ADVENTRX Pharmaceuticals Announces Definitive Agreement for Sale of Common Stock
April 05 2004 - 11:05AM
PR Newswire (US)
ADVENTRX Pharmaceuticals Announces Definitive Agreement for Sale of
Common Stock SAN DIEGO, April 5 /PRNewswire-FirstCall/ -- ADVENTRX
Pharmaceuticals, Inc. (BULLETIN BOARD: AVRX) announced today that
it has entered into a definitive agreement for the sale to certain
investors of approximately 10.0 million shares of its Common Stock
at a purchase price of $1.50 per share for gross proceeds of
approximately $15.0 million. The Company has also agreed to issue
to the investors approximately 3 million five-year warrants to
purchase shares of Common Stock at a price of $2.00 per share and
approximately 2 million five-year warrants to purchase shares of
Common Stock at $2.50 per share. The Company may redeem the
warrants for cash under certain circumstances. Additional
information regarding this transaction will be available through
the Company's 8-K filing with the Securities and Exchange
Commission. The Company plans to use the proceeds to finance
ongoing clinical development of its lead cancer drug, CoFactor(TM)
and HIV Viral Entry Inhibitor, BlockAide/CR(TM) and for working
capital purposes. Burnham Hill Partners acted as exclusive
placement agent in connection with the transaction. About Burnham
Hill Partners Burnham Hill Partners, based in New York City, was
formed in August 2003 and is a division of Pali Capital, Inc., a
NASD registered broker dealer. The professionals at Burnham Hill
Partners have extensive experience in providing comprehensive
financing andfinancial advisor services to publicly traded
companies with market capitalizations of up to $250 million.
Burnham Hill Partners' sector expertise includes
telecommunications, electronic equipment and services, network
security and software as well asmedical devices and life sciences.
About ADVENTRX Pharmaceuticals, Inc. ADVENTRX Pharmaceuticals Inc.
is a biopharmaceutical research and development company whose
business strategy is to commercialize leading edge medical research
through licensing agreements with prominent universities and
research institutions. The Company focuses its energy in cancer and
antiviral research to launch products that either extend the
usefulness of current therapies or replace marginal therapies with
new approaches to treatment. This press release contains
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Such statements are made based on management's current expectations
and beliefs. Actual results may vary from those currently
anticipated based upon a number of factors, including uncertainties
inherent in the drug development process, the timing and success of
clinical trials, the validity of research results, and the receipt
of necessary approvals from the United States Food and Drug
Administration. The Company undertakes no obligation to release
publicly any revisions, which may be made to reflect events or
circumstances after the date hereof. Contact: Company Contact: Evan
Levine, ADVENTRX Pharmaceuticals, Inc. 858-271-9671 Investor
Contact: Stephanie Carrington, The Ruth Group 646-536-7017 Media
Contact: Cynthia Isaac, Ph.D., The Ruth Group 646-536-7028 For more
information on BurnhamHill Partners, call 212-980-2200 DATASOURCE:
ADVENTRX Pharmaceuticals, Inc. CONTACT: Evan Levine, ADVENTRX
Pharmaceuticals, Inc., +1-858-271-9671; Investor - Stephanie
Carrington, +1-646-536-7017, or Media - Cynthia Isaac, Ph.D.,
+1-646-536-7028, both of The Ruth Group for ADVENTRX; or Burnham
Hill Partners, +1-212-980-2200
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