ANX Mast Therapeutics, Inc.

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/

Copyright