Conference call scheduled for August 12, 2008 at 1:30 p.m. (Pacific
Time); simultaneous webcast at www.adventrx.com SAN DIEGO, Aug. 11
/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 three-month and six-month
periods ended June 30, 2008. "During the second quarter of this
year, we continued to make advances with respect to the on-going
development and our commercialization plans for both ANX-530
(vinorelbine emulsion) as well as ANX-514 (docetaxel emulsion),"
stated Evan M. Levine, Chief Executive Officer and President of
ADVENTRX. "We continued to make progress with regard to the
preparation of our NDA submission for ANX-530 as well as conducting
our registrational bioequivalence clinical study of ANX-514.
Furthermore, we made a considerable investment of capital this
quarter in order to initiate large scale manufacturing to prepare
for the commercial launch of both ANX-530 and ANX-514. This is a
significant endeavor that will help enable us to successfully
launch these product candidates if they are approved. As well, we
announced response rate data from 2 separate studies of
CoFactor(R), our third oncology product candidate. We continue to
evaluate CoFactor and expect to provide further updates with
respect to the program as we gather additional data." Three-Month
Period Ended June 30, 2008 Operating Results ADVENTRX's net loss
was $6.4 million, or $0.07 per share, for the three-month period
ended June 30, 2008, compared to a net loss of $5.7 million, or
$0.06 per share, for the same period in 2007. Included in the net
loss for the three-month period ended June 30, 2008 were non-cash,
share-based compensation expenses amounting to $0.4 million,
compared to $0.6 million for the same period in 2007. In May 2008,
the Company settled its dispute with Theragenex. In consideration
of and conditioned upon Theragenex paying the Company $0.6 million,
the parties agreed to jointly move to dismiss the underlying
arbitration action, and in connection with dismissing the
arbitration, agreed to release each other from any and all claims
related to their past relationship, including Theragenex's rights
under their prior agreement. For the three-month period ended June
30, 2008, the Company recognized $0.5 million in licensing revenue,
which represents a portion of the $0.6 million Theragenex
settlement payment. The additional $0.1 million was recognized as
other income. Research and development, or R&D, expenses
increased by $0.3 million, or 6%, to $4.5 million for the
three-month period ended June 30, 2008, from $4.2 million for the
same period a year ago. The increase was primarily due to a $1.3
million increase in expenses related to external research-related
manufacturing and regulatory and quality assurance activities
related to ANX-530 and ANX-514, offset by a $0.8 million decrease
in external clinical trial expenses related to ANX-530 and ANX-510,
or CoFactor, a decrease of $0.1 million personnel and related costs
and a $0.1 million decrease in share-based compensation expense.
R&D expenses for the three-month period ended June 30, 2008
included non-cash, share-based compensation expense amounting to
$0.1 million, compared to $0.2 million for the same period a year
ago. Selling, general and administrative, or SG&A, expenses
increased by $0.6 million, or 31%, to $2.6 million for the
three-month period ended June 30, 2008, from $2.0 million for the
same period a year ago. The increase was primarily due to a $0.2
million severance expense related to the departure of our former
chief financial officer in April 2008, as well as an increase of
$0.4 million in consulting expenses for tax services, market
research for ANX-530 and legal expenses related to the Theragenex
settlement. SG&A expenses for the three-month period ended June
30, 2008 included non-cash, share-based compensation expenses
amounting to $0.2 million, compared to $0.3 million for the same
period a year ago. Interest and other income amounted to $0.3
million for the three-month period ended June 30, 2008, compared to
$0.6 million for the same period a year ago. Six-Month Period Ended
June 30, 2008 Operating Results ADVENTRX's net loss was $12.4
million, or $0.14 per share, for the six-month period ended June
30, 2008, compared to a net loss of $10.8 million, or $0.12 per
share, for the same period in 2007. Included in the net loss for
the six-month period ended June 30, 2008 were non-cash, share-based
compensation expenses amounting to $1.0 million, compared to $1.2
million for the same period in 2007. For the six-month period ended
June 30, 2008, we recognized $0.5 million in licensing revenue,
which represents a portion of the $0.6 million Theragenex
settlement payment. The additional $0.1 million was recognized as
other income. For the six-month period ended June 30, 2007, we
recognized $0.5 million in licensing revenue under our license
agreement with Theragenex. Since January 2007, we have received
$1.1 million from Theragenex. R&D expenses increased by $0.7
million, or 9%, to $8.3 million for the six-month period ended June
30, 2008, from $7.6 million for the same period a year ago. The
increase was primarily due to a $1.8 million increase in expenses
related to external research-related manufacturing and regulatory
and quality assurance activities related to ANX-530 and ANX-514 and
an increase of $0.2 million in personnel and related costs, offset
by a $1.3 million decrease in external clinical trial expenses
related to ANX-530 and CoFactor and a $58,000 decrease in
share-based compensation expense. R&D expenses for the
six-month period ended June 30, 2008 included non-cash, share-based
compensation expense amounting to $0.4 million, compared to $0.5
million for the same period a year ago. SG&A expenses increased
by $0.2 million, or 4%, to $5.0 million for the six-month period
ended June 30, 2008, from $4.8 million for the same period a year
ago. The increase was primarily due to a $0.2 million severance
expense related to the departure of our former chief financial
officer in April 2008. SG&A expenses for the six-month period
ended June 30, 2008 included non-cash, share-based compensation
expenses amounting to $0.5 million, compared to $0.7 million for
the same period a year ago. Interest and other income amounted to
$0.6 million for the six-month period ended June 30, 2008, compared
to $1.2 million for the same period a year ago. Balance Sheet
Highlights As of June 30, 2008, the Company had cash, cash
equivalents and short-term investments in securities totaling $22.1
million. Stockholders' equity amounted to $19.7 million as of June
30, 2008. Conference Call and Webcast ADVENTRX management will host
a conference call with simultaneous webcast to discuss second
quarter results, provide a corporate update and take investors'
questions tomorrow 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) 215-7027 for domestic callers and (913)
312-0654 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 September 12, 2008 by dialing
(888) 203-1112 and entering the pass code 8240633. 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 support
its operations, including 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: Three months ended
Six months ended June 30, June 30, 2008 2007 2008 2007 (unaudited)
(unaudited) (unaudited) (unaudited) Revenues $500 $- $500 $500
Operating expenses: Research and development 4,511 4,240 8,332
7,624 Selling, general and administrative 2,636 2,006 5,001 4,816
Depreciation and amortization 44 53 91 105 Total operating expenses
7,191 6,299 13,424 12,545 Loss from operations (6,691) (6,299)
(12,924) (12,045) Interest income 266 576 565 1,198 Loss before
income taxes (6,425) (5,723) (12,359) (10,847) Provision for income
taxes - - - - Net loss $(6,425) $(5,723) $(12,359) $(10,847) Net
loss per share -- basic and diluted $(0.07) $ (0.06) $ (0.14) $
(0.12) Weighted average shares -- basic and diluted 90,253 89,707
90,253 89,692 Balance Sheet Data: June 30, December 31, 2008 2007
(unaudited) (audited) Total cash, cash equivalents and investments
in securities $22,070 $ 33,463 Net working capital 19,314 30,658
Total assets 23,158 34,542 Total liabilities 3,492 3,507
Stockholders' equity 19,666 31,035 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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