SAN FRANCISCO, March 21, 2012 /PRNewswire/ -- Vista
Partners announced today that it has updated coverage on ADVENTRX
Pharmaceuticals, Inc. (AMEX: ANX) ("The Company" or "ANX");
and maintains its twelve month target price of $3.50. Ross
Silver, Principal Analyst at Vista Partners stated, "The
GlycoMimetics deal with Pfizer, as reported by theflyonthewall.com,
for their investigational compound GMI-1070 currently in Phase 2
development for the treatment of vaso-occlusive crisis associated
with sickle cell disease has a potential value of approximately
$340M. This deal would seem to
provide a benchmark for which to base value of ANX-188, which
ADVENTRX has stated, will begin a Phase 3 trial in 2012." Mr.
Silver continues "ANX currently trades at a negative enterprise
value with its market cap currently being less than its cash
balance. In addition, the cash value per share was approximately
$1.06 at 2011 year end, a discount of
approximately 71% from the current share price. This would seem to
indicate that the Company is currently being given little to no
value for its two Phase 3 clinical candidates which could serve
large markets: 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 detergent-free
reformulation of the blockbuster drug Taxotere."
To download a FREE copy of the ADVENTRX Pharmaceuticals, Inc.
research report, please visit http://www.vistapglobal.com and click
the "download research" icon to gain access to the report.
About Vista Partners:
Vista Partners LLC, founded in 2005, is a Registered Investment
Advisor in the States of California and Oregon. The firm's professional staff has
backgrounds in finance, corporate communications and investment
banking. Vista Partners LLC has built a name for itself in the
small cap space due to its selection of profitable investment
ideas.
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SOURCE Vista Partners