ADVENTRX (ANX) Closes 21.25M Offering for $17M of Proceeds

ADVENTRX Pharmaceuticals, Inc. (AMEX: ANX) today announced the closing of its previously announced underwritten public offering of 21,250,000 shares of its common stock and warrants exercisable for up to 10,625,000 additional shares for gross proceeds of approximately $17.0 million. The securities sold in the offering were sold in a fixed combination of one share and a warrant to purchase 0.5 of a share at a price to the public of $0.80 per fixed combination. The warrants have an exercise price of $1.10 per share and a 5-year term. Net proceeds to the Company from the offering are approximately $15.7 million after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the proceeds to fund continued development of its lead product candidates and for general corporate purposes.

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