SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: May 27, 2005
(Date of earliest event reported)
NOVELOS THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-119366 04-3321804
(State or other jurisdiction (Commission IRS Employer
of incorporation) File No.) Identification No.)
One Gateway Center, Suite 504
Newton, MA 02458
(Address of Principal Executive Offices)
(617) 244-1616
(Registrant's telephone number
including area code)
(Former name or former address, if changed since last report)
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Novelos Therapeutics, Inc. (the "Company") hereby amends the Current
Report on Form 8-K filed by the Company on June 2, 2005 to include financial
statements of the Company for its fiscal period ended March 31, 2005.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of business acquired.
Set forth below are the unaudited financial statements of the Company
for its fiscal period ended March 31, 2005.
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NOVELOS THERAPEUTICS, INC.
BALANCE SHEETS
MARCH 31, DECEMBER 31,
2005 2004
ASSETS (unaudited) (audited)
------------------- ------------------
CURRENT ASSETS:
Cash and equivalents $ 83,970 $ 10,356
Accounts receivable 12,584 12,584
Prepaid expenses and other current assets 17,798 79,631
------------------- ------------------
Total current assets 114,352 102,571
PROPERTY AND EQUIPMENT, NET -- --
DEPOSITS 6,000 6,000
------------------- ------------------
TOTAL ASSETS $ 120,352 $ 108,571
=================== ==================
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $ 2,020,300 $ 2,026,171
Accrued interest 456,769 397,612
Notes payable to stockholders 2,417,931 2,017,931
Current portion of long-term debt 1,069 1,840
------------------- ------------------
Total current liabilities 4,896,069 4,443,554
DEPOSIT ON CONVERTIBLE PREFERRED STOCK, SERIES B 1,142 1,142
DEFERRED REVENUE 12,584 12,584
DEFERRED RENT 550 250
------------------- ------------------
Total liabilities 4,910,345 4,457,530
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock, no par value; 7,000 shares authorized, no shares issued and
outstanding -- --
Common stock, $.00001 par value; 42,000,000 shares authorized at March 31,
2005 and December 31, 2004; 14,926,126 and 4,426,126 shares issued and
outstanding at March 31, 2005 and December 31, 2004, respectively 149 44
Additional paid-in capital 7,967,716 7,998,110
Accumulated deficit (12,755,902) (12,345,157)
Treasury stock (195,672 shares), at cost (1,956) (1,956)
------------------- ------------------
Total stockholders' equity (deficit) (4,789,993) (4,348,959)
------------------- ------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 120,352 $ 108,571
=================== ==================
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NOVELOS THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED
MARCH 31, 2005 AND MARCH 31, 2004
Three Months Ended March 31,
-------------------------------
2005 2004
------------- ----------------
COSTS AND EXPENSES:
Research and development $ 157,590 $ 111,776
General and administrative 195,515 109,651
------------- ----------------
Total costs and expenses 353,105 221,427
------------- ----------------
OTHER INCOME (EXPENSE):
Interest income 176 91
Interest expense (59,316) (49,640)
Miscellaneous 1,500 (1,081)
------------- ----------------
Total other expense (57,640) (50,630)
------------- ----------------
NET LOSS (410,745) (272,057)
ACCRETION ON CONVERTIBLE PREFERRED STOCK, SERIES A -- (69,541)
ACCRETION ON CONVERTIBLE PREFERRED STOCK, SERIES B -- (67,267)
------------- ----------------
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (410,745) $ (408,865)
============= ================
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON
SHAREHOLDERS PER COMMON SHARE $ (0.03) $ (0.78)
============= ================
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS
ATTRIBUTABLE TO COMMON SHAREHOLDERS PER COMMON SHARE 12,592,793 521,237
============= ================
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NOVELOS THERAPEUTICS, INC.
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTH PERIODS ENDED
MARCH 31, 2005 AND MARCH 31, 2004
THREE MONTHS ENDED MARCH 31,
-----------------------------------
2005 2004
-------------- ------------------
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (410,745) $ (272,057)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization -- 870
Stock-based compensation 1,509 1,967
Loss on cancellation of escrow agreement -- 1,957
Increase (decrease) in:
Accounts receivable -- (13,054)
Prepaid expenses and other current assets 61,833 (6,375)
Accounts payable and accrued expenses (5,871) 54,754
Accrued interest 59,157 49,485
Deferred revenue -- 13,054
Deferred rent 300 --
-------------- ------------------
Cash used in operating activities (293,817) (169,399)
CASH FLOWS FROM FINANCING ACTIVITIES:
Costs from issuance of common stock (31,798) --
Payments of long-term debt (771) (672)
Proceeds from issuance of promissory notes 400,000 --
-------------- ------------------
Cash provided by (used in) financing activities 367,431 (672)
-------------- ------------------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 73,614 (170,071)
CASH AND EQUIVALENTS, BEGINNING OF YEAR 10,356 183,365
-------------- ------------------
CASH AND EQUIVALENTS, END OF PERIOD $ 83,970 $ 13,294
============== ==================
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NOVELOS THERAPEUTICS, INC.
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTH PERIODS ENDED
MARCH 31, 2005 AND MARCH 31, 2004
THREE MONTHS ENDED MARCH 31,
-------------------------------
2005 2004
----------------- ------------
(unaudited)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW Cash paid during the period for:
Interest $ -- $ --
================= =============
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES
Common stock issued for services $ 105 $ --
================= =============
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SIGNATURES
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.
Dated: August 12, 2005
NOVELOS THERAPEUTICS, INC.
By: /s/ HARRY S. PALMIN
--------------------------------
Its: Chief Executive Officer
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