Document:

EXECUTION
COPY

    

    REGISTRATION RIGHTS
AGREEMENT

    

    This
Registration Rights Agreement (the “Agreement”)
is made and entered into as of this 11th day of February, 2009 by and among
Novelos Therapeutics, Inc., a Delaware corporation
(the “Company”),
Purdue Pharma L.P., a Delaware limited partnership (“Purdue”),
the “Series D
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
Series D Investors (the “Series
D Securities
Purchase Agreement”), and the holders of the Series B Warrants (as
defined below) (the Company, Purdue, the Series D Investors and the holders of
the Series B Warrants are sometimes referred to herein individually as “Party”
and collectively as the “Parties”).  Capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Series E
Securities Purchase Agreement.

     

    WHEREAS, pursuant to a
Securities Purchase Agreement dated herewith (the “Series E
Securities Purchase Agreement”) the Company has agreed to issue and sell
to Purdue, and Purdue has agreed to purchase from the Company, 200 shares of
Preferred Stock and warrants (the “Series E
Warrants”) to purchase up to 15,384,615 shares of the Company’s common
stock, $.00001 par value per share (the “Common
Stock”), upon the terms and conditions set forth in the Series E
Securities Purchase Agreement;

     

    WHEREAS, pursuant to a Consent
and Agreement to Exchange dated herewith (“the Exchange
Agreement”) the Series D Investors have agreed to exchange all
outstanding shares of Series D Preferred Stock, plus accrued but unpaid
dividends, for shares of Series E Preferred Stock upon the terms and conditions
set forth in the Exchange Agreement;

     

    WHEREAS, the Series D
Investors and the holders of the Series B Warrants are parties to a Registration
Rights Agreement dated April 11, 2008 (the “Series D
Registration Agreement”) and the Company, the Series D Investors and the
holders of the Series B Warrants desire to terminate the Series D Registration
Agreement in its entirety;

     

    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, the Series D Warrants (as defined below)  and the
Series E 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 Purdue, the Series D 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.

     

    “Preferred
Stock” means the Series E 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
a prior Registration Statement (File No. 143263 as amended and supplemented)),
(ii) upon the exercise of the Series E Warrants, (iii) upon the exercise of the
Series D Warrants; (iv) upon the exercise of the Series B Warrants, including
any shares of Common Stock that become issuable upon conversion or exercise of
the Preferred Stock or Warrants, as the case may be, as a result of stock
splits, stock dividends or similar transactions with respect to the Common Stock
(other than shares of Common Stock registered pursuant to the aforesaid prior
Registration Statement) and any Common Stock issued as stock dividends on the
Preferred Stock; 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.

     

    “Series D
Warrants” shall mean the warrants to purchase up to 4,365,381 shares of
Common Stock dated April 11, 2008 issued pursuant to the Series D Securities
Purchase Agreement.

     

    “Warrants”
shall mean collectively the Series B Warrants, Series D Warrants and Series E
Warrants.

     

    2.           Termination of Series D
Registration Rights Agreement.

     

    The
Series D Investors and holders of the Series B Warrants by their execution of
this Agreement hereby agree and acknowledge that the Series D Registration
Agreement has been superseded and replaced in its entirety by this Agreement and
that the Series D Investors and the holders of the Series B Warrants shall have
no further rights under the Series D Registration Agreement.

    

    
      
        
           

        

        
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    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 E
Warrants contemplated by the Series E 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
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.

     

    (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.

    

    
      
        
           

        

        
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    (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:

     

    (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 Purdue, the Series D Investors and the holders
of the Series B Warrants 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;

    

    
      
        
           

        

        
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    (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;

     

    (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

    

    
      
        
           

        

        
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    (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 4(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.           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.

     

    
      
        
        

      

      
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    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.

     

    (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.

     

    
      
        
        

      

      
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    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.

     

    (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.

    

    
      
        
           

        

        
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    (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.

     

    (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.

    

    
      
        
           

        

        
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    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 (as defined in
the Certificate of Designations).  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 (as defined in
the Certificate of Designations).

     

    (b)    Notices.  All
notices and other communications provided for or permitted hereunder shall be
made (i) for Purdue, as set forth in the Series E Securities Purchase Agreement;
(ii) for the Series D Investors, as set forth in the Series D Securities
Purchase Agreement and (iii) for the holders of the Series B Warrants as stated
therein, as applicable.

     

    (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 in part, to one
or more persons and Associated Companies 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.

     

    (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.

    

    
      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

    

     

    (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.

     

    (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.

    

    
      
        
          
            
              
                
                  
                    	
                            Purdue Pharma, L.P.

                          
	
                            Name
      of entity

                          
	 
      
	
                            By:
      Purdue Pharma, Inc. ,

                            its
      general partner

                          
	 
      
	
                            By:

                          	
                            /s/ Edward B. Mahony

                          	 
      
	 
	
                            Name:  Edward
      B. Mahony

                          
	
                            Title:  Chief
      Financial Officer

                          
	 
      
	
                            New York

                          
	
                            Jurisdiction
      of organization of entity

                          
	
                             

                            Address:

                             

                            One
      Stamford Forum

                            Stamford,
      CT
06901

                          

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          -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,
  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

                    

            

          

        

      

    

     

    
      
        
           

        

        
          -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 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

                      

              

            

          

        

      

    

     

    
      
        
           

        

        
          -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.

    

    
      
        
          
            
              
                	
                        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

                      

              

            

          

        

      

    

     

    
      
        
           

        

        
          -16-

          
            

          

        

        
           

        

      

    

    

    [This
page has been intentionally left blank.]

    

    
      
        
           

        

        
          -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.

    

    
      
        
          
            
              	
                      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

                    

            

          

        

      

    

    

    
      
        
           

        

        
          -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 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

                    

            

          

        

      

    

    

    
      
        
           

        

        
          -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.

    

    
      
        
          	
                  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

                

        

      

    

    

    
      
        
           

        

        
          -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

    

    
      
        
          	
                  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

                

        

      

    

     

    
      
        
           

        

        
          -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.

    

    
      
        
          	
                  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

                

        

      

    

     

    
      
        
           

        

        
          -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.

    

    
      
        
          	
                  Knoll Special Opportunities Fund II Master Fund
      Ltd. (formerly 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

                

        

      

    

    

    
      
        
           

        

        
          -23-

          
            

          

        

        
           

        

      

    

    

    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

                

        

      

    

    

    
      
        
           

        

        
          -24-

          
            

          

        

        
           

        

      

    

    

    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

                

        

      

    

    

    
      
        
           

        

        
          -25-

          
            

          

        

        
           

        

      

    

    

    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.

    

    
      
        
           

        

        
          -26-

          
            

          

        

        
           

        

      

    

    

    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.

    

    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.

    

    
      
        
           

        

        
          -27-

          
            

          

        

        
           

        

      

    

    

    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.

    

    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.

    

    
      
        
           

        

        
          -28-

          
            

          

        

        
           

        

      

    

    

    Exhibit
B

    

    Selling
Stockholder Questionnaire

     

    
      	
              To:

            	
              Novelos
      Therapeutics, Inc.

            

    

    
      	
               
      

            	
              c/o
      Foley Hoag LLP

            

    

    
      	
               
      

            	
              155
      Seaport Boulevard

            

    

    
      	
               
      

            	
              Boston,
      MA  02210

            

    

    
      	
               
      

            	
              Attention:  Matthew
      Eckert, 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:

                                                	 
      	 
      

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          -29-

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              (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:

    

    
      
        
           

        

        
          -30-

          
            

          

        

        
           

        

      

    

    

    
      	
            	
              (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:

    

    
      
        
           

        

        
          -31-

          
            

          

        

        
           

        

      

    

    

    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:_____________,
2009

    

    
      
        
          	 
      	 
      
	
                  Signature
      of Record Holder

                

        

      

    

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

    

    
      
        
           

        

        
          -32-Unassociated Document

     

    NOVELOS
THERAPEUTICS, INC.

    

    SERIES
D PREFERRED STOCK

    CONSENT
AND AGREEMENT TO EXCHANGE

     

    This
CONSENT AND AGREEMENT TO EXCHANGE (the “Agreement”) dated as
of February 10, 2009, is entered into by and among Novelos Therapeutics, Inc., a
Delaware corporation (the “Company”) and the
entities listed on the signature pages hereto (collectively, the “Series D Investors”)
(the Company and Series D Investors are sometimes referred to herein
individually as a “Party” and
collectively as the “Parties”).

     

    WHEREAS,
the Series D Investors hold an aggregate of 413.5 shares of the Company’s Series
D Convertible Preferred Stock, $0.00001 par value per share (the “Series D Preferred
Stock”);

     

    WHEREAS,
the Certificate of Designations, Preferences and Rights of Series D Convertible
Preferred Stock of Novelos Therapeutics, Inc. (the “Series D Certificate of
Designations”) contains certain prohibitions on amendments to the
Company’s Certificate of Incorporation, the creation or issuance of any equity
security unless the per share price of such securities exceeds $0.65 in cash and
said securities rank junior to the Series D Preferred Stock, and the sale,
lease, conveyance or licensing of any material intellectual property by the
Company without the prior written consent of the Series D
Investors;

     

    WHEREAS, effective immediately
following the execution of this Agreement, the Company is executing and
delivering a securities purchase agreement (the “Purdue Securities Purchase
Agreement”) in the form attached hereto as Exhibit A, pursuant
to which the Company is issuing and selling 200 shares of a newly created series
of the Company’s preferred stock, designated Series E Convertible Preferred
Stock, par value $0.00001 per share (the “Series E Preferred
Stock”) and a warrant to acquire up to 9,230,769 shares of Common Stock
(as defined below) with an exercise price of $0.65 per share (the “Series E Warrant”) to
Purdue Pharma L.P., a Delaware limited partnership (“Purdue”), which
Series E Preferred Stock shall have the relative rights, privileges and
preferences set forth in the Certificate of Designations, Rights and Preferences
of the Series E Convertible Preferred Stock of Novelos Therapeutics, Inc., in
the form attached hereto as Exhibit B (the “Series E Certificate of
Designations”) (collectively, the “Purdue Financing”)
and this Agreement is a condition to closing as stated in the Purdue Securities
Purchase Agreement;

     

    WHEREAS, simultaneously with the
completion of the Purdue Financing, the Company is entering into a Collaboration
Agreement with Mundipharma International Corporation Limited (the “Mundi Collaboration
Agreement”) in the form attached hereto as Exhibit C
(collectively with the Purdue Financing, the “Transactions”);

     

    WHEREAS, the Company and the Series D
Investors desire to exchange each outstanding share (and any fraction thereof)
of Series D Preferred Stock, together with all accrued but unpaid dividends
thereon, for 1.07725 shares of Series E  Preferred Stock (or a pro
rata portion thereof for any fraction of a share of Series D Preferred Stock),
as set forth on Schedule A hereto
effective as of the consummation of the Transactions (the “Series D
Exchange”);

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS, simultaneously with the
execution of this Agreement, the holders of the Company’s Series C Convertible
Preferred Stock, $0.00001 par value per share (the “Series C Preferred
Stock”) are executing a Consent and Agreement of Holders of Series C
Preferred Stock in the form attached hereto as Exhibit D (the “Series C Consent”)
pursuant to which such holders will consent to the Transactions and the
consummation of the Series D Exchange;

     

    WHEREAS, the Series D Preferred Stock
was senior with respect to the payment of a liquidation preference to all shares
of the Company’s capital stock, including, without limitation the Series C
Preferred Stock and accordingly, pursuant to the Series E Certificate of
Designations, the Series E Preferred Stock shall be entitled to seniority with
respect to the payment of any liquidation preference in relation to the Series C
Preferred Stock;

     

    WHEREAS, in connection with the
transactions contemplated by the Series D Exchange, in order to make certain
conforming changes therein the Company desires to amend the (i) Registration
Rights Agreement, dated May 2, 2007, as amended by that certain Amendment to
Registration Rights Agreement, dated April 11, 2008, by entering into that
certain Amendment No. 2 to Registration Rights Agreement, in the form attached
as Exhibit E
hereto (the “2007 Reg
Rights Amendment”) and (ii) desires to terminate the Registration Rights
Agreement, dated April 11, 2008, and enter into a new  Registration
Rights Agreement, in the form attached as Exhibit F hereto (the
“2009 Reg Rights
Agreement”); and

     

    WHEREAS, the Series D Investors hold
7,500,000 warrants to purchase the Company’s common stock issued on May 2, 2007,
amended on April 11, 2008 (the “Series B Warrants”)
and hold 4,365,381 warrants to purchase the Company’s common stock issued on
April 11, 2008 (the “Series D Warrants”);
and in order to conform certain of the terms of the Series B Warrants and the
Series D Warrants to the terms of the warrants to be issued to Purdue in
connection with the Purdue Securities Purchase Agreement the Series D Investors
and the Company desire to amend (i) the Series B Warrants by entering into a
Warrant Amendment Agreement, in the form attached as Exhibit G hereto (the
“Series B Warrant
Amendment”) and (ii) the Series D Warrants by entering into a Warrant
Amendment Agreement, in the form attached as Exhibit H hereto (the
“Series D Warrant
Amendment”) (collectively, the “Warrant
Amendments”);

     

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

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

     

    1.           Consent.

     

    (a)           Each
of the Series D Investors hereby consents (i) to the filing of the Series E
Certificate of Designations and (ii) to the Transactions.

     

    (b)           Each
of the Series D Investors hereby consents to the filing, with the Secretary of
State of the State of Delaware, of a Certificate of Elimination pursuant to
which all matters set forth in the Certificate of Designations, Preferences and
Rights of Series B Convertible Preferred Stock of Novelos Therapeutics, Inc.
with respect to the Company’s Series B Convertible Preferred Stock, $0.00001
(the “Series B
Preferred Stock”) will be eliminated from the Company’s Certificate of
Incorporation and the shares that were designated as Series B Preferred Stock
will be returned to the status of authorized but unissued shares of preferred
stock of the Company, without designation as to series, in the form attached
hereto as Exhibit
I (the “Series
B Certificate of Elimination”).

     

    (c)           Each
of the Series D Investors hereby consents to the filing with the Secretary of
State of the State of Delaware, following the issuance of the Series E Preferred
Stock pursuant to this Agreement, of a Certificate of Elimination, pursuant to
which all matters set forth in the Series D Certificate of Designations with
respect to the Series D Preferred Stock will be eliminated from the Company’s
Certificate of Incorporation and the shares that were designated as Series D
Preferred Stock will be returned to the status of authorized but unissued shares
of preferred stock of the Company, without designation as to series, in the form
attached hereto as Exhibit J (the “Series D Certificate of
Elimination”).

     

    2.           Exchange.

     

    (a)           Subject
to the terms and conditions set forth herein, each of the Series D Investors
hereby, severally and not jointly, agrees to exchange all shares of Series D
Preferred Stock owned by such Series D Investor, and all rights, preferences and
privileges associated therewith (including but not limited to any accrued but
unpaid dividends thereon) for the number of shares of Series E Preferred Stock
set forth on Schedule
A hereto as of the Effective Time.  The Series D Exchange shall
be automatically effective, without any further action on the part of any Series
D Investor, immediately upon the satisfaction (or waiver) of the conditions set
forth in Section
7 hereof (the “Effective
Time”).  Promptly following the Effective Time, the Company
will provide written notice to each Series D Investor confirming that the
Effective Time has occurred.

     

    (b)           No
later than three business days after the Effective Time, each Series D Investor
shall surrender to the Company certificates that formerly represented all of the
issued and outstanding shares of Series D Preferred Stock held by such Series D
Investor (or provide to the Company such evidence as is reasonably satisfactory
to the Company that such certificate representing shares of Series D Preferred
Stock is lost or destroyed) and upon receipt thereof, the Company shall within
three business days issue new stock certificates for shares of Series E
Preferred Stock as set forth in Schedule A hereto and
deliver such stock certificates for shares of Series E Preferred Stock to the
applicable Series D Investors at the address set forth on the signature page
hereto.

     

    
      
        
        

      

      
        - 3
-

        
          

        

      

      
        
        

      

    

     

    3.           Waiver of Liquidated
Damages.  Each of the Series D Investors is a party to a
Registration Rights Agreement  dated April 11, 2008 (the “2008 Registration
Agreement”) which provides for registration rights with respect to the
shares of Common Stock issuable (i) upon the conversion of Series D 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 as defined in the 2008 Registration Agreement).  Pursuant to
Section 8(a) of the 2008 Registration Agreement, each of the Series D Investors
hereby waives, effective as of the Effective Time, any and all liquidated
damages arising under Section 3 of the 2008 Registration Agreement during the
period from October 1, 2008 through the Effective Time as a result of the
Company’s failure to file the registration statement by the Filing Deadline (as
defined in the 2008 Registration Agreement).

     

    4.           Representations of the
Company.  The Company represents and warrants to and agrees
with each Series D Investor that:

     

    (a)           After
the Series D Exchange, the holding period of the Series E Preferred Stock and
the Company’s common stock, $0.00001 par value per share (“Common Stock”)
issuable upon conversion of the Series E Preferred Stock (the “Conversion Shares”)
for purposes of Rule 144 under the Securities Act of 1933, as amended (the
“1933 Act”)
shall have commenced on the same date as the holding period of the Series D
Preferred Stock.  In addition, no holder of the Series B Warrants or
the Series D Warrants will be required to re-start a holding period for purposes
of Rule 144 under the 1933 Act as a result of the Warrant Amendments and the
other transactions contemplated hereby.

     

    (b)           The
registration statement filed with the Securities Exchange Commission (the “SEC”) under
Registration No. 333-143263, as amended (the “Registration
Statement”), will be supplemented by the Company on or prior to the
fourth business day following the Series D Exchange, to reflect the transactions
described in this Agreement (the “Prospectus
Supplement”), the issuance of the Series E Preferred Stock and all other
matters so that upon the filing of such Prospectus Supplement with the SEC, the
Registration Statement will be current and effective with regard to the public
resale of the securities covered by the Registration Statement.  A
copy of the Prospectus Supplement shall be provided to each of the Lead Series E
Preferred Investors (as defined in the Series E Certificate of Designations) at
least two business days prior to its filing with the SEC.

     

    (c)           Each
of this Agreement, the Series C Consent, the 2007 Reg Rights Amendment, the 2009
Reg Rights Agreement and the Warrant Amendments (collectively, the “Transaction
Documents”), and the Series B Certificate of Elimination and the Series D
Certificate of Elimination has been duly authorized, executed and delivered by
the Company and is a valid and binding document enforceable against the Company
in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights generally, principles of equity and
principles of public policy.  The Company has full corporate power and
authority necessary to enter into and deliver each of the Transaction Documents,
the Series B Certificate of Elimination and the Series D Certificate of
Elimination and to perform its obligations hereunder and
thereunder.

     

    
      
        
        

      

      
        - 4
-

        
          

        

      

      
        
        

      

    

     

    (d)           No
consent, approval, authorization or order of any court or governmental authority
having jurisdiction over the Company nor the Company's shareholders is required
for the execution, delivery and performance by the Company of the Transaction
Documents, the Purdue Securities Purchase Agreement, the Mundi Collaboration
Agreement, the Warrant Amendments and the filing of the Series E Certificate of
Designations, including, without limitation, the issuance of the Series E
Preferred Stock or the issuance of the Conversion Shares, collectively referred
to as the “Securities”.

     

    (e)           Assuming
the representations and warranties of the Series D Investors in Section 4 are true
and correct, neither the issuance of the Securities nor the performance of the
Company's obligations under the Transaction Documents, the Purdue Securities
Purchase Agreement, the Mundi Collaboration Agreement, the Warrant Amendments or
the Series E Certificate of Designations by the Company will:

     

    (i)  violate, conflict with,
result in a breach of, or constitute a default of a material nature under (A)
the certificate of incorporation or bylaws of the Company as in effect on the
date hereof, (B) any decree, judgment, order, law, treaty, rule or regulation
applicable to the Company or any of the Company’s properties or assets of any
court or governmental authority having jurisdiction over the Company or over the
properties or assets of the Company, or (C) the terms of any bond, debenture,
note or any other evidence of indebtedness for borrowed money, or any material
agreement, stock option or other similar plan, indenture, lease, mortgage, deed
of trust or other instrument to which the Company is a party, or by which it is
bound, or to which any of the properties or assets of the Company is
subject;

     

    (ii)  result in the creation
or imposition of any lien, charge or encumbrance upon the Securities or any of
the properties or assets of the Company; or

     

    (iii) result in the activation of any
anti-dilution rights or a reset or repricing of any debt or security instrument
of any other creditor or equity holder of the Company, nor result in the
acceleration of the due date of any obligation of the Company, except for the
issuance of additional warrants to purchase approximately 1,112,400 shares of
Common Stock at approximately $1.82 to certain investors and a reduction in the
exercise price of 11,267,480 warrants to purchase shares of Common Stock from
$2.00 to approximately $1.82.

    
       

      (f)           Upon
issuance, the Series E Preferred Stock or the Conversion Shares:

       

    

    
      
        
        

      

      
        - 5
-

        
          

        

      

      
        
        

      

    

     

    (i) are, or will be, free and clear of
any security interests, liens, claims or other encumbrances, subject to
restrictions upon transfer under the1933 Act and any applicable state securities
laws;

     

    (ii)  have been, or will be,
duly and validly authorized and on the date of issuance of the Conversion Shares
will be duly and validly issued, fully paid and nonassessable;

     

    (iii) will not have been issued or sold
in violation of any preemptive, right of first refusal or other similar rights
of the holders of any securities of the Company; and

     

    (iv)   will not result
in a violation of Section 5 under the 1933 Act.

     

    5.           Representations of the
Series D Investors.  Each Series D Investor hereby, severally
and not jointly, represents and warrants to and agrees with the Company only as
to each Series D Investor that:

     

    (a) The Series D Investor is, and will
be at the time of the issuance of the Conversion Shares, an "accredited
investor", as such term is defined in Regulation D promulgated by the SEC under
the 1933 Act, is experienced in investments and business matters, has made
investments of a speculative nature and has purchased securities of United
States publicly-owned companies in private placements in the past and, with its
representatives, has such knowledge and experience in financial, tax and other
business matters as to enable the Series D Investor to utilize the information
made available by the Company to evaluate the merits and risks of and to make an
informed investment decision with respect to the proposed transaction, which
represents a speculative investment.

     

    (b)           The
Series D Investor owns the Series D Preferred Stock set forth on Schedule A free and
clear of any liens and encumbrances of third parties.

     

    (c)           The
Series D Investor understands and agrees that the shares of Series E Preferred
Stock have not been registered under the 1933 Act or any applicable state
securities laws, by reason of their issuance in a transaction that does not
require registration under the 1933 Act (based in part on the accuracy of the
representations and warranties of Series D Investors contained herein), and that
such Securities must be held indefinitely unless a subsequent disposition is
registered under the 1933 Act or any applicable state securities laws or is
exempt from such registration.

     

    (d)  The shares of Series E
Preferred Stock and any Conversion Shares issuable in respect thereof shall bear
the following or similar legend:

     

    “THE
SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES
HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS
AMENDED, OR (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO
IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED OR QUALIFICATION UNDER APPLICABLE STATE
SECURITIES LAWS.”

     

    
      
        
        

      

      
        - 6
-

        
          

        

      

      
        
        

      

    

     

    6.           Securities Purchase
Agreements

     

    (a)           Each
of the Parties hereby acknowledges and agrees that for purposes of the
Securities Purchase Agreement, dated March 26, 2008, among the Company and the
investors set forth on Schedule I thereto (the “2008 Purchase
Agreement”), that following the consummation of the Series D Exchange,
(i) the term “Preferred Stock” as defined therein shall include shares of Series
E Preferred Stock and (ii) the Series D Exchange shall constitute a
reclassification or other recapitalization as contemplated in the definition of
“Requisite Holders” as contained therein.

     

    (b)           Each
of the Parties hereby acknowledges and agrees that for purposes of the
Securities Purchase Agreement, dated April 12, 2007, as amended, among the
Company and the investors set forth on Schedule I thereto (the “2007 Purchase
Agreement”), that following the consummation of the Series D Exchange,
(i) the term “Preferred Stock” as defined therein shall include shares of Series
E Preferred Stock and (ii) the Series D Exchange shall constitute a
reclassification or other recapitalization as contemplated in the definition of
“Requisite Holders” as contained therein.

     

    7.           Conditions to Effectiveness
of Series D Exchange.  The Effective Time shall occur only upon
the satisfaction (or waiver by the holders of a majority of the then outstanding
shares of Series D Preferred Stock, but only if such majority shall include
Xmark LP, Xmark Ltd., Xmark LLC, Caduceus Master, Caduceus Capital, Summer
Street, UBS Eucalyptus and PW Eucalyptus (such majority collectively, the “Requisite Holders”))
of each of the following conditions:

     

    (i)           This
Agreement shall have been duly executed and delivered by each of the holders of
outstanding shares of Series D Preferred Stock;

     

    (ii)           The
Company and the Requisite Holders shall have received evidence of the acceptance
of the filing of the Series E Certificate of Designations from the Secretary of
State of the State of Delaware;

     

    (iii)           The
2007 Reg Rights Amendment shall have been duly executed by and delivered to the
Company and the Requisite Holders (as defined therein);

     

    (iv)           The
2009 Reg Rights Agreement shall have been duly executed by and delivered to the
Company and the Holders (as defined therein);

     

    (v)           The
Series C Consent shall have been duly executed and delivered by the Company to
the Requisite Holders;

     

    
      
        
        

      

      
        - 7
-

        
          

        

      

      
        
        

      

    

     

    (vi)           The
Purdue Securities Purchase Agreement and the Mundi Collaboration Agreement shall
have been duly executed and delivered to Novelos; and

     

    (vii)           The
Series B Warrant Amendment and the Series D Warrant Amendment shall have been
duly executed by and delivered to the Company and the Requisite Holders (as
defined in the Series B Warrant and Series D Warrant,
respectively).

     

    8.           Expiration.  This
Agreement shall be null and void and of no further force and effect if the
Effective Time does not occur on or before 5:00 p.m., New York time, on February
13, 2009.

     

    9.           Further
Assurances.  Each Party hereto shall do and perform or cause to
be done and performed all such further acts and shall execute and deliver all
such other agreements, certificates, instruments and documents as any other
Party hereto reasonably may request in order to carry out the intent and
accomplish the purposes of this Agreement, the other Transaction Documents, the
Series D Exchange and the consummation of the transactions contemplated hereby
and thereby.

     

    10.           Independent Nature of Series
D Investors Obligations and Rights.  The obligations of each
Series D Investor under this Agreement and the other Transaction Documents, to
the extent a party thereto, are several and not joint with the obligations of
any other Series D Investor, and no Series D Investor shall be responsible in
any way for the performance of the obligations of any other Series D Investor
under any Transaction Document.  The decision of each Series D
Investor to consummate the Series D Exchange pursuant to the Transaction
Documents has been made by such Series D Investor independently of any other
Series D Investor and independently of any information, materials, statements or
opinions as to the business, affairs, operations, assets, properties,
liabilities, results of operations, condition (financial or otherwise) or
prospects of the Company or any of its subsidiaries which may have been made or
given by any other Series D Investor by any agent or employee of any other
Series D Investor, and no Series D Investor and any of its agents or employees
shall have any liability to any other Series D Investor (or any other individual
or entity) relating to or arising from any such information, materials,
statement or opinions.  Nothing contained herein or in any Transaction
Document, and no action taken by any Series D Investor pursuant thereto, shall
be deemed to constitute the Series D Investors as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the
Series D Investors are in any way acting in concert or as a group with respect
to such obligations or the transactions contemplated by the Transaction
Documents.  Each Series D Investor acknowledges that no other Series D
Investor has acted as agent for such Series D Investor in connection with it
entering into this Agreement and that no Series D Investor will be acting as
agent of such Series D Investor in connection with monitoring its investment in
the Securities or enforcing its rights under the Transaction
Documents.  Each Series D Investor shall be entitled to independently
protect and enforce its rights, including without limitation the rights arising
out of this Agreement or out of the other Transaction Documents, and it shall
not be necessary for any other Series D Investor to be joined as an additional
party in any proceeding for such purpose.  The Company acknowledges
that each of the Series D Investors has been provided with the same Transaction
Documents for the purpose of closing a transaction with multiple Series D
Investors and not because it was required or requested to do so by any Series D
Investor. The Company’s obligations to each Series D Investor under this
Agreement are identical to its obligations to each other Series D Investor other
than such differences resulting solely from the number of shares of Series D
Preferred Stock exchanged for Series E Preferred Stock by such Series D
Investor, but regardless of whether such obligations are memorialized herein or
in another agreement between the Company and a Series D Investor.

     

    
      
        
        

      

      
        - 8
-

        
          

        

      

      
        
        

      

    

    

    11.           Counsel.  Lowenstein
Sandler PC has acted solely as legal counsel to each of Xmark LP, Xmark Ltd.,
Xmark LLC,  in connection with this Agreement and the other
Transaction Documents.  Each of the Company and the other Series D
Investors has consulted with its own counsel to the extent they deemed
necessary, and has entered into this Agreement, the Transaction Documents and
any other documents contemplated hereunder to which it is a party after being
satisfied with such advice.

    

    12.           Choice of
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts of
laws principles that would result in the application of the substantive laws of
another jurisdiction. Any action brought by either Party against the other
concerning the transactions contemplated by this Agreement shall be brought only
in the civil or state courts of New York or in the federal courts located in New
York County. THE PARTIES AND THE INDIVIDUALS EXECUTING THIS AGREEMENT AND OTHER
AGREEMENTS REFERRED TO HEREIN OR DELIVERED IN CONNECTION HEREWITH ON BEHALF OF
THE COMPANY AGREE TO SUBMIT TO THE JURISDICTION OF SUCH COURTS AND WAIVE TRIAL
BY JURY. The prevailing Party shall be entitled to recover from the other Party
its reasonable attorney's fees and costs. In the event that any provision of
this Agreement or any other agreement delivered in connection herewith is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any
agreement.

     

    
      
        
        

      

      
        - 9
-

        
          

        

      

      
        
        

      

    

     

    13.           Notices.  Unless
otherwise provided, any notice required or permitted under this Agreement shall
be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed
given upon such delivery, (ii) if given by telex or telecopier, then such notice
shall be deemed given upon receipt of confirmation of complete transmittal,
(iii) if given by mail, then such notice shall be deemed given upon the earlier
of (A) receipt of such notice by the recipient or (B) three (3) business days
after such notice is deposited in first class mail, postage prepaid, and (iv) if
given by a nationally recognized overnight air courier, then such notice shall
be deemed given one (1) business day after delivery to such
carrier.  All notices shall be addressed to the Party to be notified
at the address as follows, or at such other address as such Party may designate
by ten (10) days’ advance written notice to the other Party:

     

    If to the Company:

     

    Novelos Therapeutics,
Inc.

    One Gateway Center, Suite
504

    Newton, MA 02458

    Attention:  Chief Executive
Officer

    Fax:  (617)
964-6331

     

    With a copy to:

     

    Foley Hoag LLP

    Seaport World Trade Center
West

    155 Seaport Boulevard

    Boston, MA 02210

    Attn:  Paul
Bork

    Fax:  (617)
832-7000

     

    If to any of the Series D
Investors:

     

    To the addresses set forth on the
signature page hereto.

     

    With a copy to:

     

    Lowenstein Sandler PC

    1251 Avenue of the
Americas

    New York, NY 10020

    Attn:  Steven E. Siesser,
Esq.

    Fax:  (973)
597-2507

     

    
      
        
        

      

      
        - 10
-

        
          

        

      

      
        
        

      

    

     

    14.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which taken together shall constitute one and the
same Agreement.  Counterpart signature pages to this Agreement
transmitted by facsimile transmission, by electronic mail in “portable document
format” (“.pdf”) form, or by any other electronic means intended to preserve the
original graphic and pictorial appearance of a document, will have the same
effect as physical delivery of the paper document bearing an original
signature.

     

    15.           Amendments and
Waivers. This Agreement shall not be amended and the observance of any
term of this Agreement shall not be waived (either generally or in a particular
instance and either retroactively or prospectively) without the prior written
consent of the Company and the Requisite Holders.  Any amendment or
waiver effected in accordance with this Section 15 shall be
binding upon each Series D Investor and the Company.

     

    
      
         

      

      
        - 11
-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF the undersigned have executed this Consent and Agreement to
Exchange as of the date first above written.

     

    
      
        
          
            
              
                
                  	
                          NOVELOS
      THERAPEUTICS, INC.

                        
	 
      	 
      	 
	
                          By:

                        	
                          /s/ Harry S. Palmin

                        	 
	
                          Name: 
      Harry S. Palmin

                        
	
                          Title:   
      President and
CEO

                        

                

              

            

          

        

      

    

    

    
      
        	
                SERIES
      D INVESTORS:

              	 	 
      	 
      
	 
      	 
      	 	 
      	 
      
	
                Xmark
      Opportunity Fund, Ltd.

              	 	
                Caduceus
      Capital Master Fund Limited

              
	
                Xmark
      Opportunity Fund, L.P.

              	 	
                Caduceus
      Capital II, L.P.

              
	
                Xmark
      JV Investment Partners, LLC

              	 	
                UBS
      Eucalyptus Fund, L.L.C.

              
	 
      	 
      	 	
                PW
      Eucalyptus Fund, Ltd.

              
	 
      	 
      	 	
                Summer
      Street Life Sciences Hedge Fund Investors LLC

              
	 
      	 
      	 	 
      	 
      
	
                By:

              	
                /s/ Mitchell D. Kaye

              	 	
                By:

              	
                /s/ Samuel D. Isaly

              
	
                Name:  Mitchell D. Kaye

              	 	
                Name:  Samuel D.
  Isaly

              
	
                Title:   
      Authorized
      Signatory

              	 	
                Title:
      Managing Partner, Orbimed
      Advisors

              
	
                Address:
      90 Grove Street

              	 	
                Address:
      c/o OrbiMed Advisors LLC

              
	
                Ridgefield,
      CT 06877

              	 	
                767
      Third Avenue, 30th Floor

              
	
                Attn:
      Mitchell D. Kaye

              	 	
                New
      York, NY  10017

              
	 
      	 
      	 	 
      	 
      
	
                Knoll
      Special Opportunities Fund  II Master

              	 	 
      	 
      
	
                Fund
      Ltd. (1)

              	 	
                Hunt-BioVentures,
      L.P.

              
	
                Europa
      International, Inc.

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

              
	 
      	 
      	 	 
      	 
      
	
                By:

              	
                /s/ Fred Knoll

              	 	
                By:

              	
                /s/ J. Fulton Murray,
III

              
	
                Name:  Fred Knoll

              	 	
                Name:  J. Fulton Murray,
      III

              
	
                Title:   
      Portfolio
      Manager

              	 	
                Title:
      Manager

              
	
                Address:
      c/o Knoll Capital Management

              	 	
                Address:
      Hunt Investments

              
	
                666
      Fifth Avenue, Suite 3702,

              	 	
                1900
      N. Akard

              
	
                New
      York, NY  10103

              	 	
                Dallas,  TX  75201

              
	 
      	 
      	 	
                III
      and Benjamin D. Nelson

              
	 
      	 
      	 	
                Attn:
      Michael T. Bierman, J. Fulton
Murray,

              

      

    

     

    (1) Formerly Knoll Capital Fund II
Master Fund Ltd.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
A

    

    Form of
Securities Purchase Agreement between the Company and Purdue Pharma,
L.P.

    [See
Exhibit 10.1 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
B

    

    Form of
Certificate of Designations, Rights and Preferences of Series E Convertible
Preferred Stock of Novelos Therapeutics, Inc.

    

    [See
Exhibit 4.1 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
C

    

    Form of
Collaboration Agreement between the Company and Mundipharma International
Corporation Limited

     

    [To be filed]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
D

    

    Form of
Consent and Agreement of Holders of Series C Preferred Stock

    

    NOVELOS
THERAPEUTICS, INC.

    

    CONSENT
AND AGREEMENT OF HOLDERS OF SERIES C PREFERRED STOCK

     

    This
Consent and Agreement (the “Agreement”), dated as
of February 10, 2009, is entered into by and among Novelos Therapeutics, Inc., a
Delaware corporation (the “Company”), and each
of the signatories hereto (collectively, the “Series C Investors”)
(the Company and Series C Investors are sometimes referred to herein
individually as “Party” and collectively as the “Parties”).

     

    WHEREAS,
each of the Series C Investors is the holder of shares of the Company’s Series C
8% Cumulative Convertible Preferred Stock, $.00001 par value per share (the
“Series C Preferred
Stock”);

     

    WHEREAS,
the Series C Preferred Stock’s Certificate of Designations (“Series C Certificate of
Designations”) provides that it is senior with respect to the payment of
dividends and liquidation preference to all shares of the Company’s capital
stock other than the Company’s Series B Convertible Preferred Stock, $.00001 par
value per share (the “Series B Preferred
Stock”), entitled to seniority as to the payment of dividends or
liquidation preference in relation to the Series C Preferred Stock;

     

    WHEREAS,
the Company previously exchanged all of the issued and outstanding shares of
Series B Preferred Stock for shares of the Company’s Series D Convertible
Preferred Stock, par value $0.00001 per share (the “Series D Preferred
Stock”);

     

    WHEREAS,
the Series C Investors have previously consented and agreed that the Series D
Preferred Stock would be senior to the Series C Preferred Stock with respect to
the payment of dividends and liquidation preferences;

     

    WHEREAS,
pursuant to a securities purchase agreement (the “Purdue Securities Purchase
Agreement”) substantially in the form attached hereto as Exhibit A, the
Company expects to issue and sell 200 shares of a newly created series of the
Company’s preferred stock, designated Series E Convertible Preferred Stock, par
value $0.00001 per share (the “Series E Preferred
Stock”) to Purdue Pharma L.P., (“Purdue”), which
Series E Preferred Stock shall have the relative rights, privileges and
preferences set forth in the Certificate of Designations, Rights and Preferences
of the Series E Convertible Preferred Stock of Novelos Therapeutics, Inc., in
the form attached hereto as Exhibit B (the “Series E Certificate of
Designations”) and this Agreement is a condition to closing as stated in
the Purdue Securities Purchase Agreement; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
as a condition to closing the Purdue Securities Purchase Agreement, the Company
and the holders of Series D Preferred Stock (the “Series D Investors”)
are entering into a Series D Preferred Stock Consent and Agreement to Exchange
pursuant to which each outstanding share of Series D Preferred Stock and
accumulated dividends thereon will be exchanged (the “Series D Exchange”)
for no more than 1.083 shares of Series E Preferred Stock and as a condition of
consummating the Series D Exchange, the Series D Investors have required that
the Company enter into this Agreement;

     

    NOW, THEREFORE, in consideration of the
promises referred to below, the Series C Investors, hereby agree with the
Company, severally and not jointly, as follows:

     

    1.           Consent
and Acknowledgement.

     

    (a)           Each
of the Series C Investors hereby consents to the filing of the Series E
Certificate of Designations, the execution of the Series D Preferred Stock
Consent Exchange Agreement substantially in the form attached hereto as Exhibit C (the “Series D Exchange
Agreement”), the execution of the Purdue Securities Purchase Agreement
and the consummation of the Series D Exchange.

     

    (b)           Each
of the Series C Investors hereby consents to the filing, with the Secretary of
State of the State of Delaware, of a Certificate of Elimination pursuant to
which all matters set forth in the Certificate of Designations, Preferences and
Rights of Series B Convertible Preferred Stock of Novelos Therapeutics, Inc.
with respect to the Company’s Series B Convertible Preferred Stock, $0.00001
(the “Series B
Preferred Stock”) will be eliminated from the Company’s Certificate of
Incorporation and the shares that were designated as Series B Preferred Stock
will be returned to the status of authorized but unissued shares of preferred
stock of the Company, without designation as to series, in the form attached
hereto as Exhibit
D (the “Series
B Certificate of Elimination”).

     

     (c)           Each
of the Series C Investors hereby consents to the filing, with the Secretary of
State of the State of Delaware, following consummation of the Series D Exchange,
of a Certificate of Elimination pursuant to which all matters set forth in the
Series D Certificate of Designations with respect to the Series D Preferred
Stock will be eliminated from the Company’s Certificate of Incorporation and the
shares that were designated as Series D Preferred Stock will be returned to the
status of authorized but unissued shares of preferred stock of the Company,
without designation as to series, in the form attached hereto as Exhibit E (the “Series D Certificate of
Elimination”).

     

    (e)           Each
of the Series C Investors hereby acknowledges and agrees that it will not be
entitled to an adjustment to either the conversion price of the shares of Series
C Preferred Stock or an adjustment to the exercise price of warrants issued to
it in connection with the sale of Series A Preferred Stock, as a result of the
Series D Exchange or the sale of Series E Preferred Stock to
Purdue.  For the avoidance of doubt, this acknowledgement is limited
to the transactions contemplated hereby and does not affect the rights,
privileges and preferences of the Series C Preferred Stock, except as expressly
provided herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.           Seniority of Series E
Preferred Stock.  Each of the Series C Investors hereby agree
that the Series E Preferred Stock will be entitled to seniority as to the
payment of dividends and liquidation preference in relation to the Series C
Preferred Stock and that all references to Series B Preferred Stock in the
Series C Certificate of Designations shall be deemed to be references to the
Series E Preferred Stock.

     

    3.           Transferees.  Each
of the Series C Investors hereby agree that any transferees of any Series C
Preferred Stock, other than a transferee who is already a Party, shall be
required as a condition of such transfer to agree in writing that they will
receive and hold such shares of Series C Preferred Stock subject to the
provisions of this Agreement.

     

    4.           Representations and
Warranties of Company.  The Company represents and warrants to
and agrees with each Series C Investor that:

     

    (a)           after
the issuance of the Series E Preferred Stock and the filing of the Series E
Certificate of Designations, the Series C Preferred Stock shall rank junior to
the Series E Preferred Stock but shall rank senior to any and all other
outstanding preferred stock or equity securities of the Company;

     

    (b)           Following
the Series D Exchange, the Company will not reissue any shares of Series B
Preferred Stock or Series D Preferred Stock.

     

    5.           Further
Assurances.  Each Party hereto shall do and perform or cause to
be done and performed all such further acts and shall execute and deliver all
such other agreements, certificates, instruments and documents as any other
Party hereto reasonably may request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby and thereby.

     

    6.           Choice of
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts of
laws principles that would result in the application of the substantive laws of
another jurisdiction. Any action brought by either Party against the other
concerning the transactions contemplated by this Agreement shall be brought only
in the civil or state courts of New York or in the federal courts located in New
York County. THE PARTIES AND THE INDIVIDUALS EXECUTING THIS AGREEMENT AND OTHER
AGREEMENTS REFERRED TO HEREIN OR DELIVERED IN CONNECTION HEREWITH ON BEHALF OF
THE COMPANY AGREE TO SUBMIT TO THE JURISDICTION OF SUCH COURTS AND WAIVE TRIAL
BY JURY. The prevailing Party shall be entitled to recover from the other Party
its reasonable attorney's fees and costs. In the event that any provision of
this Agreement or any other agreement delivered in connection herewith is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any
agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.           Notices.  Unless
otherwise provided, any notice required or permitted under this Agreement shall
be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed
given upon such delivery, (ii) if given by telex or telecopier, then such notice
shall be deemed given upon receipt of confirmation of complete transmittal,
(iii) if given by mail, then such notice shall be deemed given upon the earlier
of (A) receipt of such notice by the recipient or (B) three (3) Business Days
after such notice is deposited in first class mail, postage prepaid, and (iv) if
given by a nationally recognized overnight air courier, then such notice shall
be deemed given one (1) Business Day after delivery to such
carrier.  All notices shall be addressed to the Party to be notified
at the address as follows, or at such other address as such Party may designate
by ten (10) days’ advance written notice to the other Party:

     

    If to the Company:

     

    Novelos Therapeutics,
Inc.

    One Gateway Center, Suite
504

    Newton, MA 02458

    Attention:  Chief Executive
Officer

    Fax:  (617)
964-6331

     

    With a copy to:

     

    Foley Hoag LLP

    Seaport World Trade Center
West

    155 Seaport Boulevard

    Boston, MA 02210

    Attn:  Paul
Bork

    Fax:  (617)
832-7000

     

    If to any of the Series C
Investors:

     

    To the addresses set forth on the
signature page hereto.

     

    With a copy to:

     

    Grushko & Mittman,
P.C.

    551 Fifth Avenue, Suite
1601

    New York, NY 10176

    Attn:  Edward Grushko,
Esq.

    Fax:  (212)
697-3575

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which taken together shall constitute one and the
same Agreement.  Counterpart signature pages to this Agreement
transmitted by facsimile transmission, by electronic mail in “portable document
format” (“.pdf”) form, or by any other electronic means intended to preserve the
original graphic and pictorial appearance of a document, will have the same
effect as physical delivery of the paper document bearing an original
signature.

     

    9.           This
Agreement shall be null and void and of no further force and effect if the
filing of the Series E Certificate of Designations, the execution of the Series
D Exchange Agreement, the execution of the Purdue Securities Purchase Agreement
and the consummation of the Series D Exchange do not occur on or before 5:00
p.m., New York time, on February 27, 2009.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the Parties has executed this Agreement as of the date
first written above.

     

    
      
        
          
            
              
                
                  
                    	
                            NOVELOS
      THERAPEUTICS, INC.

                          
	 
      	 
      	 
	
                            By:

                          	 
      	 
	
                            Name:

                          	
                            Harry S. Palmin

                          
	 
      	
                            Title:
      President and Chief Executive
Officer

                          

                  

                

              

            

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        LONGVIEW FUND, LP

                                      	 	
                                        LONGVIEW
      EQUITY FUND, LP

                                      
	 
      	 
      	 	 
      	 
      
	
                                        By:

                                      	 
      	 	
                                        By:

                                      	 
      
	
                                        Name:

                                      	 
      	 	
                                        Name:

                                      	 
      
	
                                        Title:

                                      	 
      	 	
                                        Title:

                                      	 
      
	
                                        Address:

                                      	 	
                                        Address:

                                      
	 
      	 
      	 	 
      	 
      
	
                                        SUNRISE
      EQUITY PARTNERS, LP

                                      	 	
                                        LONGVIEW
      INTERNATIONAL EQUITY

                                        FUND,
      LP

                                      
	 
      	 
      	 	 
      	 
      
	
                                        By:

                                      	 
      	 	
                                        By:

                                      	 
      
	
                                        Name:

                                      	 
      	 	
                                        Name:

                                      	 
      
	
                                        Title:

                                      	 
      	 	
                                        Title:

                                      	 
      
	
                                        Address:

                                      	 	
                                        Address:

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
E

    

    Form of
2007 Reg Rights Amendment

    

    [See
Exhibit 10.5 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
F

    

    Form of
2009 Reg Rights Agreement

    

    [See
Exhibit 10.2 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
G

    

    Form of
Series B Warrant Amendment

    

    [See
Exhibit 10.4 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
H

    

    Form of
Series D Warrant Amendment

    

    [See
Exhibit 10.4 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    Exhibit
I

    

    Form of
Certificate of Elimination of Series B Convertible Preferred Stock

    

    [See
Exhibit 4.3 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     Exhibit
J

    

    Form of
Certificate of Elimination of Series D Convertible Preferred Stock

    

    [See
Exhibit 4.4 to this filing]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Schedule
A

    

    Series D
Preferred Stock Exchanged for Series E Preferred Stock

    

    
      
        
          	 
      	 	
                  Series D

                	 	 	
                	 	 	
                  Series E

                	 
	 
      	 	
                  Shares

                	 	 	

                  Dividend

                	 	 	
                  Shares

                	 
	 
      	 	
                  Before

                	 	 	
                  Accrued

                	 	 	
                  After

                	 
	
                  Investor group 

                	 	
                  Exchange

                	 	 	
                  4/1/08-2/9/09

                	 	 	
                  Exchange

                	 
	 
      	 	 	 	 	 	 	 	 	 
	
                  Xmark
      Opportunity Fund, Ltd.

                	 	 	54.80	 	 	 	211,665.00	 	 	 	59.033300	 
	
                  Xmark
      Opportunity Fund, L.P.

                	 	 	27.40	 	 	 	105,832.50	 	 	 	29.516650	 
	
                  Xmark
      JV Investment Partners, LLC

                	 	 	27.40	 	 	 	105,832.50	 	 	 	29.516650	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Total
      Xmark

                	 	 	109.60	 	 	 	423,330.00	 	 	 	118.066600	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Caduceus
      Capital Master Fund Limited

                	 	 	51.80	 	 	 	200,077.50	 	 	 	55.801550	 
	
                  Caduceus
      Capital II, L.P.

                	 	 	39.17	 	 	 	151,294.13	 	 	 	42.19588250	 
	
                  Summer
      Street Life Sciences Investors

                	 	 	10.00	 	 	 	38,625.00	 	 	 	10.772500	 
	
                  UBS
      Eucalyptus Fund, L.L.C.

                	 	 	27.170	 	 	 	104,944.13	 	 	 	29.26888250	 
	
                  PW
      Eucalyptus Fund, Ltd.

                	 	 	3.1350	 	 	 	12,108.94	 	 	 	3.377178750	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Total
      Orbimed

                	 	 	131.2750	 	 	 	507,049.69	 	 	 	141.415994	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Knoll
      Special Opportunities Fund II Master Fund, Ltd.

                	 	 	49.80	 	 	 	192,352.50	 	 	 	53.647050	 
	
                  Europa
      International, Inc.

                	 	 	61.80	 	 	 	238,702.50	 	 	 	66.574050	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Total
      Knoll

                	 	 	111.60	 	 	 	431,055.00	 	 	 	120.221100	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Hunt
      BioVentures LP

                	 	 	61.03	 	 	 	235,709.06	 	 	 	65.739181250	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Total

                	 	 	413.50	 	 	$	1,597,143.75	 	 	 	445.442875	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	
                  D/E Exchange

                  Ratio

                	 	 	 	1.0772500

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}]]