ADVENTRX Exploring Strategic Options
December 15 2008 - 9:00AM
PR Newswire (US)
SAN DIEGO, Dec. 15 /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, today
announced that it is exploring a range of strategic options,
including the sale or disposition of one or more of its product
candidate programs, a strategic business merger and other
transactions that maximize the value of Company's assets. The
Company is currently in discussions with several candidates for
both strategic and partnering transactions. "Publicly announcing
our exploration of strategic alternatives provides the best
opportunity to find a partner who wishes to acquire one or both of
our late-stage oncology assets," stated Mark Bagnall, the Company's
Executive Vice President and Chief Financial Officer. "As we expand
our horizons, we continue both our on-going discussions with
potential pharmaceutical partners and to conduct those activities
that maintain the value of our lead programs. We believe that
ADVENTRX offers its partners near-term up-side in an otherwise
tumultuous market and has the potential to deliver attractive
returns by way of its innovative lower-cost, lower-risk business
model." ADVENTRX currently is focused on commercializing two
late-stage product candidates in the U.S., both of which are
reformulations of currently approved products and are designed to
improve the safety profile of the approved product without
affecting its efficacy. ANX-514 (docetaxel emulsion) is a
reformulation of the blockbuster chemotherapeutic agent,
Taxotere(R). In 2007, the aggregate worldwide market for Taxotere
was in excess of $3 billion. ANX-530 (vinorelbine emulsion) is a
reformulation of Navelbine(R) which, despite being a generic
product for a number of years, still sells in excess of $200
million a year world-wide. Both of the Company's product candidates
have the potential to be on the market in 2010. In order to be
considered by the Company's Board of Directors, proposals must be
presented through a written term sheet that outlines the material
terms and conditions of the proposed transaction and sources of
funding. In evaluating the terms of a proposed transaction, the
Board will focus on the timing of the proposed transaction and
closing certainty, including limited closing conditions and
financing contingencies. The Company does not intend to disclose
developments with respect to this process unless and until the
evaluation of all proposals and alternatives has been completed.
Interested parties should contact Ioana C. Hone, Director, Investor
Relations, at (858) 552-0866, extension 287. 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. 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 consummate a strategic or
partnering transaction or will be unable to raise sufficient
capital to fund the projects necessary to meet its goals, including
funding the continued development and commercialization of its lead
product candidates, ANX-530 and ANX 514; the risk that ADVENTRX's
stockholders will not approve a transaction recommended by
ADVENTRX's Board of Directors; the risk the FDA will determine that
ANX-530 and Navelbine(R) are not bioequivalent; the risk that the
on-going study of ANX-514 does not demonstrate pharmacokinetic
equivalence or bioequivalence; difficulties or delays in
manufacturing, obtaining regulatory approval for and marketing
ANX-530 and ANX-514, including validating commercial manufacturers
and suppliers and the potential for automatic injunctions regarding
FDA approval of ANX-514; the potential for regulatory authorities
to require additional preclinical work or other clinical
requirements to support regulatory filings, including prior to the
submission or the approval of an NDA for ANX-530 and ANX-514; the
risk that the performance of third parties on whom the Company
relies to conduct studies or evaluate the data, including clinical
investigators, expert data monitoring committees, contract
laboratories and contract research organizations, may be
substandard, or they may fail to perform as expected; 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. 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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