SAN DIEGO, Nov. 14 /PRNewswire-FirstCall/ -- ADVENTRX
Pharmaceuticals, Inc. (AMEX:ANX) today announced financial results
for the nine months ended September 30, 2005. ADVENTRX reported a
net loss of $3.5 million, or $0.06 per share, for the third quarter
of 2005, compared with a net loss of $2.1 million, or $0.04 per
share, for the third quarter of 2004. "In the third quarter
ADVENTRX experienced increased visibility to the investment
community with the Company's selection to the new Russell
Microcap(TM) Index and with a $20 million private equity placement
led by Carl Icahn," said Evan M. Levine, ADVENTRX president and
chief executive officer. "We increased the size of our board of
directors with the appointment of Keith Meister who was nominated
to the board by Carl Icahn in accordance with the terms of the
private equity financing." "We made significant progress in the
past several months with the clinical development for our lead
product, CoFactor(TM), as well as expanding and building our
product pipeline. We announced that the Phase II 'COFU' clinical
trial was completing patient follow up and that two abstracts
containing independently-reported COFU clinical data were submitted
for consideration in the 2006 Gastrointestinal Cancers Symposium
program in January. Additionally, we reported that approximately
25% of patients were enrolled and 21 clinical sites were opened for
patient enrollment in the Phase IIb clinical trial in Europe and
India. We are continuing to recruit sites for our Phase III pivotal
clinical trial in metastatic colorectal cancer and currently expect
to begin patient dosing in the first quarter of 2006."
"Furthermore, we announced results from an in vitro study
indicating that Thiovir(TM), our non-nucleoside reverse
transcriptase inhibitor (NNRTI), demonstrated effectiveness against
human immunodeficiency virus type-1 (HIV-1), which is resistant to
other NNRTIs and nucleoside reverse transcriptase inhibitors
(NRTIs)." "Finally, in alignment with our strategy to develop drugs
that address issues such as safety, we announced the acquisition of
certain rights to ANX-530, a novel formulation of vinorelbine
tartrate that has been shown to reduce vein irritation compared
with the commercially available form of vinorelbine. We have
initiated discussions with the FDA for the clinical trial design
and a pre-investigational new drug (IND) meeting with the FDA has
been scheduled for December." Third Quarter and First Three
Quarters of 2005 Financial Review Research and development expenses
for the third quarter of 2005 were $1.7 million, versus $984,000
for the third quarter of 2004. This increase was due primarily to
increased costs of the Company's Phase IIb clinical trial as
patients continued to be enrolled in the trial as well as increased
preclinical costs related to drug development. General and
administrative expenses for the 2005 third quarter were $1.9
million, compared with $1.2 million for the same period in 2004.
This increase is due primarily to employee and non-employee
stock-based compensation charges and amounts payable for a legal
settlement which executed in October 2005. For the nine months
ended September 30, 2005, net loss was $9.7 million, or $0.17 per
share, compared with a net loss of $4.3 million, or $0.09 per
share, for the same period in 2004. For the first nine months of
2005, research and development expenses were $5.7 million, compared
with $2.1 million for the first nine months of 2004. The increase
for the nine months is primarily due to expenses related to Phase
II CoFactor clinical trials and hiring of personnel. General and
administrative expenses for first nine months of 2005 were $4.2
million, compared with $2.3 million for the same period in 2004.
The increase was due to factors discussed above as well as
increased personnel costs due to new hires, increased facility
costs related to the new leased office space and increased
consulting expense related primarily to SOX 404 compliance efforts.
The Company reported that it expects research and development
expenses to significantly increase in 2006 from levels reported in
the third quarter of 2005 as it ramps up for a pivotal Phase III
CoFactor clinical trial and continues patient enrollment in its
Phase IIb CoFactor clinical trial. The Company also expects that
general and administrative expenses will increase measurably during
the remainder of 2005 as it prepares for compliance with Section
404 of the Sarbanes-Oxley Act. ADVENTRX reported cash, cash
equivalents and short-term investments of approximately $25.5
million as of September 30, 2005, compared with $13.0 million as of
December 31, 2004. About ADVENTRX ADVENTRX Pharmaceuticals is a
biopharmaceutical research and development company focused on
introducing new technologies for anticancer and antiviral
treatments that improve the performance and safety of existing
drugs, by addressing significant problems such as drug metabolism,
toxicity, bioavailability and resistance. The Company's lead
compound, CoFactor(TM), is a biomodulator of 5-fluorouracil (5-FU),
a widely used cancer chemotherapy. CoFactor is currently being
tested with 5-FU in Phase II and Phase IIb clinical trials as a
first line treatment of metastatic colorectal cancer. In addition,
CoFactor has received clearance under a special protocol assessment
from the FDA to begin a Phase III pivotal clinical trial for
metastatic colorectal cancer. More information can be found on the
Company's Web site at http://www.adventrx.com/. Forward Looking
Statement This press release contains forward-looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are made
based on management's current expectations and beliefs. Actual
results may vary from those currently anticipated based upon a
number of factors, including uncertainties inherent in the drug
development process, the timing and success of clinical trials, the
validity of research results, and the receipt of necessary
approvals from the FDA and other regulatory agencies. For a
discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the Company's
last quarterly report on Form 10-Q, as well as other reports that
the Company files from time to time with the Securities and
Exchange Commission. All forward-looking statements are qualified
in their entirety by this cautionary statement. The Company
undertakes no obligation to release publicly any revisions, which
may be made to reflect events or circumstances after the date
hereof. ADVENTRX PHARMACEUTICALS, INC. AND SUBSIDIARY (A
Development Stage Enterprise) Condensed Consolidated Balance Sheets
September 30, December 31, 2005 2004 (unaudited) Assets Current
assets: Cash and cash equivalents $18,506,914 $13,032,263 Accrued
interest income 9,365 10,808 Prepaid expenses 537,400 115,144
Short-term investments 7,007,637 Other current assets 88,755 --
Assets available for sale -- 108,000 Total current assets
26,150,071 13,266,215 Property and equipment, net 348,142 285,304
Other assets 58,386 57,268 Total assets $26,556,599 $13,608,787
Liabilities and Shareholders' Equity Current liabilities: Accounts
payable $417,309 $532,327 Accrued liabilities 1,088,272 628,754
Accrued salary and related taxes 186,804 57,315 Total current
liabilities 1,692,385 1,218,396 Other long-term liabilities 62,429
-- Total liabilities 1,754,814 1,218,396 Commitments and
contingencies -- -- Shareholders' equity: Common stock, $0.001 par
value. Authorized 100,000,000 shares; issued 67,146,298 shares in
2005 and 53,834,237 shares in 2004 67,147 53,835 Additional paid-in
capital 69,611,168 47,553,497 Deficit accumulated during the
development stage (44,840,158) (35,182,194) Accumulated other
comprehensive income (loss) (1,625) -- Treasury stock, 23,165
shares at cost (34,747) (34,747) Total shareholders' equity
24,801,785 12,390,391 Total liabilities and shareholders' equity
$26,556,599 $13,608,787 ADVENTRX PHARMACEUTICALS, INC. AND
SUBSIDIARY (A Development Stage Enterprise) Condensed Consolidated
Statements of Operations (unaudited) Three months ended Nine months
ended September 30, September 30, 2005 2004 2005 2004 Interest
income $159,373 $28,055 $261,292 $44,742 159,373 28,055 261,292
44,742 Operating expenses: Research and development 1,720,257
983,665 5,661,663 2,053,131 General and administrative 1,887,260
1,155,716 4,161,171 2,315,936 Depreciation and amortization 34,331
12,481 96,422 19,199 Total operating expenses 3,641,848 2,151,862
9,919,256 4,388,266 Net loss $(3,482,475) $(2,123,807) $(9,657,964)
$(4,343,524) Loss per common share -- basic and diluted $(.06)
$(.04) $(.17) $(.09) DATASOURCE: ADVENTRX Pharmaceuticals, Inc.
CONTACT: Andrea Lynn of ADVENTRX Pharmaceuticals, +1-858-552-0866
Web site: http://www.adventrx.com/
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