Conference call scheduled for November 13 at 1:30 p.m. (Pacific);
simultaneous webcast at http://www.adventrx.com SAN DIEGO, Nov. 7
/PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc.
(AMEX:ANX), a biopharmaceutical research and development company
focused on commercializing proprietary product candidates for the
treatment of cancer and infectious diseases, today announced
financial results for the three-month and nine-month periods ended
September 30, 2007. "We remain optimistic about our anticipated
progress for the rest of this year and into 2008, despite the
recent setback in our CoFactor program and our decision to
discontinue enrolling patients in our Phase 3 study of CoFactor for
the first-line treatment of metastatic colorectal cancer," stated
Evan M. Levine, chief executive officer of ADVENTRX. "We are
encouraged by continued progress with our vinorelbine emulsion
product candidate ANX-530 and our docetaxel emulsion product
candidate ANX-514. We expect that our emulsion product candidates
will require less expenditures and development time than CoFactor
in pursuing regulatory approval for marketing these product
candidates." Three Months Ended September 30, 2007 Operating
Results ADVENTRX's net loss was $5.9 million, or $0.07 per share,
for the three-month period ended September 30, 2007, compared to a
net loss of $5.1 million, or $0.07 per share, for the same period
in 2006. Included in the loss for the three-month period ended
September 30, 2007 was non-cash, share-based compensation expense
amounting to $689,000, compared to $656,000 for the same period a
year ago. Research and development, or R&D, expenses increased
by $1.2 million, or 37%, to $4.4 million for the three-month period
ended September 30, 2007 from $3.2 million for the same period a
year ago. The increase in R&D expenses was primarily due to an
$835,000 increase in expenses related to research-related
manufacturing and quality assurance activities for our product
candidates and a $347,000 increase in personnel and related costs.
R&D expenses for the three-month period ended September 30,
2007 included non-cash, share-based compensation expense amounting
to $290,000, compared to $110,000 for the same period a year ago.
Selling, general and administrative, or SG&A, expenses
decreased slightly by $76,000, or 4%, to $2.0 million for the
three-month period ended September 30, 2007 from $2.1 million for
the same period a year ago. The decrease in SG&A expenses was
substantially due to a $120,000 decrease in business development
expense and a $147,000 decrease in share-based compensation
expense, partially offset by a $164,000 increase in legal fees
primarily related to patent applications. SG&A expenses for the
three-month period ended September 30, 2007 included non-cash,
share-based compensation expense amounting to $399,000, compared to
$546,000 for the same period a year ago. Interest income amounted
to $532,000 for the three-month period ended September 30, 2007,
compared to $221,000 for the same period a year ago. Effective
January 1, 2007, the Company adopted FASB Staff Position on No.
EITF 00-19-2, Accounting for Registration Payment Arrangements, or
FSP EITF 00-19-2. Pursuant to FSP EITF 00-19-2, the Company
determined that no contingent liability was required to be
recognized as of September 30, 2007 relating to a class of warrants
issued in July 2005 that contained a registration payment
arrangement, and accordingly, the carrying amount of the warrant
liability that had been reported in previous periods was
eliminated. In applying the new method retrospectively, the
comparative financial statements of prior periods have been
adjusted to eliminate the fair value of the warrant liability. Nine
Months Ended September 30, 2007 Operating Results The net loss for
the first nine months of 2007 was $16.8 million, or $0.19 per
share, compared to $24.3 million, or $0.34 per share, for the same
period a year ago. Included in the loss for the nine-month period
ended September 30, 2006 was a charge of $10.4 million of
in-process research and development expense recorded in connection
with the acquisition of SD Pharmaceuticals and eight of its product
candidates. R&D expenses were $12.0 million for the first nine
months of 2007, compared to $8.9 million for the same period a year
ago. The increase in R&D expenses for 2007 was primarily
related to a $1.4 million increase in expenses related to
research-related manufacturing and quality assurance activities for
our product candidates, a $214,000 increase in external preclinical
study fees and expenses mostly related to ANX-201 and a $1.3
million increase in personnel and related costs. SG&A expenses
were $6.8 million for the first nine months of 2007, compared to
$5.5 million for the same period a year ago. The increase in
SG&A expenses for 2007 was substantially due to a $1.1 million
increase in SG&A personnel and related costs and a $251,000
increase in legal fees primarily related to patent applications.
Revenue of $500,000 in the first nine months of 2007 represented a
license fee earned from licensing ANX-211, compared to no revenue
for the comparable period in 2006. Balance Sheet Highlights As of
September 30, 2007, the Company had cash, cash equivalents and
investments in securities totaling $38.6 million, including cash
and cash equivalents of $19.3 million and short-term investments in
securities of $19.3 million. Stockholders' equity amounted to $35.9
million as of September 30, 2007. Conference Call and Webcast
Management will host a conference call with a simultaneous webcast
that will take place on Tuesday, November 13 at 1:30 P.M.
Pacific/4:30 P.M. Eastern to discuss the third quarter of 2007 and
provide an update on its clinical trials and any available data.
Evan M. Levine, Chief Executive Officer, and Gregory P. Hanson,
Senior Vice President and Chief Financial Officer, are scheduled to
lead the call and will be joined by other members of the Company's
senior management team. The webcast will be available live via the
Internet by accessing ADVENTRX's web site at
http://www.adventrx.com/ under "Investors" or by telephone at (888)
812-8595 (domestic) or (913) 312-6699 (international). Replays of
the webcast will be available for 30 days, and a phone replay will
be available through December 13, 2007 by dialing 888-203-1112 and
entering the passcode 1410376. About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical research and
development company focused on commercializing proprietary product
candidates for the treatment of cancer and infectious diseases. The
Company seeks to improve the performance and safety of existing
treatments by addressing significant problems, such as drug
metabolism and bioavailability, excessive toxicity and treatment
resistance. More information can be found on ADVENTRX's web site at
http://www.adventrx.com/. Forward Looking Statements 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 and assumptions that, if they
materialize or do not 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. These
risks and uncertainties include, but are not limited to: the risk
that ADVENTRX will be unable to raise sufficient capital to fund
the projects necessary to meet its anticipated or stated goals and
milestones; the ability to timely enroll subjects in ADVENTRX's
current and anticipated clinical trials; the timing and success of
clinical trials; the potential for ADVENTRX's product candidates to
receive regulatory approval for one or more indications on a timely
basis or at all; the uncertain process of seeking regulatory
approval; other difficulties or delays in developing, testing,
manufacturing and marketing ADVENTRX's product candidates; the
potential for regulatory authorities to require additional
preclinical work or other clinical requirements to support
regulatory filings; the scope and validity of patent protection for
ADVENTRX's product candidates; adverse side effects or inadequate
therapeutic efficacy of ADVENTRX's product candidates; the risk
that preclinical results are not indicative of the success of
subsequent clinical trials and that products will not perform as
preclinical and clinical data suggest or as otherwise anticipated;
and other risks and uncertainties more fully described in
ADVENTRX's press releases and periodic filings with the Securities
and Exchange Commission. ADVENTRX's public filings with the
Securities and Exchange Commission are available at
http://www.sec.gov/. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date when made. ADVENTRX does not intend to update any
forward-looking statement set forth in this press release to
reflect events or circumstances arising after the date on which it
was made. [Tables to Follow] ADVENTRX Pharmaceuticals, Inc. and
Subsidiaries (A Development Stage Enterprise) Summary Condensed
Consolidated Financial Information (In 000s except for per share
data) Consolidated Statement of Three Months Ended Nine Months
Ended Operations Data: September 30, September 30, 2007 2006 2007
2006 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues $. $.
$500 $. Operating expenses: Research and development 4,422 3,224
12,047 8,941 Selling, general and administrative 1,979 2,055 6,794
5,545 Depreciation and amortization 45 49 150 128 In-process
research and development . . . 10,422 Total operating expenses
6,446 5,328 18,991 25,036 Loss from operations (6,446) (5,328)
(18,491) (25,036) Interest income 532 221 1,730 710 Loss before
income taxes (5,914) (5,107) (16,761) (24,326) Provision for income
taxes . . . . Net loss $(5,914) $(5,107) $(16,761) $(24,326) Net
loss per share - basic and diluted $(0.07) $(0.07) $(0.19) $(0.34)
Weighted average shares - basic and diluted 90,008 73,436 89,798
70,896 Balance Sheet Data: September 30, December 31, 2007 2006
(Unaudited) Total cash and investments in securities $38,614
$51,745 Net working capital 35,489 49,889 Total assets 39,877
52,798 Total liabilities 3,977 2,484 Stockholders' equity 35,900
50,314 DATASOURCE: ADVENTRX Pharmaceuticals, Inc. CONTACT:
Investors, Ioana C. Hone of ADVENTRX Pharmaceuticals, Inc.,
+1-858-552-0866 Web site: http://www.adventrx.com/
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