Conference call scheduled for March 13 at 1:30 p.m. (Pacific Time);
simultaneous webcast at http://www.adventrx.com SAN DIEGO, March 13
/PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc.
(AMEX:ANX), a biopharmaceutical company focused on in-licensing,
developing and commercializing proprietary product candidates
primarily for the treatment of cancer and infectious disease, today
reported financial results for the fourth quarter and year ended
December 31, 2007. Three-Month Period Ended December 31, 2007
Operating Results ADVENTRX's net loss was $5.4 million, or $0.06
per share, for the three- month period ended December 31, 2007,
compared to a net loss of $4.3 million, or $0.05 per share, for the
same period in 2006. Included in the net loss for the three-month
period ended December 31, 2007 were non-cash, share-based
compensation expenses amounting to $538,000, compared to $505,000
for the same period in 2006. Research and development, or R&D,
expenses increased by $827,000, or 27%, to $3.9 million for the
three-month period ended December 31, 2007, from $3.1 million for
the same period a year ago. The increase was primarily due to a
$665,000 increase in expenses related to external research-related
manufacturing, regulatory and quality assurance activities and a
$137,000 increase in personnel and related costs. R&D expenses
for the three-month period ended December 31, 2007 included
non-cash, share-based compensation expense amounting to $260,000,
compared to $143,000 for the same period a year ago. Selling,
general and administrative, or SG&A, expenses increased by
$193,000, or 11%, to $1.9 million for the three-month period ended
December 31, 2007, from $1.7 million for the same period a year
ago. The increase was primarily due to a $201,000 increase in
personnel and related costs and a $109,000 increase in market
research consulting expense for ANX-530 and ANX- 514, partially
offset by a $78,000 decrease in non-cash, share-based compensation
expense related to non-employee stock options and a $62,000
decrease in overall legal fees. SG&A expenses for the
three-month period ended December 31, 2007 included non-cash,
share-based compensation expenses amounting to $278,000, compared
to $362,000 for the same period a year ago. Interest income
amounted to $438,000 for the three-month period ended December 31,
2007, compared to $455,000 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 ("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 December 31, 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. Year
2007 Operating Results The net loss for the year ended December 31,
2007 was $22.1 million, or $0.25 per share, compared to $28.7
million, or $0.39 per share, for 2006. Included in the loss for
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. Included in
the net loss for 2007 were non-cash, share-based compensation
expenses amounting to $2.5 million, compared to $2.1 million for
2006. R&D expenses increased by $3.9 million, or 33%, to $15.9
million for 2007, from $12.0 million for 2006. The increase in 2007
was primarily due to a $2.3 million increase in expenses related to
external preclinical, research-related manufacturing, quality
assurance and regulatory activities, a $1.5 million increase in
personnel-related costs and a $223,000 increase in external
clinical expenses. R&D expenses for 2007 included non-cash,
share-based compensation expense amounting to $1.1 million,
compared to $510,000 for 2006. SG&A expenses increased by $1.4
million, or 20%, to $8.7 million for 2007, from $7.2 million for
2006. The increase in 2007 was substantially due to a $1.0 million
increase in personnel and related costs and a $321,000 increase in
legal fees, of which $204,000 was related to the enforcement of our
rights under the Theragenex license agreement, which we terminated
in August 2007. SG&A expenses for 2007 included non-cash,
share-based compensation expenses amounting to $1.4 million,
compared to $1.6 million for 2006. Revenue of $500,000 in 2007
represented a license fee earned from licensing ANX-211, compared
to no revenue earned in 2006. Interest income amounted to $2.2
million in 2007, compared to $1.2 million in 2006. The increase in
interest income in 2007 was due to a higher average invested
balance primarily as a result of an equity financing in November
2006 and a higher average interest rate in 2007. During 2007, the
Company made significant additions and changes to the management
team, including the appointment of a vice president of
commercialization and a vice president of regulatory affairs.
Balance Sheet Highlights As of December 31, 2007, the Company had
cash, cash equivalents and investments in securities totaling $33.5
million, with cash and cash equivalents of $14.8 million and
short-term investments in securities of $18.7 million.
Stockholders' equity amounted to $31.0 million as of December 31,
2007. Conference Call and Webcast ADVENTRX management will host a
conference call with simultaneous webcast to discuss fourth quarter
and full-year results, provide a corporate update and take
investors' questions today at 1:30 p.m. Pacific/4:30 p.m. Eastern
Time. Evan M. Levine, Chief Executive Officer and President, and
Gregory P. Hanson, Chief Financial Officer and Senior Vice
President, are scheduled to lead the call and will be joined by
other members of the Company's senior management. The conference
call may be accessed by dialing (800) 896-8445 for domestic callers
and (785) 830-1916 for international callers. The webcast will be
available live via the Internet by accessing ADVENTRX's website at
http://www.adventrx.com/ under "Investors". Replays of the webcast
will be available on ADVENTRX's website for 30 days and a phone
replay will be available through March 18, 2008 by dialing
888-203-1112 and entering the pass code 3804583. Annual Meeting The
Company's 2008 Annual Meeting of Stockholders will be held on May
28, 2008, at 9:00 a.m. (Pacific Time) at the Company's offices at
6725 Mesa Ridge Road, Suite 100, San Diego, California. All
stockholders are invited to attend. About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company focused on
in- licensing, developing and commercializing proprietary product
candidates primarily for the treatment of cancer and infectious
disease. The Company seeks to improve the performance and
commercial potential of existing treatments by addressing problems
associated with these treatment regimens. More information can be
found on the Company'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 risk that
preclinical results are not indicative of the success of subsequent
clinical trials and the results of pending 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,
and the uncertain process of seeking regulatory approval; other
difficulties or delays in developing, testing, manufacturing,
marketing and obtaining regulatory approval for ADVENTRX's product
candidates; the potential for regulatory authorities to require
additional preclinical work or other clinical requirements to
support regulatory filings; the market potential for ADVENTRX's
product candidates and ADVENTRX's ability to compete in those
markets; the scope and validity of patent protection for ADVENTRX's
product candidates; patent and non-patent exclusivity covering
Navelbine(R) and Taxotere(R); 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 as set forth in this press release to
reflect events or circumstances arising after the date on which it
was made. ADVENTRX Pharmaceuticals, Inc. (A Development Stage
Enterprise) Summary Consolidated Financial Information (In 000s
except for per share data) Consolidated Statement of Operations
Data: Three months ended Twelve months ended December 31, December
31, 2007 2006 2007 2006 (unaudited) (unaudited) Revenues $-- $--
$500 $-- Operating expenses: Research and development 3,887 3,060
15,934 12,001 In-process research and development -- -- -- 10,422
Selling, general and administrative 1,884 1,691 8,679 7,236
Depreciation and amortization 48 49 198 177 Total operating
expenses 5,819 4,800 24,811 29,836 Loss from operations (5,819)
(4,800) (24,311) (29,836) Interest income 438 455 2,169 1,164 Loss
before income taxes (5,381) (4,345) (22,142) (28,672) Provision for
income taxes -- -- -- -- Net loss $(5,381) $(4,345) $(22,142)
$(28,672) Net loss per share - basic and diluted $(0.06) $(0.05)
$(0.25) $(0.39) Weighted average shares - basic and diluted 90,253
83,092 89,913 73,988 Balance Sheet Data: 2007 2006 Total cash and
investments in securities $33,463 $51,745 Net working capital
30,658 49,889 Total assets 34,542 52,798 Total liabilities 3,507
2,484 Stockholders' equity 31,035 50,314 DATASOURCE: ADVENTRX
Pharmaceuticals, Inc. CONTACT: Ioana C. Hone of ADVENTRX
Pharmaceuticals, Inc., +1-858-552-0866 Web site:
http://www.adventrx.com/
Copyright
Adventrx (AMEX:ANX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Adventrx (AMEX:ANX)
Historical Stock Chart
From Jul 2023 to Jul 2024