<SEC-DOCUMENT>0001144204-13-054950.txt : 20131011
<SEC-HEADER>0001144204-13-054950.hdr.sgml : 20131011
<ACCEPTANCE-DATETIME>20131011161327
ACCESSION NUMBER:		0001144204-13-054950
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131009
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131011
DATE AS OF CHANGE:		20131011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVELOS THERAPEUTICS, INC.
		CENTRAL INDEX KEY:			0001279704
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				043321804
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-119366
		FILM NUMBER:		131148115

	BUSINESS ADDRESS:	
		STREET 1:		ONE GATEWAY CENTER, SUITE 504
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		617-244-1616

	MAIL ADDRESS:	
		STREET 1:		ONE GATEWAY CENTER, SUITE 504
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMON HORIZONS INC
		DATE OF NAME CHANGE:	20040211
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v357217_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>Washington,
D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report: October 9, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Date of earliest event reported</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVELOS THERAPEUTICS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>(<I>Exact
name of registrant as specified in its charter</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 0.2in; padding-left: 0.2in; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Delaware</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 0.2in; padding-left: 0.2in; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>333-119366</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 0.2in; padding-left: 0.2in; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>04-3321804</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(State or other jurisdiction</I></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>of incorporation)</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(Commission</I></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>File Number)</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(IRS Employer</I></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Identification Number)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One Gateway Center, Suite 504</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Newton, MA 02458</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>(<I>Address of principal
executive offices</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 244-1616</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>(<I>Registrant's telephone
number, including area code</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-size: 10pt">&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-size: 10pt">&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-size: 10pt">&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-size: 10pt">&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>ITEM 1.01</B></TD><TD STYLE="text-align: justify"><B>ENTRY INTO MATERIAL DEFINITIVE AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 9, 2013, Novelos Therapeutics, Inc. (the
&ldquo;Company&rdquo;) and Renova Assets Ltd. (&ldquo;Renova&rdquo;) entered into a Waiver Agreement. Pursuant to the Waiver
Agreement, Renova has waived all obligations under the Securities Purchase Agreement dated November 1, 2012 between the
Company and Renova Industries Ltd. with respect to the use of proceeds received by the Company (the &ldquo;Proceeds&rdquo;) in
connection with the transactions contemplated under the Securities Purchase Agreement. Pursuant to the Waiver Agreement, the
Company has agreed instead to use the Proceeds to fund the development of one of its compounds, LIGHT, and to invite two
representatives, designated by Renova and reasonably acceptable by the Company, to act as non-voting board observers through
December 31, 2014. The Company paid $40,000 to Renova as reimbursement for administrative and other costs in connection with
the Waiver Agreement. As reported in the Company&rsquo;s quarterly report on Form 10-Q for the quarter ended June 30, 2013,
approximately $1,878,232 of the Proceeds remained available for use as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>ITEM 9.01</B></TD><TD STYLE="text-align: justify"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">Number</FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 78%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: black">Title</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">10.1</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Waiver Agreement between the Company and Renova Assets Ltd., dated October 9, 2013. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;October 11, 2013</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>NOVELOS THERAPEUTICS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/&nbsp;&nbsp;Joanne M. Protano</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Joanne M. Protano</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;Vice President Finance, Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 20%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;Number</P></TD>
    <TD STYLE="width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 78%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: black">Title</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">10.1</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Waiver Agreement between the Company and Renova Assets Ltd., dated October 9, 2013</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-10.1
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<FILENAME>v357217_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WAIVER AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS WAIVER AGREEMENT dated as of October
9, 2013, by and among Novelos Therapeutics, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;) and Renova Assets Ltd.,
a company incorporated and registered under the laws of the Bahamas (&ldquo;<B>Renova</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHEREAS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT> &#9;On November 1, 2012 the Company and Renova Industries Ltd. entered into a securities purchase agreement (the &ldquo;<B>Securities
Purchase Agreement</B>&rdquo;). Terms defined in the Securities Purchase Agreement shall have the same meaning in this Waiver Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &#9;On 5 July 2013 Renova Industries Ltd. contributed all of its rights under the Securities Purchase Agreement (including
the rights to securities arising out of the Securities Purchase Agreement) to Renova.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A. &#9;Pursuant to the Securities Purchase
Agreement, the Company sold certain shares of its common stock, par value $0.00001 per share (the &ldquo;<B>Common Stock</B>&rdquo;),
and warrants to purchase shares of Common Stock, and as partial consideration therefor, the Company agreed to use the proceeds
thereof (the &ldquo;<B>Proceeds</B>&rdquo;) to fund activities associated with establishing the capacity to manufacture the Company&rsquo;s
clinical-stage compound I-124-CLR1404 (&ldquo;<B>LIGHT</B>&rdquo;) in the Company&rsquo;s facility in Madison, WI, subject to certain
terms and conditions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B. &#9;Subsequently,
the Company has determined to utilize a manufacturing facility owned and operated by a third party rather than establish a facility
owned by the Company and the Company and Renova now desire to eliminate the restrictions on use of funds contained in the Securities
Purchase Agreement on the terms set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE</B>,
in consideration of the execution and delivery of this Waiver Agreement and the mutual promises and undertakings contained herein
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and Renova agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><U>Waiver</U>.
Renova hereby irrevocably waives all obligations of the Company with respect to the use of proceeds received by the Company
under the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#9;<U>Use of Proceeds</U>.
Subject to the requirements of applicable law, the Company agrees to use the Proceeds to fund the development of LIGHT in such
manner as the Company shall determine in its sole and reasonable discretion. The Company represents and warrants that to the best
of its knowledge that as of the date of this Waiver Agreement, there are no restrictions imposed by applicable law that prohibit
its ability to develop LIGHT as planned (&ldquo;Development Restrictions&rdquo;). If, prior to the earlier of the Proceeds being
fully spent or December 31, 2014, the Company becomes aware of Development Restrictions, the Company agrees to promptly notify
the Renova Observers (defined below) of the Development Restrictions and keep the Renova Observers reasonably informed on the use
of the remaining Proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;3.&#9;<U>Board Observer</U>. <FONT STYLE="color: black">The
Company shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD><FONT STYLE="color: black">invite two representatives designated by Renova (each a &ldquo;<B>Renova Observer</B>&rdquo;), and
who are reasonably acceptable to the Company, to attend all meetings of the Company&rsquo;s Board of Directors in a nonvoting observer
capacity; and </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD><FONT STYLE="color: black">give the Renova Observers copies of all notices, minutes, consents, and other materials that it
provides to its directors at the same time and in the same manner as provided to such directors; </FONT><I>provided, however</I>,
that</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>the Company reserves the right to exclude the Renova Observers from access to any material or meeting or portion thereof if
the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege,
to protect highly confidential proprietary information or for other similar reasons; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt">b.</TD><TD>any such designees, as a condition of each such designee becoming a Renova Observer, shall each enter into a confidentiality
and non-disclosure agreement in form and substance reasonably acceptable to the Company, which agreement shall provide for, among
other things, usual and customary confidentiality and non-disclosure obligations in respect of any information obtained in such
person&rsquo;s capacity as a Renova Observer and that such person shall treat all such information, and shall act in all other
respects, in a fiduciary manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The foregoing observer right shall terminate upon
the earlier to occur of a Business Combination (as defined in the Securities Purchase Agreement) and December 31, 2014.<FONT STYLE="color: black">
The initial designees of Renova to be the Renova Observers are Maxim Mayorets and </FONT>Sergei Petukhov, who are both acceptable
to the Company. Renova may terminate the designation of either of the Renova Observers at any time upon written notice delivered
to the respective individual and to the Company and may designate a replacement Renova Observer, subject to the qualifications
set forth in this paragraph 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. &#9;<U>Payment</U>. Promptly upon execution of this Waiver
Agreement (but in any event within 10 Business Days), the Company shall make a one-time payment to Renova (to the account indicated
by Renova) in the amount of $40,000 (in immediately available funds) as reimbursement for the administrative and other costs incurred
by Renova in connection with this Waiver Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#9;<U>Miscellaneous</U>. The provisions of paragraph
9.2 (Counterparts; Faxes) through paragraph 9.10 (Governing Law; Consent to Jurisdiction), inclusively, of the Securities Purchase
Agreement shall apply to this Waiver Agreement as if set out in full in this Waiver Agreement but as if references into those clauses
to &ldquo;this Agreement&rdquo; were references to &ldquo;this Waiver Agreement&rdquo;. Except as expressly modified hereby, the
Securities Purchase Agreement shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature Page</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, each of the undersigned
has caused a duly authorized officer thereof to execute this Waiver Agreement on behalf of such undersigned party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>NOVELOS THERAPEUTICS, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By<I>: <U>/s/ Joanne M. Protano</U></I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Joanne M. Protano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Vice President Finance, Chief Financial Officer and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>RENOVA ASSETS LTD.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: <I><U>/s/ Olivier Chaponnier</U></I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Olivier Chaponnier</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><B></B></P>

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