XMS Capital Advises Cellectar in Reverse Merger with Novelos
Novelos Therapeutics, Inc. announced today the completion of a stock-for-stock combination with Cellectar Inc. As a result of the combination, Cellectar shareholders received 85% of the outstanding shares of the combined company. Concurrently with the combination, Novelos completed a $5.1 million private placement to fund the continued development of the company’s three novel cancer-targeted compounds for the treatment and diagnosis of cancer. XMS Capital Partners served as financial advisor to Cellectar in this transaction.