SAN DIEGO, Nov. 11, 2011 /PRNewswire/ -- ADVENTRX
Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced the pricing
of an underwritten public offering of 21,250,000 shares of its
common stock and warrants exercisable for up to 10,625,000
additional shares at $0.80 per fixed
combination of shares and warrants for gross proceeds of
approximately $17 million. Each
fixed combination will consist of one share and a warrant to
purchase up to 0.5 of a share. The warrants will have an
exercise price of $1.10 per share and
a 5-year term. The Company has granted the underwriters a
45-day option to purchase up to an additional 3,187,500 shares of
its common stock and warrants exercisable for up to 1,593,750
additional shares 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 expects to close the transaction, subject to
customary conditions, on or about November 16, 2011.
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. Before you invest, you should read
the prospectus supplement and the accompanying prospectus,
including the information incorporated by reference therein, for
more complete information about ADVENTRX and this offering.
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 Statements
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 anticipated
gross proceeds of the offering and completion of the transaction.
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 transaction may be completed and
other risks and uncertainties more fully described in ADVENTRX's
press releases and periodic filings with the Securities and
Exchange Commission as well as in the prospectus supplement related
to this transaction. 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.