SAN DIEGO, Nov. 16, 2011 /PRNewswire/ -- ADVENTRX
Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced the closing
of its previously announced underwritten public offering of
21,250,000 shares of its common stock and warrants exercisable for
up to 10,625,000 additional shares for gross proceeds of
approximately $17.0 million.
The securities sold in the offering were sold in a fixed
combination of one share and a warrant to purchase 0.5 of a share
at a price to the public of $0.80 per
fixed combination. The warrants have an exercise price of
$1.10 per share and a 5-year term.
Net proceeds to the Company from the offering are
approximately $15.7 million after
deducting underwriting discounts and commissions and estimated
offering expenses. The Company intends to use the proceeds to
fund continued development of its lead product candidates and for
general corporate purposes.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman
& Renshaw Capital Group, Inc. (NasdaqGM: RODM), acted as sole
book-running manager for the 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 offer and sale of the securities was made
only by means of a prospectus supplement and accompanying
prospectus, copies of which may be obtained from the Securities and
Exchange Commission's website at http://www.sec.gov or by
contacting 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 estimated net
proceeds from the offering 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:
greater than anticipated expenses related to the offering; the risk
that ADVENTRX may not have or be able to raise sufficient capital
to complete activities necessary for development and regulatory
approval 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 as well as in the prospectus
supplement related to this offering. 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.