We reached out to Harry S. Palmin, the CEO of Novelos Therapeutics (NVLT.OB) after the drug developer said its recent phase-3 trial for a new lung-cancer drug candidate failed after showing no benefits relative to traditional treatments.

The results for its NOV-002 cancer therapy in patients with advanced non-small cell lung cancer were received Feb. 23. and many were shocked to hear the news, especially after the CEO and many top analysts had been so bullish on the stock.

“Upon evaluation and review of the data contained in the report, we determined that the primary endpoint of improvement in overall survival was not met in the trial,” the company said in a regulatory filing last Wednesday.

"Meanwhile, we are scheduled to present new NOV-002 preclinical data at the AACR Annual Meeting in April 2010, and we are on track for results from a NOV-002 Phase 2 breast cancer trial in 3Q 2010.  We are also on track to initiate a Phase 2 hepatitis C trial shortly, with our second compound NOV-205."

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