

            	 
	 	 
	
              By:
                

            	
              Xmark
                Capital Partners, LLC,

            	 
	
              its
                Managing Member

            	 
	 	 
	 	 
	
              By:
                

            	
              /s/
                Mitchell D. Kaye

            	 
	
              Name:
                Mitchell D. Kaye

            	 
	
              Title:
                Chief Executive Officer

            	 
	 	 
	 	 
	
              Delaware

            	 
	 Jurisdiction
              of organization of entity	 
	 	 
	
              Address:

            	 
	 	 
	
              90
                Grove Street

            	 
	
              Ridgefield,
                CT 06877

            	 

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              45,000

            	 

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written. 

     

    
      	
              Caduceus
                Capital Master Fund Limited

            	 
	
              Name
                of entity

            	 
	 	 
	
              By:
                

            	
              /s/
                Samuel D. Isaly

            	 
	
              Name:
                Samuel D. Isaly

            	 
	
              Title:
                Managing Partner, OrbiMed Advisors LLC

            	 
	 	 
	
              Print
                jurisdiction of organization of entity: Bermuda

            	 
	 	 
	
              Address:

            	 
	
              c/o
                OrbiMed Advisors LLC

            	 
	
              767
                Third Avenue, 30th Floor

            	 
	
              New
                York, NY 10017

            	 

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              590,000.00

            	 

    

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written

    

    
      	
              Caduceus
                Capital II, L.P.

            	 
	
              Name
                of entity

            	 
	 	 
	
              By:
                

            	
              /s/
                Samuel D. Isaly

            	 
	
              Name:
                Samuel D. Isaly

            	 
	
              Title:
                Managing Partner, OrbiMed Advisors LLC

            	 
	 	 
	
              Print
                jurisdiction of organization of entity: Delaware

            	 
	 	 
	
              Address:

            	 
	
              c/o
                OrbiMed Advisors LLC

            	 
	
              767
                Third Avenue, 30th Floor

            	 
	
              New
                York, NY 10017

            	 

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              658,500.00

            	 

    

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written

    

    
      	
              Summer
                Street Life Sciences Hedge Fund Investors LLC 

            	
            
	
              Name
                of entity 

            

    

    
      	 
	
              By:
                

            	
              /s/
                Samuel D. Isaly

            	 
	
              Name:
                Samuel D. Isaly

            
	
              Title:
                Managing Partner, OrbiMed Advisors LLC 

            
	 
	 
	
              Print
                jurisdiction of organization of entity: Delaware

            
	
               

              Address:

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

            

    

     

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              500,000.00

            	 

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written. 

    

    
      	
              UBS
                Eucalyptus Fund, L.L.C. 

            	
            
	
              Name
                of entity

            

    

    
      	 
	
              By:
                

            	
              /s/
                Samuel D. Isaly

            	 
	
              Name:
                Samuel D. Isaly

            
	
              Title:
                Managing Partner, OrbiMed Advisors LLC 

            
	 
	 
	
              Print
                jurisdiction of organization of entity: Delaware

            
	
               

              Address:

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

            

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              58,500.00

            	 

    

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written. 

    

    
      	
              PW
                Eucalyptus Fund, Ltd. 

            	
            
	
              Name
                of entity

            

    

     

    
      	
              By:
                

            	
              /s/
                Samuel D. Isaly

            	 
	
              Name:
                Samuel D. Isaly

            
	
              Title:
                Managing Partner, OrbiMed Advisors LLC 

            
	 
	 
	
              Print
                jurisdiction of organization of entity: Cayman
                Islands

            
	
               

              Address:

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

            

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              6,750.00

            	 

    

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written.

    

    
      	
              Knoll
                Capital Fund II Master Fund Ltd. 

            	
            
	
              Name
                of entity

            

    

     

    
      	
              By:
                

            	
              /s/
                Fred Knoll

            	 
	
              Name:    Fred
                Knoll

            
	
              Title:      KOM
                Capital Management 

            
	
                             Investment
                Manager

            
	 
	
              Print
                jurisdiction of organization of entity: 

            
	
               

              
                Address:

                c/o
                  KOM Capital Management

                666
                  Fifth Avenue, Suite 3702, 

                New
                  York, NY 10103

              

            

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              490,000.00

            	 

    

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    Amendment
      to the Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written.

    

    
      	
              Europa
                International, Inc. 

            	
            
	
              Name
                of entity

            

    

     

    
      	
              By:
                

            	
              /s/
                Fred Knoll

            	 
	
              Name:    Fred
                Knoll

            
	
              Title:      Knoll
                Capital Management 

            
	
                             Investment
                Manager for

            
	
                             Europa
                International, Inc.

            
	 
	 
	
              Print
                jurisdiction of organization of entity

            
	
               

              
                Address:

                c/o
                  Knoll Capital Management

                666
                  Fifth Avenue, Suite 3702, 

                New
                  York, NY 10103

              

            

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement: 

     

    
      	
              Closing
                Price:

            	 	
              $

            	
              1,090,000.00

            	 

    

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    Amendment
      to Securities Purchase Agreement

    Investor
      Signature Page

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Amendment to the Securities
      Purchase Agreement or caused its duly authorized officers to execute this
      Amendment to the Securities Purchase Agreement as of the date first above
      written.

    

    
      	
              Hunt
                BioVenures, L.P. 

            	
            
	
              Name
                of entity

            

    

     

    
      	
              By:
                HBV GP, L.L.C., its General Partner

            
	 
	
              By:
                

            	
              /s/
                J. Fulton Murray, III

            	 
	 
	
              Name:
                J. Fulton Murray, III, Manager

            
	 
	
              Jurisdiction
                of organization of entity: Delaware

            
	
               

              Address:

              Hunt
                Investments 

              1900
                N. Akard 

              Dallas,
                TX 75201

              Attn:
                Michael T. Bierman, J. Fulton Murray, III and Benjamin D.
                Nelson

            

    

    

    Aggregate
      dollar amount of Securities committed to be purchased pursuant to the terms
      of
      the Agreement, as amended: 

    

    
      	
              Closing
                Price:

            	 	
              $

            	
              801,250.00

            	 

    

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I
      - INVESTORS - CLOSING

    

    
      	
              Name
                of Investor

            	 	
               

              Closing Purchase

              Price

            	 	
              Number of

              Shares of

              Preferred Stock

            	 	
               

              Number of 

              Warrants

            	 
	
              Xmark
                Opportunity Fund, Ltd. 

              90
                Grove Street 

              Ridgefield,
                CT 06877

              Attn:
                Mitchell D. Kaye 

            	 	
              $

            	
              940,000.00

            	 	 	
              18.8

            	 	 	
              723,076

            	 
	
              Xmark
                Opportunity Fund, L.P. 

              90
                Grove Street 

              Ridgefield,
                CT 06877

              Attn:
                Mitchell D Kaye

            	 	
              $

            	
              495,000.00

            	 	 	
              9.9

            	 	 	
              380,769

            	 
	
              Xmark
                JV Investment Partners, LLC 

              90
                Grove Street 

              Ridgefield,
                CT 06877

              Attn:
                Mitchell D Kaye

            	 	
              $

            	
              45,000.00

            	 	 	
              0.9

            	 	 	
              34,615

            	 
	
              Caduceus
                Capital Master Fund Limited 

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

              Attn:
                Jeff Comisarow 

            	 	
              $

            	
              590,000.00

            	 	 	
              11.8

            	 	 	
              453,846

            	 
	
              Caduceus
                Capital II, L.P. 

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

              Attn:
                Jeff Comisarow 

            	 	
              $

            	
              658,500.00

            	 	 	
              13.17

            	 	 	
              506,538

            	 
	
              Summer
                Street Life Sciences Hedge Fund Investors, LLC

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

              Attn:
                Jeff Comisarow 

            	 	
              $

            	
              500,000.00

            	 	 	
              10.0

            	 	 	
              384,615

            	 
	
               

              UBS
                Eucalyptus Fund, LLC

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

              Attn:
                Jeff Comisarow 

            	 	
              $

            	
              58,500.00

            	 	 	
              1.17

            	 	 	
              45,000

            	 
	
              PW
                Eucalyptus Fund, Ltd. 

              c/o
                OrbiMed Advisors LLC

              767
                Third Avenue, 30th
                Floor

              New
                York, NY 10017

              Attn:
                Jeff Comisarow 

            	 	
              $

            	
              6,750.00

            	 	 	
              0.135

            	 	 	
              5,192

            	 
	
              Knoll
                Capital Fund II Master Fund, Ltd. 

              c/o
                KOM Capital Management

              666
                Fifth Avenue, Suite 3702, 

              New
                York, NY 10103

              Attn:
                Fred Knoll 

            	 	
              $

            	
              490,000.00

            	 	 	
              9.8

            	 	 	
              376,923

            	 
	
              Europa
                International, Inc. 

              c/o
                KOM Capital Management

              666
                Fifth Avenue, Suite 3702, 

              New
                York, NY 10103

              Attn:
                Fred Knoll 

            	 	
              $

            	
              1,090,000.00

            	 	 	
              21.8

            	 	 	
              838,461

            	 
	
              Hunt-BioVentures,
                L.P. 

              1900
                N. Akard

              Dallas,
                TX 75201 

              Attn:
                Michael T. Bierman, J. Fulton Murray III, and Benjamin D. Nelson
                

            	 	
              $

            	
              801,250.00

            	 	 	
              16.025

            	 	 	
              616,346

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
      5.3 (continued)

    

    5.3(b)
      The following table sets forth the pro forma capitalization of the Company
      on a
      fully diluted basis giving effect to (i) the issuance of Preferred Stock and
      the
      Warrants at the time of Closing, (ii) any adjustments in other securities
      resulting from the issuance of the Preferred Stock and the Warrants at the
      time
      of Closing, and (iii) the exercise or conversion of all outstanding
      securities:

     

    
      NVLT-Proforma
        Capital Structure

      

      
        	 	 	
                Upon Closing of Series D Financing

              	 
	 	 	 	 	
                Number

              	 	
                Effective

                conv.

                rate

              	 	
                Common stock

                equival.

              	 	
                Exer.

                Price

              	 	
                Total cash

              	 
	
                Cash,
                  cash equivalents1

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
                $

              	
                10,926,220

              	 
	
                Common
                  stock outstanding

              	 	 	
                39,360,272

              	 	 	
                39,360,272

              	 	 	 	 	 	
                39,360,272

              	 	 	 	 	 	 	 
	
                Preferred
                  stock

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Series
                  C2

              	 	 	
                3,264,000

              	 	 	
                272

              	 	 	
                0.65

              	 	 	
                5,021,538

              	 	 	 	 	 	 	 
	
                Series
                  B (to exchange for D)2 

              	 	 	
                15,000,00

              	 	 	
                300

              	 	 	
                0.65

              	 	 	
                23,076,923

              	 	 	 	 	 	 	 
	
                Series
                  D (estimated net proceeds)

              	 	 	 	 	 	
                113.5

              	 	 	
                0.65

              	 	 	
                8,730,755

              	 	 	 	 	
                $

              	
                5,475,000

              	 
	
                Warrants

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                2005
                  Bridge Financing

              	 	 	
                720,000

              	 	 	
                720,000

              	 	 	 	 	 	
                720,000

              	 	
                $

              	
                0.625

              	 	 	
                cashless

              	 
	
                2005
                  PIPE and Series A Preferred3

              	 	 	
                6,149,696

              	 	 	
                8,938,925

              	 	 	 	 	 	
                8,938,925

              	 	
                $

              	
                0.65

              	 	
                $

              	
                5,810,301

              	 
	
                2006
                  PIPE4

              	 	 	
                10,270,018

              	 	 	
                10,875,979

              	 	 	 	 	 	
                10,875,979

              	 	
                $

              	
                2.08

              	 	
                $

              	
                22,622,036

              	 
	
                Series
                  B & Placement Agent2

              	 	 	
                8,400,000

              	 	 	
                8,400,000

              	 	 	 	 	 	
                8,400,000

              	 	
                $

              	
                0.65

              	 	
                $

              	
                5,460,000

              	 
	
                Series
                  A (subordination)

              	 	 	
                1,333,333

              	 	 	
                1,333,333

              	 	 	 	 	 	
                1,333,333

              	 	
                $

              	
                1.25

              	 	 	
                cashless

              	 
	
                Series
                  D

              	 	 	
                -

              	 	 	
                4,365,381

              	 	 	 	 	 	
                4,365,381

              	 	
                $

              	
                0.65

              	 	
                $

              	
                2,837,497

              	 
	
                Stock
                  options outstanding

              	 	 	
                5,082,651

              	 	 	
                5,082,651

              	 	 	 	 	 	
                5,082,651

              	 	
                $

              	
                0.6786

              	 	
                $

              	
                3,449,087

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
                $

              	
                56,580,142

              	 
	
                Stock
                  options reserved for issuance under 2006 plan

              	 	 	
                2,445,000

              	 	 	 	 	 	 	 	 	
                2,445,000

              	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Fully
                  diluted shares

              	 	 	
                92,024,970

              	 	 	 	 	 	 	 	 	
                118,350,757

              	 	 	 	 	 	 	 

      

      

      Notes:

      1
        As
        of Dec
        31, 2007

      2
        Conversion price will be reduced from $1.00 to $0.65 in connection with the
        Series D financing

      3
        Includes
        2,789,229 warrants to be issued pursuant to anti-dilution adjustments in
        connection with the Series D Financing; price adjustment from $1.00

      4
        Includes
        605,961 warrants to be issued pursuant to anti-dilution adjustments in
        connection with the Series B Financing; price adjustments from
        $2.20

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
      5.19

    

    Brokers
      and Finders

    

    On
      February 12, 2007 the Company entered into a letter agreement with the Placement
      Agent and on March 25, 2008 that letter agreement was amended to provide that
      the Company pay the Placement Agent a cash placement fee of 2% of the aggregate
      proceeds from the Private Placement. On April 7, 2008, the Placement Agent
      confirmed by e-mail that the cash placement fee would not include the additional
      $675,000 in proceeds included in the amended securities purchase agreement
      and
      that the cash placement fee would not exceed $100,000.REGISTRATION
      RIGHTS AGREEMENT

    

    This
      Registration Rights Agreement (the “Agreement”)
      is made
      and entered into as of this 11th
      day of
      April, 2008 by and among Novelos Therapeutics, Inc., a
      Delaware corporation (the “Company”),
      the
“Investors”
named
      in that certain Securities Purchase Agreement, dated March 26, 2008, as amended
      on April 9, 2008, by and among the Company and the Investors (the “Securities
      Purchase Agreement”),
      and
      the holders of the Series B Warrants (as defined below). Capitalized terms
      not
      otherwise defined herein shall have the meanings ascribed thereto in the
      Securities Purchase Agreement. 

     

    WHEREAS,
      the
      Company has agreed to issue and sell to the Investors, and the Investors have
      agreed to purchase from the Company, 113.5 shares of Preferred Stock and
      warrants (the “Series D Warrants”) to purchase up to 4,365,381 shares of the
      Company’s common stock, $.00001 par value per share (the “Common
      Stock”),
      upon
      the terms and conditions set forth in the Securities Purchase Agreement;

     

    WHEREAS,
      the
      holders of the Series B Warrants are parties to a Registration Rights Agreement
      dated May 2, 2007 (the “Prior
      Registration Agreement”);

     

    WHEREAS,
      the
      holders of the Series B Warrants have agreed to amend the Series B Warrants,
      amend the Prior Registration Statement and waive any and all liquidated damages
      accruing from September 6, 2007 as a result of the Company’s failure to register
      the Series B Warrants; 

     

    WHEREAS,
      the
      Company has agreed to register the shares of Common Stock issuable upon
      conversion of the Preferred Stock and the shares of Common Stock issuable upon
      exercise of the Series B Warrants and Series D Warrants in accordance with
      the
      terms of this Agreement;

     

    The
      parties hereby agree as follows:

     

    1. Certain
      Definitions.

     

    As
      used
      in this Agreement, the following terms shall have the following
      meanings:

     

    “FINRA”
shall
      mean the Financial Industry Regulatory Authority. 

     

    “Holders”
shall
      mean the Investors
      and the holders of the Series B Warrants and
      any
      Affiliate or permitted transferee thereof who is a subsequent holder of any
      Registrable Securities.

     

    “Investors”
shall
      mean the Investors identified in the Securities Purchase Agreement.

     

    “Preferred
      Stock”
means
      the Series D Convertible Preferred Stock, par value $0.00001 per share.

     

    “Prospectus”
shall
      mean the prospectus included in any Registration Statement, as amended or
      supplemented by any prospectus supplement, with respect to the terms of the
      offering of any portion of the Registrable Securities covered by such
      Registration Statement and by all other amendments and supplements to the
      prospectus, including post-effective amendments and all material incorporated
      by
      reference in such prospectus.

     

    “Register,”
      “registered”
and
      “registration”
refer
      to a registration made by preparing and filing a Registration Statement or
      similar document in compliance with the 1933 Act, and the declaration or
      ordering of effectiveness of such Registration Statement or
      document.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Registrable
      Securities”
shall
      mean the shares of Common Stock issuable (i) upon the conversion of the
      Preferred Stock (excluding 12,000,000 shares of Common Stock issuable upon
      conversion of the Preferred Stock which are registered pursuant to the Prior
      Registration Statement), (ii) upon the exercise of the Series D Warrants and
      (iii) upon the exercise of the Series B Warrants; provided,
      that,
      a
      security shall cease to be a Registrable Security upon a sale pursuant to a
      Registration Statement.

     

    “Registration
      Statement”
shall
      mean any registration statement of the Company filed under the 1933 Act that
      covers the resale of any of the Registrable Securities pursuant to the
      provisions of this Agreement, amendments and supplements to such Registration
      Statement, including post-effective amendments, and all exhibits and all
      material incorporated by reference in such Registration Statement.

     

    “Series
      B Warrants”
shall
      mean the warrants to purchase up to 7,500,000 shares of Common Stock dated
      May
      2, 2007, as amended, issued pursuant to that certain Securities Purchase
      Agreement dated as of April 12, 2007, as amended on May 2, 2007.

     

    2. Amendment
      of Prior Registration Rights Agreement.

     

    The
      holders of the Series B Warrants by their execution of this Agreement hereby
      agree and acknowledge that the Prior Registration Agreement has been amended
      to,
      among other things, remove the Series B Warrants from the definition of
      Registrable Securities and as result of such amendment this Agreement supersedes
      and replaces, in its entirety, the Prior Registration Agreement with respect
      to
      the registration of the Series B Warrants and that holders of the Series B
      Warrants shall have no further rights under the Prior Registration Agreement
      with respect to the registration of the Series B Warrants. 

     

    3. Registration.

     

    (a) Registration
      Statement.
      Promptly following the six month anniversary of the Closing Date of the purchase
      and sale of the Preferred Stock and Series D Warrants contemplated by the
      Securities Purchase Agreement, but in no event after five (5) business days
      after the six month anniversary of the Closing Date (the “Filing
      Deadline”),
      the
      Company shall prepare and file with the SEC one Registration Statement on Form
      S-1 covering the resale of all of the Registrable Securities without regard
      to
      any limitation on exercise of the Series D Warrants and Series B Warrants.
      Such
      Registration Statement shall include the plan of distribution attached hereto
      as
Exhibit
      A.
      Such
      Registration Statement also shall cover, to the extent allowable under the
      1933
      Act and the rules promulgated thereunder (including Rule 416), such
      indeterminate number of additional shares of Common Stock resulting from stock
      splits, stock dividends or similar transactions with respect to the Registrable
      Securities. The Registration Statement (and each amendment or supplement
      thereto, and each request for acceleration of effectiveness thereof) shall
      be
      provided in accordance with Section
      4(c)
      to the
      Holders and their respective counsel prior to its filing or other submission.
      If
      a Registration Statement covering the Registrable Securities is not filed with
      the SEC on or prior to the Filing Deadline, the Company will make pro rata
      payments to each Holder, as liquidated damages and not as a penalty, in an
      amount equal to 1.5% of the aggregate amount invested by such Holder for each
      30-day period or pro rata for any portion thereof following the date by which
      such Registration Statement should have been filed for which no Registration
      Statement is filed with respect to the Registrable Securities. Such payments
      shall be in partial compensation to the Holders, and shall not constitute the
      Holders’ exclusive remedy for such events. Such payments shall be made to each
      Holder in cash. The amounts payable as liquidated damages pursuant to this
      paragraph shall be payable in lawful money of the United States, and amounts
      payable as liquidated damages shall be paid within two (2) Business Days of
      the
      last day of each such 30-day period during which the Registration Statement
      should have been filed for which no Registration Statement was filed with
      respect to the Registrable Securities.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

       

    

    (b)  Expenses.
      The
      Company will pay all expenses associated with each registration, including
      filing and printing fees, counsel and accounting fees and expenses, costs
      associated with clearing the Registrable Securities for sale under applicable
      state securities laws and listing fees, but excluding the fees and disbursements
      of more than one law firm serving as counsel to the Holders, and discounts,
      commissions, fees of underwriters, selling brokers, dealer managers or similar
      securities industry professionals with respect to the Registrable Securities
      being sold.

     

    (c)  Effectiveness.
      

     

    (i) The
      Company shall use its best efforts to have the Registration Statement declared
      effective not later than the earlier to occur of (x) the 60th day immediately
      following the Filing Deadline, (y) five (5) Business Days following the
      Company’s receipt of a no-review letter from the SEC relating to the
      Registration Statement, or (z) the 90th day following the Filing Deadline if
      the
      Company’s receives a review from the SEC relating to the Registration Statement;
provided,
      however,
      if the
      Registration Statement is not declared effective within the time period set
      forth above, the Company shall continue to use its best efforts to have the
      Registration Statement declared effective as soon as possible thereafter.

     

    (ii) For
      not
      more than fifteen (15) consecutive days or for a total of not more than thirty
      (30) days in any twelve (12) month period, the Company may delay the disclosure
      of material non-public information concerning the Company, by terminating or
      suspending effectiveness of any registration contemplated by this Section
      3,
      if the
      disclosure of such material non-public information at the time is not, in the
      good faith opinion of the Company, in the best interests of the Company (an
      “Allowed
      Delay”);
      provided,
      that
      the Company shall promptly (a) notify the Holders in writing of the existence
      of
      (but in no event, without the prior written consent of a Holder, shall the
      Company disclose to such Holder any of the facts or circumstances regarding)
      material non-public information giving rise to an Allowed Delay, and (b) advise
      the Holders in writing to cease all sales under the Registration Statement
      until
      the end of the Allowed Delay.

     

    (d)  Underwritten
      Offering.
      If any
      offering pursuant to a Registration Statement filed pursuant to Section
      3(a)
      hereof
      involves an underwritten offering, the Company shall have the right to select
      an
      investment banker and manager to administer the offering, subject to the
      reasonable satisfaction of the Requisite Holders.

     

    4. Company
      Obligations.
      The
      Company will use its best efforts to effect the registration of the Registrable
      Securities in accordance with the terms hereof, and pursuant thereto the Company
      will, as expeditiously as possible:

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

       

    

    (a)  use
      its
      best efforts to cause such Registration Statement to become effective and to
      remain continuously effective for a period that will terminate upon the earlier
      of (i) the date on which all Registrable Securities covered by such Registration
      Statement, as amended from time to time, have been sold and (ii) two years
      from
      the Closing Date;

     

    (b)  prepare
      and file with the SEC such amendments and post-effective amendments to the
      Registration Statement and the Prospectus as may be necessary to keep the
      Registration Statement effective for the period specified in Section 4(a) and
      to
      comply with the provisions of the 1933 Act and the 1934 Act with respect to
      the
      distribution of all Registrable Securities;

     

    (c)  provide
      copies to and permit counsel to the Investors to review each Registration
      Statement and all amendments thereto no fewer than three (3) days prior to
      their
      filing with the SEC and not file any document to which such counsel reasonably
      objects within three (3) days following receipt by such counsel of such
      Registration Statement and/or amendments thereto; 

     

    (d)  furnish
      to the Holders and their legal counsel (i) promptly after the same is prepared
      and publicly distributed, filed with the SEC, or received by the Company (but
      not later than two (2) Business Days after the filing date, receipt date or
      sending date, as the case may be), an electronic copy of any Registration
      Statement and any amendment thereto, each preliminary prospectus and Prospectus
      and each amendment or supplement thereto, and each letter written by or on
      behalf of the Company to the SEC or the staff of the SEC, and each item of
      correspondence from the SEC or the staff of the SEC, in each case relating
      to
      such Registration Statement (other than any portion thereof which contains
      information for which the Company has sought confidential treatment), and (ii)
      such number of copies of a Prospectus, including a preliminary prospectus,
      and
      all amendments and supplements thereto and such other documents as each Holder
      may reasonably request in order to facilitate the disposition of the Registrable
      Securities owned by such Holder, which in any event, shall not exceed ten (10)
      Prospectuses; 

     

    (e)  in
      the
      event the Company selects an underwriter for the offering, the Company shall
      enter into and perform its reasonable obligations under an underwriting
      agreement, in usual and customary form, including, without limitation, customary
      indemnification and contribution obligations, with the underwriter of such
      offering; 

     

    (f)  if
      required by the underwriter, the Company shall furnish, on the effective date
      of
      the Registration Statement (i) an opinion, dated as of such date, from
      independent legal counsel representing the Company for purposes of such
      Registration Statement, in form, scope and substance as is customarily given
      in
      an underwritten public offering, addressed to the underwriter and (ii) a letter,
      dated such date, from the Company’s independent certified public accountants in
      form and substance as is customarily given by independent certified public
      accountants to underwriters in an underwritten public offering, addressed to
      the
      underwriter and the Holders;

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

       

    

    (g)  use
      its
      reasonable best efforts to prevent the issuance of any stop order or other
      suspension of effectiveness and, if such order is issued, obtain the withdrawal
      of any such order at the earliest possible moment;

     

    (h)  prior
      to
      any public offering of Registrable Securities, use its reasonable best efforts
      to register or qualify or cooperate with the Holders and their counsel in
      connection with the registration or qualification of such Registrable Securities
      for offer and sale under the securities or blue sky laws of such jurisdictions
      reasonably requested by the Holders and do any and all other reasonable acts
      or
      things necessary or advisable to enable the distribution in such jurisdictions
      of the Registrable Securities covered by the Registration
      Statement;

     

    (i)  cause
      all
      Registrable Securities covered by a Registration Statement to be listed or
      traded on each securities exchange, interdealer quotation system or other market
      on which similar securities issued by the Company are then listed or
      traded;

     

    (j)  immediately
      notify the Holders, at any time when a Prospectus relating to the Registrable
      Securities is required to be delivered under the 1933 Act, upon discovery that,
      or upon the happening of any event as a result of which, the Prospectus included
      in such Registration Statement, as then in effect, includes an untrue statement
      of a material fact or omits to state any material fact required to be stated
      therein or necessary to make the statements therein not misleading in light
      of
      the circumstances then existing, and at the request of any such Holder, promptly
      prepare and furnish to such Holder a reasonable number of copies of a supplement
      to or an amendment of such Prospectus as may be necessary so that, as thereafter
      delivered to the purchasers of such Registrable Securities, such Prospectus
      shall not include an untrue statement of a material fact or omit to state a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading in light of the circumstances then existing;
      and

     

    (k)  otherwise
      use its best efforts to comply with all applicable rules and regulations of
      the
      SEC under the 1933 Act and the 1934 Act and take such other actions as may
      be
      reasonably necessary to facilitate the registration of the Registrable
      Securities hereunder; and make available to its security holders, as soon as
      reasonably practicable, but not later than the Availability Date (as defined
      below), an earnings statement covering a period of at least twelve (12) months,
      beginning after the effective date of each Registration Statement, which
      earnings statement shall satisfy the provisions of Section 11(a) of the 1933
      Act
      (for the purpose of this subsection
      3(k),
      “Availability
      Date”
means
      the 45th day following the end of the fourth fiscal quarter that includes the
      effective date of such Registration Statement, except that, if such fourth
      fiscal quarter is the last quarter of the Company’s fiscal year, “Availability
      Date”
means
      the 90th day after the end of such fourth fiscal quarter). 

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

       

    

    5. Due
      Diligence Review; Information.
      Upon
      receipt of an appropriate confidentiality agreement, the Company shall make
      available, during normal business hours, for inspection and review by the
      Holders, advisors to and representatives of the Holders (who may or may not
      be
      affiliated with the Holders), and any underwriter participating in any
      disposition of Common Stock on behalf of the Holders pursuant to a Registration
      Statement or amendments or supplements thereto or any blue sky, FINRA or other
      filing, all financial and other records, all filings with the SEC, and all
      other
      corporate documents and properties of the Company as may be reasonably necessary
      for the purpose of such review, and cause the Company’s officers, directors and
      employees, within a reasonable time period, to supply all such information
      reasonably requested by the Holders or any such representative, advisor or
      underwriter in connection with such Registration Statement (including, without
      limitation, in response to all questions and other inquiries reasonably made
      or
      submitted by any of them), prior to and from time to time after the filing
      and
      effectiveness of the Registration Statement for the sole purpose of enabling
      the
      Holders and such representatives, advisors and underwriters and their respective
      accountants and attorneys to conduct initial and ongoing due diligence with
      respect to the Company and the accuracy of such Registration
      Statement.

    

    Notwithstanding
      the foregoing, the Company shall not disclose material nonpublic information
      to
      the Holders, or to advisors to or representatives of the Holders, unless prior
      to disclosure of such information the Company identifies such information as
      being material nonpublic information and provides the Holders, such advisors
      and
      representatives with the opportunity to accept or refuse to accept such material
      nonpublic information for review. 

     

    6. Obligations
      of the Holders.

     

    (a)  Each
      Holder agrees to furnish to the Company a completed Questionnaire in the form
      attached to this Agreement as Exhibit
      B
      (a
“Selling
      Shareholder Questionnaire”)
      not
      prior to 120 days after the Closing Date and not more than 150 days after the
      Closing Date. A Holder who fails to furnish a Selling Stockholder Questionnaire
      within 150 days after the Closing Date may have its Registrable Securities
      excluded from the Registration Statement, provided that the Company has provided
      such Holder with notice at least 20 days prior (but no more than 60 days prior)
      to the expiration of such 150 day period. 

     

    (b)  Each
      Holder, by its acceptance of the Registrable Securities, agrees to cooperate
      with the Company as reasonably requested by the Company in connection with
      the
      preparation and filing of a Registration Statement hereunder, unless such Holder
      has notified the Company in writing of its election to exclude all of its
      Registrable Securities from such Registration Statement.

     

    (c)  In
      the
      event the Company, at the request of the Holders, determines to engage the
      services of an underwriter, each such Holder agrees to enter into and perform
      its obligations under an underwriting agreement, in usual and customary form,
      including, without limitation, customary indemnification and contribution
      obligations, with the managing underwriter of such offering and take such other
      actions as are reasonably required in order to expedite or facilitate the
      dispositions of the Registrable Securities.

     

    (d)  Each
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of any event rendering a Registration Statement no longer effective, such Holder
      will immediately discontinue disposition of Registrable Securities pursuant
      to
      the Registration Statement covering such Registrable Securities, until the
      Holder’s receipt of copies of the supplemented or amended Prospectus filed with
      the SEC and declared effective and, if so directed by the Company, the Holder
      shall deliver to the Company (at the expense of the Company) or destroy (and
      deliver to the Company a certificate of destruction) all copies in the Holder’s
      possession of the Prospectus covering the Registrable Securities current at
      the
      time of receipt of such notice.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

       

    

    (e)  No
      Holder
      may participate in any third party underwritten registration hereunder unless
      it
      (i) agrees to sell the Registrable Securities on the basis provided in any
      underwriting arrangements in usual and customary form entered into by the
      Company, (ii) completes and executes all questionnaires, powers of attorney,
      indemnities, underwriting agreements and other documents reasonably required
      under the terms of such underwriting arrangements, and (iii) agrees to pay
      its
      pro rata share of all underwriting discounts and commissions. Notwithstanding
      the foregoing, no Holder shall be required to make any representations to such
      underwriter, other than those with respect to itself and the Registrable
      Securities owned by it, including its right to sell the Registrable Securities,
      and any indemnification in favor of the underwriter by the Holders shall be
      several and not joint and limited in the case of any Holder, to the net proceeds
      received by such Holder from the sale of its Registrable Securities. The scope
      of any such indemnification in favor of an underwriter shall be limited to
      the
      same extent as the indemnity provided in Section
      7(b)
      hereof.

     

    7. Indemnification.

     

    (a)  Indemnification
      by the Company.
      The
      Company will indemnify and hold harmless each Holder and any controlling person
      (as defined in Section 15 of the 1933 Act) and their respective officers,
      directors, members, employees and agents, successors and assigns (the
“Indemnified Persons”), against any losses, claims, damages or liabilities,
      joint or several, to which such Indemnified Person may become subject under
      the
      1933 Act or otherwise, insofar as such losses, claims, damages or liabilities
      (or actions in respect thereof) arise out of or are based upon: (i) any untrue
      statement or alleged untrue statement of any material fact contained in any
      Registration Statement, any preliminary prospectus or final prospectus contained
      therein, or any amendment or supplement thereof; (ii) any blue sky application
      or other document executed by the Company specifically for blue sky compliance
      or based upon written information furnished by the Company filed in any state
      or
      other jurisdiction in order to qualify any or all of the Registrable Securities
      under the securities laws thereof (any such application, document or information
      herein called a “Blue
      Sky Application”);
      (iii)
      the omission or alleged omission to state therein a material fact required
      to be
      stated therein or necessary to make the statements therein not misleading;
      (iv)
      any violation by the Company, or its directors, officers, employees or agents
      of
      any rule or regulation promulgated under the 1933 Act applicable to the Company
      or its directors, officers, employees or agents and relating to action or
      inaction required of the Company or any of them in connection with such
      registration; or (v) any failure to register or qualify the Registrable
      Securities included in any such Registration Statement in any state where the
      Company or its agents has affirmatively undertaken or agreed in writing that
      the
      Company will undertake such registration or qualification on a Holder’s behalf
      (the undertaking of any underwriter chosen by the Company being attributed
      to
      the Company) and will reimburse such Holder, and each such officer, director
      or
      member and each such controlling person for any legal or other expenses
      reasonably incurred by them in connection with investigating or defending any
      such loss, claim, damage, liability or action; provided,
      however,
      that
      the Company will not be liable in any such case if and to the extent that any
      such loss, claim, damage or liability arises out of or is based upon an untrue
      statement or alleged untrue statement or omission or alleged omission made
      in
      conformity with information furnished in writing by such Holder or any such
      controlling person specifically for use in such Registration Statement or
      Prospectus.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

       

    

    (b)  Indemnification
      by the Holders.
      In
      connection with any Registration Statement pursuant to the terms of this
      Agreement, each Holder will furnish to the Company in writing such information
      as the Company reasonably requests concerning such Holder or the proposed manner
      of such Holder’s distribution for use in connection with any Registration
      Statement or Prospectus and agrees, severally but not jointly, to indemnify
      and
      hold harmless, to the fullest extent permitted by law, the Company, its
      Subsidiaries and its and their respective directors, officers, employees,
      shareholders and each person who controls the Company (within the meaning of
      the
      1933 Act) against any losses, claims, damages, liabilities and expenses
      (including reasonable attorney fees) resulting from any untrue statement of
      a
      material fact or any omission of a material fact required to be stated in the
      Registration Statement or Prospectus or preliminary prospectus or amendment
      or
      supplement thereto or necessary to make the statements therein not misleading,
      to the extent, but only to the extent that such untrue statement or omission
      is
      contained in any information furnished in writing by such Holder to the Company
      specifically for inclusion in such Registration Statement or Prospectus or
      amendment or supplement thereto. In no event shall the liability of a Holder
      be
      greater in amount than the aggregate dollar amount of the proceeds (net of
      all
      expenses paid by such Holder and the amount of any damages such Holder has
      otherwise been required to pay by reason of such untrue statement or omission)
      received by such Holder upon the sale of the Registrable Securities included
      in
      the Registration Statement giving rise to such indemnification
      obligation.

     

    (c)  Conduct
      of Indemnification Proceedings.
      Any
      person entitled to indemnification hereunder shall (i) give prompt notice to
      the
      indemnifying party of any claim with respect to which it seeks indemnification
      and (ii) permit such indemnifying party to assume the defense of such claim
      with
      counsel reasonably satisfactory to the indemnified party; provided
      that any
      person entitled to indemnification hereunder shall have the right to employ
      separate counsel and to participate in the defense of such claim, but the fees
      and expenses of such counsel shall be at the expense of such person unless
      (a)
      the indemnifying party has agreed to pay such fees or expenses, or (b) the
      indemnifying party shall have failed to assume the defense of such claim and
      employ counsel reasonably satisfactory to such person or (c) in the reasonable
      judgment of any such person, based upon advice of its counsel, a conflict of
      interest exists between such person and the indemnifying party with respect
      to
      such claims (in which case, if the person notifies the indemnifying party in
      writing that such person elects to employ separate counsel at the expense of
      the
      indemnifying party, the indemnifying party shall not have the right to assume
      the defense of such claim on behalf of such person); and provided,
      further,
      that
      the failure of any indemnified party to give notice as provided herein shall
      not
      relieve the indemnifying party of its obligations hereunder, except to the
      extent that such failure to give notice shall materially adversely affect the
      indemnifying party in the defense of any such claim or litigation. It is
      understood that the indemnifying party shall not, in connection with any
      proceeding in the same jurisdiction, be liable for fees or expenses of more
      than
      one separate firm of attorneys at any time for all such indemnified parties.
      No
      indemnifying party will, except with the consent of the indemnified party,
      consent to entry of any judgment or enter into any settlement that does not
      include as an unconditional term thereof the giving by the claimant or plaintiff
      to such indemnified party of a release from all liability in respect of such
      claim or litigation.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

       

    

    (d)  Contribution.
      If for
      any reason the indemnification provided for in the preceding paragraphs (a)
      and
      (b) is unavailable to an indemnified party or insufficient to hold it completely
      harmless, other than as expressly specified therein, then the indemnifying
      party
      shall contribute to the amount paid or payable by the indemnified party as
      a
      result of such loss, claim, damage or liability in such proportion as is
      appropriate to reflect the relative fault of the indemnified party and the
      indemnifying party, as well as any other relevant equitable considerations.
      No
      person guilty of fraudulent misrepresentation within the meaning of Section
      11(f) of the 1933 Act shall be entitled to contribution from any person not
      guilty of such fraudulent misrepresentation. In no event shall the contribution
      obligation of a Holder be greater in amount than the aggregate dollar amount
      of
      the proceeds (net of all expenses paid by such holder and the amount of any
      damages such Holder has otherwise been required to pay by reason of such untrue
      or alleged untrue statement or omission or alleged omission) received by it
      upon
      the sale of the Registrable Securities giving rise to such contribution
      obligation.

     

    8. Miscellaneous.

     

    (a)  Amendments
      and Waivers.
      This
      Agreement shall not be amended except by a writing signed by (i) the Company
      and
      (ii) the Requisite Holders. The Company may take any action herein prohibited,
      or omit to perform any act herein required to be performed by it, only if the
      Company shall have obtained the written consent to such amendment, action or
      omission to act, of the Requisite Holders. 

     

    (b)  Notices.
      All
      notices and other communications provided for or permitted hereunder shall
      be
      made as set forth in Section
      11.4
      of the
      Securities Purchase Agreement.

     

    (c)  Assignments
      and Transfers by Holders.
      The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the Holders and their respective successors and assigns. A Holder may transfer
      or assign, in whole or from time to time in part, to one or more persons its
      rights hereunder in connection with the transfer of Registrable Securities
      by
      such Holder to such person, provided,
      that,
      such
      Holder complies with all applicable laws thereto and provides written notice
      of
      assignment to the Company promptly after such assignment is
      effected.

     

    (d)  Assignments
      and Transfers by the Company.
      This
      Agreement shall not be assigned by the Company without the prior written consent
      of each Holder, except that without the prior written consent of the Holders,
      but after notice duly given, the Company shall assign its rights and delegate
      its duties hereunder to any successor-in-interest corporation, and such
      successor-in-interest shall assume such rights and duties, in the event of
      a
      merger or consolidation of the Company with or into another corporation or
      the
      sale of all or substantially all of the Company’s assets.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

       

    

    (e)  Benefits
      of the Agreement.
      The
      terms and conditions of this Agreement shall inure to the benefit of and be
      binding upon the respective permitted successors and assigns of the parties.
      Nothing in this Agreement, express or implied, is intended to confer upon any
      party other than the parties hereto or their respective successors and assigns
      any rights, remedies, obligations, or liabilities under or by reason of this
      Agreement, except as expressly provided in this Agreement.

     

    (f)  Counterparts;
      Faxes.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument. This Agreement may also be executed via facsimile, which shall
      be
      deemed an original.

     

    (g)  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    (h)  Severability.
      Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof but shall be interpreted as if it were written so as to be
      enforceable to the maximum extent permitted by applicable law, and any such
      prohibition or unenforceability in any jurisdiction shall not invalidate or
      render unenforceable such provision in any other jurisdiction. To the extent
      permitted by applicable law, the parties hereby waive any provision of law
      which
      renders any provisions hereof prohibited or unenforceable in any
      respect.

     

    (i)  Further
      Assurances.
      The
      parties shall execute and deliver all such further instruments and documents
      and
      take all such other actions as may reasonably be required to carry out the
      transactions contemplated hereby and to evidence the fulfillment of the
      agreements herein contained.

     

    (j)  Entire
      Agreement.
      This
      Agreement is intended by the parties as a final expression of their agreement
      and intended to be a complete and exclusive statement of the agreement and
      understanding of the parties hereto in respect of the subject matter contained
      herein. This Agreement supersedes all prior agreements and understandings
      between the parties with respect to such subject matter.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

       

    

    (k)  Governing
      Law; Consent to Jurisdiction.
      This
      Agreement shall be governed by, and construed in accordance with, the internal
      laws of the State of New York without regard to the choice of law principles
      thereof. Each of the parties hereto irrevocably submits to the exclusive
      jurisdiction of the courts of the State of New York located in New York County
      and the United States District Court for the Southern District of New York
      for
      the purpose of any suit, action, proceeding or judgment relating to or arising
      out of this Agreement and the transactions contemplated hereby. Service of
      process in connection with any such suit, action or proceeding may be served
      on
      each party hereto anywhere in the world by the same methods as are specified
      for
      the giving of notices under this Agreement. Each of the parties hereto
      irrevocably consents to the jurisdiction of any such court in any such suit,
      action or proceeding and to the laying of venue in such court. Each party hereto
      irrevocably waives any objection to the laying of venue of any such suit, action
      or proceeding brought in such courts and irrevocably waives any claim that
      any
      such suit, action or proceeding brought in any such court has been brought
      in an
      inconvenient forum. THE
      COMPANY AND EACH OF THE HOLDERS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
      TO
      TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATING TO OR ARISING OUT OF THIS
      AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    [Signature
      Pages Follow]

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    Company
      Signature Page to Registration Rights Agreement

     

    IN
      WITNESS WHEREOF, the Company has executed this Agreement or caused its duly
      authorized officer to execute this Agreement as of the date first above
      written.

     

    
      	 	
              NOVELOS
                THERAPEUTICS, INC.

            
	 	 
	 	
              By:

            	
               /s/
                Harry. S. Palmin

            
	 	
              Name:
                Harry S. Palmin

            
	 	
              Title:   President
                and CEO

            

    

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Xmark
                  Opportunity Fund, Ltd. 

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                Xmark
                  Opportunity Manager, LLC,

              	 
	
                its
                  Investment Manager

              
	 
	
                By:

              	
                Xmark
                  Opportunity Partners, LLC,

              	 
	
                its
                  Sole Member

              
	 
	
                By:

              	
                Xmark
                  Capital Partners, LLC,

              	 
	
                its
                  Managing Member

              
	 
	
                By:

              	
                /s/
                  Mitchell D. Kaye

              	 
	
                Name:
                  Mitchell D. Kaye

              
	
                Title:
                  Chief Executive Officer 

              
	 
	
                Cayman
                  Islands

              	 
	
                Jurisdiction
                  of organization of entity

              
	 
	
                Address:

              
	 
	
                90
                  Grove Street 

                Ridgefield,
                  CT 06877

              

      

    

     

    
      
        
          
          

        

        
          -13-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Xmark
                  Opportunity Fund, L.P. 

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                Xmark
                  Opportunity GP, LLC

              	 
	
                its
                  General Partner

              
	 
	
                By:

              	
                Xmark
                  Opportunity Partners, LLC,

              	 
	
                its
                  Sole Member

              
	 
	
                By:

              	
                Xmark
                  Capital Partners, LLC,

              	 
	
                its
                  Managing Member

              
	 
	
                By:
                  

              	
                /s/
                  Mitchell D. Kaye

              	 
	
                Name:
                  Mitchell D. Kaye

              
	
                Title:
                  Chief Executive Officer

              
	 
	
                Delaware

              	 
	
                Jurisdiction
                  of organization of entity

              
	 
	
                Address:

              
	 
	
                90
                  Grove Street 

                Ridgefield,
                  CT 06877

              

      

    

     

    
      
        
          
          

        

        
          -14-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Xmark
                  JV Investment Partners, LLC 

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                Xmark
                  Opportunity Partners, LLC

              	 
	
                its
                  Investment Manager

              
	 
	
                By:

              	
                 Xmark
                  Capital Partners, LLC,

              	 
	
                its
                  Managing Member

              
	 
	
                By:

              	
                /s/
                  Mitchell D. Kaye

              	 
	
                Name:
                  Mitchell D. Kaye

              
	
                Title:
                  Chief Executive Officer 

              
	 
	
                Delaware
                  

              	 
	
                Jurisdiction
                  of organization of entity

              
	 
	
                Address:

              
	 
	
                90
                  Grove Street 

                Ridgefield,
                  CT 06877

              

      

    

     

    
      
        
          
          

        

        
          -15-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Caduceus
                  Capital Master Fund Limited 

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                /s/
                  Samuel D. Isaly

              	 
	
                Name:
                  Samuel D. Isaly

              
	
                Title:
                  Managing Partner, OrbiMed Advisors LLC 

              
	 
	
                Print
                  jurisdiction of organization of entity: Bermuda

              
	 
	
                Address:

                c/o
                  OrbiMed Advisors LLC

                767
                  Third Avenue, 30th
                  Floor

                New
                  York, NY 10017

              

      

    

     

    
      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement of the date first above written.

    

      
        	
                Caduceus
                  Capital II, L.P.

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                /s/
                  Samuel D. Isaly

              	 
	
                Name:
                  Samuel D. Isaly

              
	
                Title:
                  Managing Partner, OrbiMed Advisors LLC 

              
	 
	
                Print
                  jurisdiction of organization of entity: Delaware 

              
	 
	
                Address:

                c/o
                  OrbiMed Advisors LLC

                767
                  Third Avenue, 30th
                  Floor

                New
                  York, NY 10017

              

      

    

     

    
      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Summer
                  Street Life Sciences Hedge Fund Investors LLC 

              	 
	
                Name
                  of entity 

              
	 
	
                By:

              	
                /s/
                  Samuel D. Isaly

              	 
	
                Name:
                  Samuel D. Isaly

              
	
                Title:
                  Managing Partner, OrbiMed Advisors LLC 

              
	 
	
                Print
                  jurisdiction of organization of entity: Delaware 

              
	 
	
                Address:

                c/o
                  OrbiMed Advisors LLC

                767
                  Third Avenue, 30th
                  Floor

                New
                  York, NY 10017

              

      

    

     

    
      
        
          
          

        

        
          -18-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written

    

      
        	
                UBS
                  Eucalyptus Fund, L.L.C. 

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                /s/
                  Samuel D. Isaly

              	 
	
                Name:
                  Samuel D. Isaly

              
	
                Title:
                  Managing Partner, OrbiMed Advisors LLC 

              
	 
	
                Print
                  jurisdiction of organization of entity: Delaware 

              
	 
	
                Address:

                c/o
                  OrbiMed Advisors LLC

                767
                  Third Avenue, 30th
                  Floor

                New
                  York, NY 10017

              

      

    

     

    
      
        
          
          

        

        
          -19-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written. 

    

      
        	
                PW
                  Eucalyptus Fund, Ltd. 

              	 
	
                Name
                  of entity

              
	 
	
                By:
                  

              	
                /s/
                  Samuel D. Isaly

              	 
	
                Name:
                  Samuel D. Isaly

              
	
                Title:
                  Managing Partner, OrbiMed Advisors LLC 

              
	 
	
                Print
                  jurisdiction of organization of entity: Cayman Islands 

              
	 
	
                Address:

                c/o
                  OrbiMed Advisors LLC

                767
                  Third Avenue, 30th
                  Floor

                New
                  York, NY 10017

              

      

    

     

    
      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Knoll
                  Capital Fund II Master Fund Ltd. 

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                /s/
                  Fred Knoll

              	 
	
                Name:   Fred
                  Knoll 

              
	
                Title:     KOM
                  Capital Management 

              
	
                              Investment
                  Manager 

              
	 
	
                Print
                  jurisdiction of organization of entity:

              
	 
	
                Address:

                c/o
                  KOM Capital Management

                666
                  Fifth Avenue, Suite 3702, 

                New
                  York, NY 10103

              

      

    

     

    
      
        
          
          

        

        
          -21-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Europa
                  International, Inc. 

              	 
	
                Name
                  of entity

              
	 
	
                By:

              	
                /s/
                  Fred Knoll

              	 
	
                Name:   Fred
                  Knoll 

              
	
                Title:     Knoll
                  Capital Management 

              
	
                              Investment
                  Manager for 

                              Europa
                  International, Inc. 

              
	 
	
                Print
                  jurisdiction of organization of entity

              
	 
	
                Address:

                c/o
                  Knoll Capital Management

                666
                  Fifth Avenue, Suite 3702, 

                New
                  York, NY 10103

              

      

    

     

    
      
        
          
          

        

        
          -22-

          
            

          

        

        
          
          

        

      

    

    

    Holder
      Signature Page to Registration Rights Agreement 

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement
      or caused its duly authorized officers to execute this Registration Rights
      Agreement as of the date first above written.

    

      
        	
                Hunt
                  BioVenures, L.P. 

              	 
	
                Name
                  of entity

              
	 
	
                By:
                  HBV GP, L.L.C., its General Partner

              
	 
	
                By:

              	
                /s/
                  J. Fulton Murray, III

              	 
	 
	
                Name:
                  J. Fulton Murray, III, Manager 

              
	 
	
                Jurisdiction
                  of organization of entity: Delaware 

              
	 
	
                Address:

                Hunt
                  Investments 

                1900
                  N. Akard 

                Dallas,
                  TX 75201

                Attn:
                  Michael T. Bierman, J. Fulton Murray, III and Benjamin D. Nelson
                  

              

      

    

     

    
      
        
          
          

        

        
          -23-

          
            

          

        

        
          
          

        

      

    

    

    Exhibit
      A

    

    Plan
      of Distribution

    

    The
      selling stockholders, which as used herein includes donees, pledgees,
      transferees or other successors-in-interest selling shares of common stock
      or
      interests in shares of common stock received after the date of this prospectus
      from a selling stockholder as a gift, pledge, partnership distribution or other
      transfer, may, from time to time, sell, transfer or otherwise dispose of any
      or
      all of their shares of common stock or interests in shares of common stock
      on
      any stock exchange, market or trading facility on which the shares are traded
      or
      in private transactions. These dispositions may be at fixed prices, at
      prevailing market prices at the time of sale, at prices related to the
      prevailing market price, at varying prices determined at the time of sale,
      or at
      negotiated prices.

    

    The
      selling stockholders may use any one or more of the following methods when
      disposing of shares or interests therein:

    

    -
      ordinary brokerage transactions and transactions in which the broker-dealer
      solicits purchasers;

    

    -
      block
      trades in which the broker-dealer will attempt to sell the shares as agent,
      but
      may position and resell a portion of the block as principal to facilitate the
      transaction;

    

    -
      purchases by a broker-dealer as principal and resale by the broker-dealer for
      its account;

    

    -
      an
      exchange distribution in accordance with the rules of the applicable
      exchange;

    

    -
      privately negotiated transactions;

    

    -
      short
      sales;

    

    -
      through
      the writing or settlement of options or other hedging transactions, whether
      through an options exchange or otherwise;

    

    -
      broker-dealers may agree with the selling stockholders to sell a specified
      number of such shares at a stipulated price per share;

    

    -
      a
      combination of any such methods of sale; and

    

    -
      any
      other method permitted pursuant to applicable law.

    

    The
      selling stockholders may, from time to time, pledge or grant a security interest
      in some or all of the shares of common stock owned by them and, if they default
      in the performance of their secured obligations, the pledgees or secured parties
      may offer and sell the shares of common stock, from time to time, under this
      prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or
      other applicable provision of the Securities Act amending the list of selling
      stockholders to include the pledgee, transferee or other successors in interest
      as selling stockholders under this prospectus. The selling stockholders also
      may
      transfer the shares of common stock in other circumstances, in which case the
      transferees, pledgees or other successors in interest will be the selling
      beneficial owners for purposes of this prospectus.

    

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

       

    

    In
      connection with the sale of our common stock or interests therein, the selling
      stockholders may enter into hedging transactions with broker-dealers or other
      financial institutions, which may in turn engage in short sales of the common
      stock in the course of hedging the positions they assume. The selling
      stockholders may also sell shares of our common stock short and deliver these
      securities to close out their short positions, or loan or pledge the common
      stock to broker-dealers that in turn may sell these securities. The selling
      stockholders may also enter into option or other transactions with
      broker-dealers or other financial institutions or the creation of one or more
      derivative securities which require the delivery to such broker-dealer or other
      financial institution of shares offered by this prospectus, which shares such
      broker-dealer or other financial institution may resell pursuant to this
      prospectus (as supplemented or amended to reflect such
      transaction).

    

    The
      aggregate proceeds to the selling stockholders from the sale of the common
      stock
      offered by them will be the purchase price of the common stock less discounts
      or
      commissions, if any. Each of the selling stockholders reserves the right to
      accept and, together with their agents from time to time, to reject, in whole
      or
      in part, any proposed purchase of common stock to be made directly or through
      agents. We will not receive any of the proceeds from this offering. Upon any
      exercise of the warrants by payment of cash, however, we will receive the
      exercise price of the warrants.

    

    The
      selling stockholders also may resell all or a portion of the shares in open
      market transactions in reliance upon Rule 144 under the Securities Act of 1933,
      provided that they meet the criteria and conform to the requirements of that
      rule.

    

    The
      selling stockholders and any underwriters, broker-dealers or agents that
      participate in the sale of the common stock or interests therein may be
      "underwriters" within the meaning of Section 2(11) of the Securities Act. Any
      discounts, commissions, concessions or profit they earn on any resale of the
      shares may be underwriting discounts and commissions under the Securities Act.
      Selling stockholders who are "underwriters" within the meaning of Section 2(11)
      of the Securities Act will be subject to the prospectus delivery requirements
      of
      the Securities Act.

    

    To
      the
      extent required, the shares of our common stock to be sold, the names of the
      selling stockholders, the respective purchase prices and public offering prices,
      the names of any agents, dealer or underwriter, any applicable commissions
      or
      discounts with respect to a particular offer will be set forth in an
      accompanying prospectus supplement or, if appropriate, a post-effective
      amendment to the registration statement that includes this
      prospectus.

    

    In
      order
      to comply with the securities laws of some states, if applicable, the common
      stock may be sold in these jurisdictions only through registered or licensed
      brokers or dealers. In addition, in some states the common stock may not be
      sold
      unless it has been registered or qualified for sale or an exemption from
      registration or qualification requirements is available and is complied
      with.

    

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

       

    

    We
      have
      advised the selling stockholders that the anti-manipulation rules of Regulation
      M under the Exchange Act may apply to sales of shares in the market and to
      the
      activities of the selling stockholders and their affiliates. In addition, we
      will make copies of this prospectus (as it may be supplemented or amended from
      time to time) available to the selling stockholders for the purpose of
      satisfying the prospectus delivery requirements of the Securities Act. The
      selling stockholders may indemnify any broker-dealer that participates in
      transactions involving the sale of the shares against certain liabilities,
      including liabilities arising under the Securities Act.

    

    We
      have
      agreed to indemnify the selling stockholders against liabilities, including
      liabilities under the Securities Act and state securities laws, relating to
      the
      registration of the shares offered by this prospectus.

    

    We
      have
      agreed with the selling stockholders to keep the registration statement of
      which
      this prospectus constitutes a part effective until the earlier of (1) such
      time
      as all of the shares covered by this prospectus have been disposed of pursuant
      to and in accordance with the registration statement or (2) two years from
      the
      Closing Date.

     

    
      
        
          
          

        

        
          -26-

          
            

          

        

        
          
          

        

      

    

    

    Exhibit
      B

    

    Selling
      Stockholder Questionnaire

    

      
        	
                To:

              	
                Novelos
                  Therapeutics, Inc.

              
	 	
                c/o
                  Foley Hoag LLP

              
	 	
                155
                  Seaport Boulevard

              
	 	
                Boston,
                  MA 02210

              
	 	
                Attention:
                  Amanda Kirouac, Esq.

              
	 	
                Facsimile:
                  (617) 832-1000

              

      

    

     

    Reference
      is made to the Registration Rights Agreement (the “Agreement”), made between
      Novelos Therapeutics, Inc., a Delaware corporation (the “Company”), and the
      Holders noted therein.

     

    Pursuant
      to Section 6(a) of the Agreement, the undersigned hereby furnishes to the
      Company the following information for use by the Company in connection with
      the
      preparation of the Registration Statement.

     

    
      	
            	(1)	
              Name
                and Contact Information:

            

    

     

    
      	
              Full
                legal name of record holder:

            	 
	
              Address
                of record holder:

            	 
	 	 
	
              Social
                Security Number or Taxpayer
identification number of record
                holder:

            	 
	
              Identity
                of beneficial owner (if

              different
                than record holder):

            	 
	
              Name
                of contact person:

            	 
	
              Telephone
                number of contact person:

            	 
	
              Fax
                number of contact person:

            	 
	
              E-mail
                address of contact person:

            	 

    

     

    
      
        
          
          

        

        
          -27-

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (2)

            	
              Beneficial
                Ownership of Registrable Securities:

            

    

     

    
      	 	
              (a)

            	
              Number
                of Registrable Securities owned by Selling
                Stockholder:

            

    

     

    
      	 	
              (b)

            	
              Number
                of Registrable Securities requested to be
                registered:

            

    

     

    
      	 	
              (3)

            	
              Beneficial
                Ownership of Other Securities of the Company Owned by the Selling
                Stockholder:

            

    

     

    Except
      as
      set forth below in this Item (3), the undersigned is not the beneficial or
      registered owner of any securities of the Company other than the Registrable
      Securities listed above in Item (2)(a).

     

    Type
      and
      amount of other securities beneficially owned by the Selling
      Stockholder:

     

    
      	
            	(4)	
              Relationships
                with the Company:

            

    

     

    Except
      as
      set forth below, neither the undersigned nor any of its affiliates, officers,
      directors or principal equity holders (5% or more) has held any position or
      office or has had any other material relationship with the Company (or its
      predecessors or affiliates) during the past three years.

     

    State
      any
      exceptions here:

     

    
      	
            	(5)	
              Plan
                of Distribution:

            

    

     

    Except
      as
      set forth below, the undersigned intends to distribute pursuant to the
      Registration Statement the Registrable Securities listed above in Item (2)
      in
      accordance with the “Plan of Distribution” section set forth
      therein:

     

    State
      any
      exceptions here:

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

       

    

    
      	
            	
              (6)

            	
              Selling
                Stockholder Affiliations:

            

    

     

    (a) Is
      the
      Selling Stockholder a registered broker-dealer?

     

    (b) Is
      the
      Selling Stockholder an affiliate of a registered broker-dealer(s)? (For purposes
      of this response, an “affiliate” of, or person “affiliated” with, a specified
      person, is a person that directly, or indirectly through one or more
      intermediaries, controls or is controlled by, or is under common control with,
      the person specified.)

     

    (c) If
      the
      answer to Item (6)(b) is yes, identify the registered broker-dealer(s) and
      describe the nature of the affiliation(s):

     

    (d) If
      the
      answer to Item (6)(b) is yes, did the Selling Stockholder acquire the
      Registrable Securities in the ordinary course of business (if not, please
      explain)?

     

    (e) If
      the
      answer to Item (6)(b) is yes, did the Selling Stockholder, at the time of
      purchase of the Registrable Securities, have any agreements, plans or
      understandings, directly or indirectly, with any person to distribute the
      Registrable Securities (if yes, please explain)?

     

    
      	
            	(7)	
              Voting
                or Investment Control over the Registrable
                Securities:

            

    

     

    If
      the
      Selling Stockholder is not a natural person, please identify the natural person
      or persons who have voting or investment control over the Registrable Securities
      listed in Item (2) above:

     

    
      
        
          
          

        

        
          -29-

          
            

          

        

        
          
          

        

      

    

    

    Pursuant
      to Section 3(c) of the Agreement, the undersigned acknowledges that the Company
      may, by notice to the Holder at its last known address, suspend or withdraw
      the
      Registration Statement and require that the undersigned immediately cease sales
      of Registrable Securities pursuant to the Registration Statement under certain
      circumstances described in the Agreement. At any time that such notice has
      been
      given, the undersigned may not sell Registrable Securities pursuant to the
      Registration Statement.

     

    The
      undersigned hereby agrees to sell such shares only pursuant to and in the manner
      contemplated by the Registration Statement, including the Plan of Distribution
      section contained therein (in substantially the form attached hereto as Exhibit
      A), or pursuant to an exemption from the registration requirements under the
      Securities Act. The undersigned hereby further acknowledges that pursuant to
      Section 7(b) of the Agreement, the undersigned shall indemnify the Company
      and
      each of its directors and officers against, and hold the Company and each of
      its
      directors and officers harmless from, any losses, claims, damages, expenses
      or
      liabilities (including reasonable attorneys fees) to which the Company or its
      directors and officers may become subject by reason of any statement or omission
      in the Registration Statement made in reliance upon, or in conformity with,
      a
      written statement by the undersigned, including the information furnished in
      this Questionnaire by the undersigned.

     

    By
      signing below, the undersigned consents to the disclosure of the information
      contained herein in its answers to Items (1) through (7) above and the inclusion
      of such information in the Registration Statement, any amendments thereto and
      the related prospectus. The undersigned understands that such information will
      be relied upon by the Company in connection with the preparation or amendment
      of
      the Registration Statement and the related prospectus.

     

    The
      undersigned has reviewed the answers to the above questions and affirms that
      the
      same are true, complete and accurate. THE UNDERSIGNED AGREES TO NOTIFY THE
      COMPANY IMMEDIATELY OF ANY MATERIAL CHANGES IN THE FOREGOING
      INFORMATION.

    

      
        	
                Dated:

              	 	
                ,
                  2008

              	
                 

              
	 	 
	 	 

      

    

    Signature
      of Record Holder

    (Please
      sign your name in exactly the same manner as the certificate(s) for the shares
      being registered)

     

    
      
        
        

      

      
        -30-

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