Madison-based Novelos Therapeutics finalized $4 million in debt financing that will be used to launch phase 2 clinical trials of I-124-CLR1404, or LIGHT, which is a small molecule that illuminates malignant tumors when a patient is injected with a radioactive substance. Novelos plans to enroll 36 patients in the testing, which it says has broad applications, but the company will be focused initially on detecting a type of brain cancer called glioma.
Novelos finalizes $4M in debt financing
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