Mr. Palmin has been President, CFO and Director of Novelos Therapeutics 
since 1998, and Acting CEO since January 2005. He was elected CEO in 
October 2005. Prior to joining Novelos, Mr. Palmin was Vice President, 
Lehman Brothers from 1996 to 1998 and was responsible for sales, product 
and risk management in Private Client Services. He was an Associate at 
Morgan Stanley & Co. from 1993 to 1996. Mr. Palmin has a B.A. degree in 
Economics and Business, magna cum laude, and an M.A. degree in 
International Economics and Finance from the International Business 
School at Brandeis University. He has studied at the London School of 
Economics and the Copenhagen Business School. Mr. Palmin is fluent in 
Russian and English.