SAN DIEGO, Nov. 16, 2011 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE 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.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), acted as sole book-running manager for the offering.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offer and sale of the securities was made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from the Securities and Exchange Commission's website at http://www.sec.gov/ or by contacting Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: (212) 201-8064 or email: placements@rodm.com. Before you invest, you should read the prospectus supplement and the accompanying prospectus, including the information incorporated by reference therein, for more complete information about ADVENTRX and this offering.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company focused on developing proprietary product candidates. The Company's current lead product candidates are 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 novel, detergent-free formulation of the chemotherapy drug docetaxel. More information can be found on the Company's web site at http://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 estimated net proceeds from the offering and use of proceeds. Actual events or results may differ materially from those expressed or implied by the forward-looking statements in this press release due to a number of risks and uncertainties, including, without limitation: greater than anticipated expenses related to the offering; the risk that ADVENTRX may not have or be able to raise sufficient capital to complete activities necessary for development and regulatory approval of its product candidates, including its planned phase 3 clinical trials of ANX-188 and ANX-514; the potential for difficulties or delays in reaching agreement with the FDA on the clinical development of ANX-188; the potential for difficulties or delays in completing manufacturing process development activities and manufacturing material for and/or in completing enrollment of the planned phase 3 clinical trials and any other clinical studies; the risks that the planned phase 3 clinical trials for ANX-188 and ANX-514 are not successful and, even if they are successful, that the FDA could determine they are not sufficient to support NDAs for ANX-188 and/or ANX-514 or, in the case of ANX-514, to eliminate corticosteroid premedication; the risk that the FDA does not grant market approval of ANX-188 and/or ANX-514 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 trials and 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 as well as in the prospectus supplement related to this offering. 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 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.
SOURCE ADVENTRX Pharmaceuticals, Inc.
Ioana C. Hone of ADVENTRX Pharmaceuticals, +1-858-552-0866, ext. 303, ir@adventrx.com, or Investors, Don Markley of LHA, +1-310-691-7100, dmarkley@lhai.com, for ADVENTRX Pharmaceuticals
