SAN DIEGO, March 20 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals,
Inc. (NYSE Amex: ANX) announced today that, effective April 3, it will reduce
its full-time workforce to five employees and will discontinue substantially
all of its development activities and fundamental business operations to
provide additional time to consummate a strategic transaction or otherwise
obtain financing. ADVENTRX's remaining employees, which will consist of its
Chief Business Officer and Senior Vice President, its General Counsel, its
Senior Vice President of Operations, its Vice President of Regulatory Affairs
and Quality and its Manager of Accounting, will focus their efforts primarily
on continuing to evaluate and execute strategic options.
"Along with the reductions we implemented in October 2008 and January
2009, and our prior cost-containment measures, the changes we announce today
will extend our cash cliff and increase the opportunity for us to close a
strategic transaction with one of the parties with whom we currently are in
discussions or another company we identify in the future," said Brian M.
Culley, ADVENTRX's Chief Business Officer.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company whose proprietary
product candidates are designed to improve the safety and commercial potential
of existing cancer treatments. In December 2008, the Company announced that
it is exploring a range of strategic options, including the sale or
disposition of one or more of its product candidate programs, a strategic
business merger and other transactions that maximize the value of the
Company's assets. More information can be found on ADVENTRX'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
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
the Company's recent cost-cutting measures, including those announced today,
will negatively impact the Company's ability to consummate a strategic
transaction; the risk that the Company will be unable to consummate a
strategic or partnering transaction or raise sufficient capital and will be
unable to continue as a going concern; the risk that the departure of the
Company's former Chief Executive Officer and President, the Company's
Executive Vice President and Chief Financial Officer and/or the Company's
leadership by a committee of executive officers will negatively impact the
Company's ability to consummate a strategic transaction or to maintain
effective disclosure controls and procedures or internal control over
financial reporting; the risk that the Company's stockholders will not approve
a strategic or capital-raising transaction recommended by the Company's Board
of Directors; 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 revise or update any forward-looking statement set forth in this
press release to reflect events or circumstances arising after the date on
which it was made.
SOURCE ADVENTRX Pharmaceuticals, Inc.
-0- 03/20/2009
CONTACT:
Brian Culley of ADVENTRX Pharmaceuticals, Inc.,
+1-858-552-0866
Web Site: http://www.adventrx.com
