ADVENTRX Announces $40 Million Common Stock Offering
November 03 2006 - 6:00AM
PR Newswire (US)
SAN DIEGO, Nov. 3 /PRNewswire-FirstCall/ -- ADVENTRX
Pharmaceuticals, Inc. (AMEX:ANX) announced today that it has
received signed subscription terms from a group of accredited and
institutional investors for the purchase of 14,545,000 shares of
the Company's common stock at a price of $2.75 per share. The gross
proceeds of the offering are expected to be approximately $40
million, before offering expenses and commissions. All the shares
are being sold by ADVENTRX. The offering is expected to close on or
about November 8, 2006, subject to the satisfaction of customary
closing conditions. ThinkEquity Partners LLC acted as lead
placement agent and Fortis Securities LLC acted as co-placement
agent in connection with this transaction. The shares of common
stock may only be offered by means of a prospectus. Copies of the
final prospectus supplement and accompanying base prospectus
relating to the offering may be obtained from the offices of
ThinkEquity Partners LLC, 31 West 52nd Street, 17th Floor, New
York, NY 10019, or directly from the Company. A registration
statement relating to these securities was filed with and has been
declared effective by the Securities and Exchange Commission. This
press release does not and shall not constitute an offer to sell or
the solicitation of an offer to buy any of the securities, nor
shall there be any sale of the securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any state. About ADVENTRX Pharmaceuticals
Adventrx Pharmaceuticals is a biopharmaceutical research and
development company focused on commercializing low development risk
pharmaceuticals for cancer and infectious disease that enhance the
efficacy and/or safety of existing therapies. More information can
be found on ADVENTRX's web site at http://www.adventrx.com/.
Forward Looking Statement ADVENTRX cautions you that statements
included in this press release that are not a description of
historical facts are forward-looking statements that involve risks,
uncertainties, assumptions and other factors that, if they do not
materialize or prove to be accurate, could cause ADVENTRX's results
to differ materially from historical results or those expressed or
implied by such forward-looking statements. The potential risks and
uncertainties that could cause actual results to differ materially
include, but are not limited to: uncertainties inherent in the drug
development process; the timing and success of clinical trials; the
validity of research results; the receipt of necessary approvals
from the FDA and other regulatory agencies; and other risks and
uncertainties more fully described in ADVENTRX's press releases and
public filings with the Securities and Exchange Commission.
ADVENTRX's public filings with the Securities and Exchange
Commission are available at http://www.sec.gov/. ADVENTRX does not
intend to update any forward-looking statement, including as set
forth in this press release, to reflect events or circumstances
arising after the date on which it was made. DATASOURCE: ADVENTRX
Pharmaceuticals, Inc. CONTACT: Ioana C. Hone of ADVENTRX
Pharmaceuticals, Inc., +1-858-552-0866 Web site:
http://www.adventrx.com/ Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/920134.html
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