ADVENTRX Creates Executive Vice President Position and Announces New Chief Financial Officer
April 03 2008 - 3:00PM
PR Newswire (US)
SAN DIEGO, April 3, 2008 /PRNewswire-FirstCall/ -- ADVENTRX
Pharmaceuticals, Inc. (AMEX:ANX) announced today that Mark Bagnall,
a member of the Company's Board of Directors, has joined the
Company as Executive Vice President, a newly created position, and
Chief Financial Officer. As Executive Vice President, Mr. Bagnall
will work with the Company's Chief Executive Officer and President
to define the Company's long-term strategy, help oversee internal
execution of that strategy and communicate with the Company's
stakeholders. Mr. Bagnall will continue as a member of the
Company's Board of Directors, but has resigned his positions on the
Company's Audit, Compensation and Nominating & Governance
Committees, as well as his position as Chair of the Audit
Committee. Jack Lief, currently Chair of the Board of Directors,
will increase his involvement with the Company and assume Mr.
Bagnall's responsibilities as Chair of the Audit Committee. The
Company also announced that Gregory P. Hanson's employment
relationship with the Company ended, effective April 2, 2008. Mr.
Hanson joined the Company in December 2006 and previously served as
the company's Chief Financial Officer. "Mark is a proven
biotechnology executive and we welcome him to our team," stated
Evan M. Levine, Chief Executive Officer and President of ADVENTRX.
"His expertise in the public and private sector, as well as his
unique perspective as a long-time Board member, will prove
invaluable as we advance our product candidates towards
commercialization. In addition, we thank Greg for his service to
the company, and wish him success in the future." "This is a great
time to be joining the ADVENTRX management team," stated Mr.
Bagnall. "The company has made tremendous progress with its novel
emulsion formulations of vinorelbine and docetaxel. I look forward
to the continued development and anticipated commercialization of
these product candidates, as well as the continued development of
CoFactor, if the data sets expected this quarter are positive. I am
excited to contribute my experience to the collective efforts
required to transition ADVENTRX to its next stage of growth as a
commercial stage biopharmaceutical company." Mr. Bagnall has held
senior management positions in the biotechnology industry for 20
years and has been a director of ADVENTRX since 2004. During his
time in the industry he has held positions in both finance and
business development and has managed equity and debt financings,
corporate partnering and licensing deals and M&A transactions.
He is a director of two other publicly held biotechnology
companies, VIA Pharmaceuticals, Inc., a biotechnology company
focused on the development of compounds for the treatment of
cardiovascular disease, and Forticell Bioscience, Inc. (formerly
Ortec International, Inc.), a biotechnology company focusing on
advanced regenerative medicine and stem cell therapy. Mr. Bagnall
most recently served as senior vice president and chief finance and
operations officer of Metabolex, Inc., a biotechnology company
developing therapeutics for diabetes and related metabolic
disorders, positions he had held since June 2000. Prior to joining
Metabolex, Mr. Bagnall held the top financial position at four life
science companies: Metrika, Inc., a privately held diagnostics
company, and three public biotechnology companies, Progenitor,
Inc., Somatix Therapy Corporation, and Hana Biologics, Inc. In
addition he is a co-founder and director of the Association of
Bioscience Financial Officers, an international organization of
life science CFOs. Mr. Bagnall received his B.S. in Business
Administration from the University of California at Berkeley, Haas
School of Business, and is a Certified Public Accountant. 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 limitations 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, 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: successfully educating new
executives and integrating new executives with existing executives
and management; the risk that directors will undertake projects
that divert their respective attention from ADVENTRX matters, or
that may pose a conflict of interest with ADVENTRX; ADVENTRX's
ability to raise sufficient capital to fund the projects necessary
to meet its anticipated or stated goals; the results of pending
clinical trials for ADVENTRX's product candidates, including the
registrational bioequivalence clinical trial of ANX-514; the
potential for ADVENTRX's product candidates to receive regulatory
approval for one or more indications, and the uncertain process of
seeking regulatory approval; other difficulties or delays in
developing, testing, manufacturing and marketing and obtaining
regulatory approval for ADVENTRX's product candidates; unexpected
adverse side effects or inadequate therapeutic efficacy of
ADVENTRX's product candidates; 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: investors, Ioana C. Hone of ADVENTRX Pharmaceuticals,
Inc., +1-858-552-0866 Web site: http://www.adventrx.com/
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