SAN DIEGO, Sept. 7, 2012 /PRNewswire/ -- ADVENTRX
Pharmaceuticals, Inc. (NYSE MKT: ANX) today announced that
Ted W. Love, M.D., has joined its
Board of Directors. Dr. Love most recently served as Executive Vice
President and Head of Research and Development and Technical
Operations at Onyx Pharmaceuticals, Inc., where he launched four
multi-center, global phase 3 studies in two years and played a key
role in obtaining in 2012 accelerated approval from the FDA to
market Kyprolis™ (carfilzomib).
"We are delighted to welcome Ted to our Board of Directors,"
stated Jack Lief, Chair of the ADVENTRX Board of Directors. "His
extensive leadership and management experience, coupled with his
expertise in all aspects of drug development and regulatory affairs
will be very valuable to ADVENTRX during this important stage in
the Company's development of its lead product candidate."
Dr. Love retired from Onyx in August and will serve as a
consultant to that company through December
31, 2012. Prior to joining Onyx in 2010, Dr. Love was
President, Chief Executive Officer and Chairman of the Board of
Directors at ARCA biopharma, Inc. (formerly Nuvelo, Inc.), which he
joined in 2001. Previously, he served as Senior Vice President of
Development at Theravance, Inc. Earlier in his career, Dr. Love
spent six years at Genentech, Inc. in a number of senior management
positions in medical affairs and product development and also
served as Chairman of Genentech's Product Development Committee. As
Vice President, Product Development at Genentech, he managed
overall drug development strategy and process, which led to the
approval of Rituxan®, Herceptin®, Xolair®, TNKase®, Raptiva® and
Avastin®. Dr. Love earned his undergraduate degree in molecular
biology from Haverford College and his
medical degree at Yale Medical School.
He completed his residency and fellowship training in internal
medicine and cardiology at Harvard Medical
School and Massachusetts General Hospital, where he later
served on the faculty.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company
developing proprietary product candidates to treat various diseases
and conditions. The Company's lead product candidate, ANX-188, has
potential to reduce ischemic tissue injury and end-organ damage by
restoring microvascular function which is compromised in a wide
range of serious and life-threatening diseases and
conditions. The Company initially is developing ANX-188 as a
treatment for complications arising from sickle cell disease. 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 Dr. Love's
potential impact on ADVENTRX's success and ADVENTRX's development
plans for ANX-188, including the nature and timing of future
clinical studies. Among the factors that could cause or contribute
to material differences between ADVENTRX's actual results and those
indicated from the forward-looking statements are risks and
uncertainties inherent in ADVENTRX's business, including, but not
limited to: the potential for delays in the commencement or
completion of planned clinical studies including as a result of
difficulties or delays in completing manufacturing process
development activities and manufacturing clinical trial material or
difficulties or delays in obtaining regulatory agreement on
clinical study design or meeting applicable regulatory requirements
for clinical trial material; the risk of suspension or termination
of a clinical study including due to lack of adequate funding; the
risk that planned clinical studies are not successful and, even if
they are successful, that the FDA could determine they are not
sufficient to support an NDA for the product candidate; the
potential for ADVENTRX to delay, reduce or discontinue current
and/or planned development activities, including clinical studies,
partner its product candidates at inopportune times or pursue less
expensive but higher-risk development paths if it is unable to
raise sufficient additional capital as needed; ADVENTRX's ability
to obtain additional funding on a timely basis or on acceptable
terms, or at all; the risk that the FDA does not grant marketing
approval of ADVENTRX's product candidates, including ANX-188, 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 studies and
preparation of 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. 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.
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SOURCE ADVENTRX Pharmaceuticals, Inc.