ADVENTRX Pharmaceuticals Reports First Quarter 2008 Financial Results
May 12 2008 - 6:00AM
PR Newswire (US)
Conference call scheduled for May 12, 2008 at 1:30 p.m. (Pacific
Time); simultaneous webcast at www.adventrx.com SAN DIEGO, May 12
/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 first quarter ended March 31,
2008. "We continue to make progress towards our 2008 corporate
objectives. Last month, we initiated patient enrollment in our
registrational bioequivalence clinical study of ANX-514 and we are
diligently continuing the preparation of our New Drug Application
for ANX-530, which we anticipate submitting around the end of the
year" stated Evan M. Levine, Chief Executive Officer and President
of ADVENTRX. "In addition, during the last quarter, we strengthened
our team by adding long-time board member Mark Bagnall as Executive
Vice President and Chief Financial Officer and Jose Hechavarria as
Vice President of Manufacturing," Mr. Levine continued. "Eric
Rowinski, Executive Vice President and Chief Medical Officer of
Imclone, also joined our Board of Directors and we expect he will
play an active role advising the Company as we continue to advance
our oncology product candidates. We are committed to building the
team that can secure approval for and commercialize our lead
product candidates, and view these additions as evidence of our
success in achieving this goal." Three-Month Period Ended March 31,
2008 Operating Results ADVENTRX's net loss was $5.9 million, or
$0.07 per share, for the three-month period ended March 31, 2008,
compared to a net loss of $5.1 million, or $0.06 per share, for the
same period in 2007. Included in the net loss for the three-month
period ended March 31, 2008 were non-cash, share-based compensation
expenses amounting to $644,000, compared to $645,000 for the same
period in 2007. Research and development, or R&D, expenses
increased by $435,000, or 13%, to $3.8 million for the three-month
period ended March 31, 2008, from $3.4 million for the same period
a year ago. The increase was primarily due to a $985,000 increase
in expenses related to external research-related manufacturing and
regulatory and quality assurance activities related to ANX-530 and
ANX-514, a $365,000 increase in personnel and related costs and a
$283,000 increase in expenses related to external clinical trial
activities related to ANX-514. The increase was offset in part by
an $842,000 decrease in external clinical trial expenses related to
ANX-530 and ANX-510, or CoFactor(R), and a $284,000 decrease in
expenses related to external preclinical activities. R&D
expenses for the three-month period ended March 31, 2008 included
non-cash, share-based compensation expense amounting to $306,000,
compared to $254,000 for the same period a year ago. Selling,
general and administrative, or SG&A, expenses decreased by
$444,000, or 16%, to $2.4 million for the three-month period ended
March 31, 2008, from $2.8 million for the same period a year ago.
The decrease was primarily due to a $274,000 decrease in consulting
fees related to market research and brand name development for
ANX-530 and a $213,000 decrease in patent application expenses.
SG&A expenses for the three-month period ended March 31, 2008
included non-cash, share-based compensation expenses amounting to
$338,000, compared to $391,000 for the same period a year ago.
Interest income amounted to $299,000 for the three-month period
ended March 31, 2008, compared to $622,000 for the same period a
year ago. Balance Sheet Highlights As of March 31, 2008, the
Company had cash, cash equivalents and investments in securities
totaling $28.8 million, with cash and cash equivalents of $20.3
million and short-term investments in securities of $8.5 million.
Stockholders' equity amounted to $25.8 million as of March 31,
2008. Conference Call and Webcast ADVENTRX management will host a
conference call with simultaneous webcast to discuss first quarter
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 Mark N.K. Bagnall, Chief
Financial Officer and Executive 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
(888) 215-7013 for domestic callers and (913) 312-1235 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 May 17, 2008 by dialing
888-203-1112 and entering the pass code 5439297. 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 website 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, obtaining regulatory approval
for 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
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. [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 Operations Data: Quarters Ended March 31, 2008 2007
(unaudited) (unaudited) Revenues $- $500 Operating expenses:
Research and development 3,820 3,385 Selling, general and
administrative 2,365 2,809 Depreciation and amortization 47 52
Total operating expenses 6,232 6,246 Loss from operations (6,232)
(5,746) Interest income 299 622 Loss before income taxes (5,933)
(5,124) Provision for income taxes - - Net loss $(5,933) $(5,124)
Net loss per share - basic and diluted $(0.07) $(0.06) Weighted
average shares - basic and diluted 90,253 89,677 Balance Sheet
Data: March 31, 2008 December 31, 2007 (unaudited) (audited) Total
cash and investments in securities $28,807 $33,463 Net working
capital 25,384 30,658 Total assets 29,854 34,542 Total liabilities
4,102 3,507 Stockholders' equity 25,752 31,035 DATASOURCE: ADVENTRX
Pharmaceuticals, Inc. CONTACT: Investors, Ioana C. Hone of ADVENTRX
Pharmaceuticals, +1-858-552-0866 Web site: http://www.adventrx.com/
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