Adventrx (ANX) Comments on Recent Financial Activity, AMEX Listing, and Denner Resignation
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ADVENTRX Pharmaceuticals, Inc. (AMEX: ANX) today provided an update on its business that included the intended use of proceeds from recent financings, the status of its product candidates ANX-530 and ANX-514, and its plan for the listing of its common stock. The Company also commented on the recent resignations of Alexander J. Denner and Mark N.K. Bagnall from its Board of Directors.
The Company's current outlook reflects its bolstered cash position following the closing of a financing earlier this month that provided approximately $6 million in proceeds (after deducting amounts placed in an escrow account to make dividend and other payments due with respect to the convertible preferred stock sold in the financing, but before deducing placement agent fees and offering expenses). The Company also raised approximately $3.8 million in proceeds in three separate offerings in June, July and August of 2009.
ADVENTRX commented on the resignation of Alexander J. Denner from its Board of Directors, noting that the resignation was not the result of a disagreement with the Company on any matter relating to its operations, policies or practices.
"Dr. Denner's recent resignation, as well as Mark's in August, are consistent with our transformation to a leaner, specialty pharmaceutical company leveraging an innovative drug development strategy that seeks to bring improved versions of existing therapies to patients in a quick and efficient manner. Alex's views and advice, over the past year in particular, have been invaluable, and we wish him the best."
Finally, the Company also announced that is has indefinitely postponed a previously announced plan to voluntarily withdraw its common stock listing from the NYSE Amex and list on the NASDAQ Capital Market. The Company will remain on the NYSE Amex under the symbol "ANX."
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