Conference call begins at 4:30 p.m. Eastern time today SAN DIEGO,
Aug. 12 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc.
(NYSE Amex: ANX) today reported financial results for the three and
six months ended June 30, 2009. "Following our recent successful
fundraisings, we believe we have the capital to complete and submit
a New Drug Application (NDA) for ANX-530 to the U.S. Food and Drug
Administration later this year," said Brian M. Culley, Principal
Executive Officer at ADVENTRX. "Our financial results reflect a
commitment to careful cash management and deployment, such as for
the manufacturing work we re-started in June and successfully
completed earlier this month, a key step toward our first NDA
submission." Second Quarter Financial Results For the three months
ended June 30, 2009, ADVENTRX's net loss applicable to common stock
was $3.8 million, or $0.04 per share, compared with a net loss
applicable to common stock of $6.4 million, or $0.07 per share, for
the comparable period in 2008. Included in the net loss applicable
to common stock for the 2009 second quarter was a non-cash deemed
dividend expense of $1.2 million incurred in connection with the
Company's June 2009 equity financing. Net loss for the three months
ended June 30, 2009, which does not reflect the deemed dividend
expense, was $2.6 million. Included in both net loss and net loss
applicable to common stock were charges associated with the
Company's reductions in force made in October 2008, and January and
March 2009. Research and development (R&D) expenses in the
second quarter of 2009 were $1.5 million, a decrease of $3.1
million, or 68%, compared with R&D expenses of $4.5 million in
the second quarter of 2008. The decrease was primarily due to a
$1.1 million decrease in external clinical trial expenses related
to ANX-510, a $0.1 million decrease in external clinical trial
expenses related to ANX-514, a $1.2 million decrease in
non-clinical expenses related to ANX-514, a $0.6 million decrease
in personnel expenses and a $0.1 million decrease in share-based
compensation expense. Selling, general and administrative
(SG&A) expenses in the second quarter of 2009 were $1.1
million, a decrease of $1.6 million, or 59%, compared with SG&A
expenses of $2.6 million in the second quarter of 2008. The
decrease was primarily due to a $1.1 million decrease in personnel
costs, a $0.1 million decrease in share-based compensation expense,
a $0.2 million decrease in legal and professional services, a $0.1
million decrease in market research expenses and a $0.1 million
decrease in travel expenses. Year-to-Date Financial Results For the
six months ended June 30, 2009, ADVENTRX's net loss applicable to
common stock was $7.0 million, or $0.08 per share, compared with a
net loss applicable to common stock of $12.4 million, or $0.14 per
share, for the comparable period in 2008. Included in the net loss
for the 2009 period was a non-cash deemed dividend expense of $1.2
million incurred in connection with the Company's June 2009 equity
financing. Net loss for the six months ended June 30, 2009, which
does not reflect the deemed dividend expense, was $5.8 million.
Included in both net loss and net loss applicable to common stock
were charges associated with the Company's reductions in force made
in October 2008, and January and March 2009. R&D expenses for
the first half of 2009 were $3.1 million, a decrease of $5.2
million, or 63%, compared with R&D expenses of $8.3 million in
the first half of 2008. The decrease was primarily due to a $1.3
million decrease in external clinical trial expenses related to
ANX-510, a $1.8 million decrease in non-clinical expenses related
to ANX-514, a $0.2 million decrease in non-clinical expenses
related to ANX-201 and ANX-211, a $0.2 million decrease in
non-clinical expenses related to ANX-530, a $1.1 million decrease
in personnel costs and a $0.5 million decrease in share-based
compensation expense, offset by a $0.1 million increase in external
clinical trial expenses related to ANX-514. SG&A expenses in
the first half of 2009 were $2.9 million, a decrease of $2.2
million, or 43%, compared with SG&A expenses of $5.0 million in
the first half of 2008. The decrease was primarily due to a $1.1
million decrease in personnel costs, a $0.3 million decrease
related to share-based compensation expense, a $0.4 million
decrease in legal and professional services, a $0.1 million
decrease in market research expenses, a $0.2 million decrease in
travel expenses, and a $0.1 million decrease in insurance related
expenses. Balance Sheet Highlights As of June 30, 2009, the Company
had cash and cash equivalents of $5.4 million and stockholders'
equity of $2.3 million. Conference Call and Webcast ADVENTRX will
hold a conference call today beginning at 4:30 p.m. Eastern time to
review financial results for the second quarter and provide an
update on its business. Individuals interested in listening to the
conference call may do so by dialing (866) 305-6438 for domestic
callers, or (706) 679-7161 for international callers, or from the
webcast on the investor relations section of the Company's Web site
at http://www.adventrx.com/. A 48-hour telephone replay will be
available approximately one hour after the conclusion of the call
by dialing (800) 642-1687 for domestic callers, or (706) 645-9291
for international callers, and entering reservation code 23355569.
The webcast will be available on the Company's Web site for 14 days
following the completion of the call. About ADVENTRX
Pharmaceuticals ADVENTRX Pharmaceuticals is a biopharmaceutical
company whose product candidates are designed to improve the safety
of existing cancer treatments. More information can be found on the
Company's website at http://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 involve risks and assumptions that,
if they materialize or do not prove to be accurate, could cause
ADVENTRX's results to differ materially from historical results or
those expressed or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to: the
risk that ADVENTRX will be unable to raise sufficient additional
capital on a timely basis to submit an NDA for ANX-530, to fund
operations or pre-launch activities during the FDA review period if
an NDA is submitted or launch activities should an NDA for ANX-530
be approved; the risk that ADVENTRX will be unable to raise
sufficient additional capital on a timely basis to continue as a
going concern; the risk that ADVENTRX will seek protection under
the provisions of the U.S. Bankruptcy Code; the risk that ADVENTRX
will reassess the results of the ANX-530 bioequivalence study and
determine to conduct additional bioequivalence studies of ANX-530,
including in humans; the potential for regulatory authorities to
require additional preclinical work and/or clinical activities to
support regulatory filings, including prior to the submission or
the approval of an NDA for ANX-530, which activities may increase
the cost and timeline to NDA submission or approval; the risk the
FDA will determine that ANX-530 and Navelbine are not
bioequivalent, including as a result of performing pharmacokinetic
equivalence analysis based on a patient population other than the
population on which ADVENTRX based its analysis; the risk of
investigator bias in reporting adverse events as a result of the
open-label nature of the ANX-530 bioequivalence study, including
bias that increased the reporting of adverse events associated with
Navelbine and/or that decreased the reporting of adverse events
associated with ANX-530; difficulties or delays in manufacturing,
obtaining regulatory approval for and marketing ANX-530, including
validating commercial manufacturing processes and manufacturers, as
well as suppliers; the risk that the performance of third parties
on whom ADVENTRX relies to conduct its studies or evaluate the
data, including clinical investigators, expert data monitoring
committees, contract laboratories and contract research
organizations, may be substandard, or they may fail to perform as
expected; the risk that ADVENTRX's significantly reduced workforce
and leadership by officers who do not have substantial previous
experience in executive leadership roles will negatively impact its
ability to raise capital or maintain effective disclosure controls
and procedures or internal control over financial reporting; the
risk that ADVENTRX's common stock will be delisted by the NYSE
Amex, including as a result of failing to comply with applicable
stockholder approval requirements or to maintain sufficient
stockholders' equity or a sufficient stock price; the risk that
ADVENTRX will be unable to file timely required reports with the
Securities and Exchange Commission; the risk that ADVENTRX will
trigger a "maintenance failure" under that certain Rights
Agreement, dated July 27, 2005, as amended, and be required to pay
liquidated damages, including as a result of losing its eligibility
to use Form S-3 if its common stock is delisted from the NYSE Amex
or ADVENTRX is not timely in its filings with the Securities and
Exchange Commission; 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
http://www.sec.gov/. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date when made. ADVENTRX does not intend to update any
forward-looking statement as set forth in this press release to
reflect events or circumstances arising after the date on which it
was made. [Tables to Follow] ADVENTRX Pharmaceuticals, Inc. (A
Development Stage Enterprise) Summary Consolidated Financial
Information (In 000s except for per share data) Consolidated
Statement of Operations Data: Three Months Six Months Ended June
30, Ended June 30, 2009 2008 2009 2008
(unaudited)(unaudited)(unaudited)(unaudited) Revenues $- $500 $300
$500 Operating expenses: Research and development 1,455 4,511 3,102
8,332 Selling, general and administrative 1,071 2,636 2,851 5,001
Depreciation and amortization 26 45 58 91 Total operating expenses
2,552 7,192 6,011 13,423 Loss from operations (2,552) (6,691)
(5,711) (12,923) Interest / Other income (43) 266 (41) 565 Loss
before income taxes (2,596) (6,426) (5,753) (12,359) Provision for
income taxes - - - - Net loss $(2,596) $(6,426) $(5,753) $(12,359)
Deemed Dividends on preferred stock (1,232) - (1,232) - Net Loss
applicable to common stock $(3,828) $(6,426) $(6,985) $(12,359) Net
loss per share - basic and diluted $(0.04) $(0.07) $(0.08) $(0.14)
Weighted average shares - basic and diluted 93,389 90,253 91,838
90,253 Balance Sheet Data: June 30, December 31, 2009 2008
(unaudited) Total cash and investments in securities $5,419 $9,850
Total current assets 6,024 10,450 Total current liabilities 3,871
3,871 Stockholders' equity 2,296 6,000 DATASOURCE: ADVENTRX
Pharmaceuticals, Inc. CONTACT: Brian Culley, Principal Executive
Officer of ADVENTRX Pharmaceuticals, +1-858-552-0866; or Investors,
Don Markley of Lippert/Heilshorn & Associates, Inc.,
+1-310-691-7100, , for ADVENTRX Pharmaceuticals Web Site:
http://www.adventrx.com/
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