SAN DIEGO, Jan. 13, 2011 /PRNewswire/ -- ADVENTRX
Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has
completed the previously announced sales of 8,184,556 units in a
registered direct offering to RA Capital Management, certain
healthcare-focused investors, and other institutional investors for
a per unit purchase price of $2.75,
representing gross proceeds to ADVENTRX of approximately
$22.5 million. Each unit
consists of one share of common stock, a Series A warrant and a
Series B warrant. ADVENTRX plans to use the net proceeds from the
offering to fund activities relating to acquiring and developing
additional products or product candidates, to continue development
of its current lead product candidates, and for general corporate
purposes.
The Series A warrants are exercisable for up to an aggregate of
2,046,139 shares of ADVENTRX's common stock. The Series A warrants
have an exercise price of $2.75 per
share and are exercisable at any time after the closing of the
transaction and before the date that is 5 trading days after the
1-year anniversary of the initial exercise date. The Series B
warrants are exercisable for up to an aggregate of 2,046,139 shares
of ADVENTRX's common stock. The Series B warrants also have an
exercise price of $2.75 per share and
are exercisable at any time after the closing of the transaction
and before the 5-year anniversary of the initial exercise date.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman
& Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the
exclusive placement agent for the transaction.
The securities described above are being offered by ADVENTRX
pursuant to an effective registration statement on Form S-3 filed
with the Securities and Exchange Commission ("SEC"). A prospectus
supplement relating to the offering was filed with the SEC on
January 7, 2011.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The securities may only be offered by means of a
prospectus. Copies of the prospectus can be obtained from the SEC's
website at www.sec.gov or directly from Rodman & Renshaw, LLC
by request to info@rodm.com or (212) 356-0549.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company
whose product candidates are being developed to improve the
performance of existing anti-cancer drugs by addressing limitations
associated principally with their safety and use. More
information can be found on the Company's web site at
www.adventrx.com.
Forward Looking Statement
ADVENTRX cautions you that statements included in this press
release that are not a description of historical facts are
forward-looking statements that are based on ADVENTRX's current
expectations and assumptions. Such forward-looking statements
include, but are not limited to, statements regarding
capital-raising and use of proceeds. Actual events or results may
differ materially from those expressed or implied by the
forward-looking statements in this press release due to a number of
risks and uncertainties, including, without limitation: the extent
to which ADVENTRX acquires new technologies, product candidates,
products or businesses and its ability to integrate them
successfully into its operations; ADVENTRX's or a future partner's
ability to obtain regulatory approval for its current and future
product candidates and, if approved, to successfully commercialize
them in the U.S. and/or elsewhere; the potential that ADVENTRX may
enter into one or more commercial partnerships or other strategic
transactions relating to ANX-530 and/or ANX-514, and the terms of
any such transactions; the satisfactory performance of third
parties on whom ADVENTRX relies significantly to conduct its
nonclinical testing and bioequivalence and clinical trials and
other aspects of its development programs; the extent to which
ADVENTRX rebuilds its workforce and its ability to attract and
retain qualified personnel and manage growth; delays in the
commencement or completion of nonclinical testing, bioequivalence
or clinical trials of or manufacturing, regulatory or launch
activities related to ADVENTRX's current or future product
candidates; the success of future bioequivalence or clinical
trials; ADVENTRX's ability to acquire or develop sales, marketing
and distribution capabilities, if it determines to commercialize
any of its current or future product candidates for which it
obtains regulatory approval without a partner; whether any of
ADVENTRX's current or future product candidates for which it
receives regulatory approval, if any, achieve broad market
acceptance; 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
www.sec.gov.
You are cautioned not to place undue reliance on 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 hereof, except as may be required by
law.
SOURCE ADVENTRX Pharmaceuticals, Inc.