ADVENTRX Announces Consolidation of Clinical and Management Positions
January 30 2008 - 6:00AM
PR Newswire (US)
SAN DIEGO, Jan. 30 /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,
announced today that Evan M. Levine, the company's current Chief
Executive Officer, has resumed his position as Chief Executive
Officer and President, a position he held from September 2004
through September 2006. The company also announced that James A.
Merritt's employment relationship with the company ended, effective
January 29, 2008. Dr. Merritt previously served as the company's
President and Chief Medical Officer. In connection with these
events, the underlying responsibilities of the Chief Medical
Officer and President positions have been consolidated. Joachim
P.H. Schupp, M.D., who has served as the company's Vice President,
Medical Affairs since August 2006, will lead the company's clinical
group and assume Dr. Merritt's clinical responsibilities, and Mr.
Levine will resume the corporate responsibilities of the President.
"We have an experienced team that will continue to rapidly advance
our lead programs and we are excited by our continued progress and
anticipate achieving additional milestones in 2008," stated Mr.
Levine. "On behalf of our board of directors and the entire
management team, we thank Jay for his contributions to the company
and wish him well," added Mr. Levine. About ADVENTRX
Pharmaceuticals ADVENTRX Pharmaceuticals seeks to improve the
performance and safety of existing treatments by addressing
significant problems such as drug metabolism, bioavailability,
excessive toxicity and treatment resistance. More information can
be found on the Company'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. These risks and
uncertainties include, but are not limited to: the risk that
preclinical and clinical results are not indicative of the success
of subsequent clinical trials and that products will not perform as
preclinical or clinical data suggests or as otherwise anticipated;
the results of pending clinical trials for ADVENTRX's product
candidates; the FDA's views on the appropriateness of seeking
marketing approval of certain of ADVENTRX's product candidates
under Section 505(b)(2); difficulties or delays in developing,
testing, manufacturing and marketing and obtaining regulatory
approval for ADVENTRX's product candidates, including receiving
necessary regulatory approvals for clinical trials of ANX-514; the
potential for regulatory authorities to require additional
preclinical work or other clinical requirements to support
regulatory filings; patent and non-patent exclusivity covering
ADVENTRX's Section 505(b)(2) product candidates; 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; 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 revise or 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. DATASOURCE: ADVENTRX Pharmaceuticals, Inc. CONTACT: Ioana
C. Hone of ADVENTRX Pharmaceuticals, +1-858-552-0866 Web site:
http://www.adventrx.com/
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