SAN DIEGO, Nov. 10, 2011 /PRNewswire/ -- ADVENTRX
Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced that it
intends, subject to market and other conditions, to offer and sell
shares of its common stock and warrants to purchase its common
stock in an underwritten public offering. The Company also
intends to grant the underwriters a 45-day option to purchase up to
an additional 15% of the shares and warrants sold in the public
offering to cover over-allotments, if any.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman
& Renshaw Capital Group, Inc. (NasdaqGM: RODM), is acting as
sole book-running manager for the offering.
The Company intends to use the proceeds of the offering to fund
continued development of its lead product candidates and for
general corporate purposes.
The securities described above are being offered by ADVENTRX
pursuant to an effective shelf registration statement on Form S-3
(including a base prospectus) previously filed with the Securities
and Exchange Commission (SEC). A prospectus supplement
relating to the offering will be filed with the SEC. Before you
invest, you should read the prospectus in that registration
statement and the related prospectus supplements and the other
documents that ADVENTRX has filed or will file with the SEC for
more complete information about ADVENTRX and this offering.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any offer or sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction. The offering will be made only by means of a
prospectus supplement and accompanying prospectus, copies of which
may be obtained from Rodman & Renshaw, LLC, Prospectus
Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: (212) 201-8064
or email: placements@rodm.com.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company
focused on developing proprietary product candidates. The Company's
current lead product candidates are ANX-188, a novel, purified,
rheologic and antithrombotic compound initially being developed as
a first-in-class treatment for pediatric patients with sickle cell
disease in acute crisis, and ANX-514, a novel, detergent-free
formulation of the chemotherapy drug docetaxel. 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: whether or
when the offering may be completed; the actual size and terms of
the offering; the risk that ADVENTRX is unable to raise sufficient
capital to fund development of its product candidates, including
its planned phase 3 clinical trials of ANX-188 and ANX-514; the
potential for difficulties or delays in reaching agreement with the
FDA on the clinical development of ANX-188; the potential for
difficulties or delays in completing manufacturing process
development activities and manufacturing material for and/or in
completing enrollment of the planned phase 3 clinical trials and
any other clinical studies; the risks that the planned phase 3
clinical trials for ANX-188 and ANX-514 are not successful and,
even if they are successful, that the FDA could determine they are
not sufficient to support NDAs for ANX-188 and/or ANX-514 or, in
the case of ANX-514, to eliminate corticosteroid premedication; the
risk that the FDA does not grant market approval of ANX-188 and/or
ANX-514 on a timely basis, or at all; ADVENTRX's reliance on third
parties to assist in the conduct of important aspects of its
product candidates' development programs, including the manufacture
of clinical trial material, the conduct of clinical trials and
regulatory submissions related to product approval, and that such
third parties 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 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.