Release

ADVENTRX Announces Public Offering of Stock

SAN DIEGO, Nov. 10, 2011 /PRNewswire via COMTEX/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced that it intends, subject to market and other conditions, to offer and sell shares of its common stock and warrants to purchase its common stock in an underwritten public offering. The Company also intends to grant the underwriters a 45-day option to purchase up to an additional 15% of the shares and warrants sold in the public offering to cover over-allotments, if any.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), is acting as sole book-running manager for the offering.

The Company intends to use the proceeds of the offering to fund continued development of its lead product candidates and for general corporate purposes.

The securities described above are being offered by ADVENTRX pursuant to an effective shelf registration statement on Form S-3 (including a base prospectus) previously filed with the Securities and Exchange Commission (SEC). A prospectus supplement relating to the offering will be filed with the SEC. Before you invest, you should read the prospectus in that registration statement and the related prospectus supplements and the other documents that ADVENTRX has filed or will file with the SEC for more complete information about ADVENTRX and this 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 offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: (212) 201-8064 or email: placements@rodm.com.

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 Statement

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 capital-raising 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: whether or when the offering may be completed; the actual size and terms of the offering; the risk that ADVENTRX is unable to raise sufficient capital to fund development 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. 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.