Navigation Links
ADVENTRX Announces Further Cost-Cutting Measures
Date:3/20/2009

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.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. ADVENTRX Provides Update on Strategic Transaction Process
2. ADVENTRX Announces Further Cost-Cutting Measures
3. ADVENTRX Exploring Strategic Options
4. ADVENTRX Pharmaceuticals Reports Third Quarter 2008 Financial Results and Business Update
5. ADVENTRX Pharmaceuticals to Present at the Rodman & Renshaw 10th Annual Global Healthcare Conference
6. ADVENTRX Announces Restructuring and Cost Reduction Initiatives
7. ADVENTRX Pharmaceuticals to Report Second Quarter 2008 Results
8. ADVENTRX Settles Dispute With Former Licensee
9. ADVENTRX Pharmaceuticals to Present at the Rodman & Renshaw 5th Annual Global Healthcare Conference
10. ADVENTRX Appoints Vice President of Manufacturing
11. ADVENTRX Creates Executive Vice President Position and Announces New Chief Financial Officer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2016)... (PRWEB) , ... May 26, 2016 , ... ... manufacturing company, today announced several positive developments that position the Company for the ... result of the transaction, Craig F. Kinghorn has been appointed Chairman of the ...
(Date:5/25/2016)... ... May 25, 2016 , ... The Ankle Plating System ... designed to address fractures of the distal tibia and fibula. This system marks ... Plating System 3 is composed of seven plate families that span the lateral, ...
(Date:5/25/2016)... ... 2016 , ... WEDI, the nation’s leading authority on the use of health ... has been named by the WEDI Board of Directors as WEDI’s president and CEO. ... with more than 35 years of experience in healthcare, association management and organizational leadership, ...
(Date:5/24/2016)... May 24, 2016   MedyMatch Technology Ltd ., the ... intelligence, real-time decision support tools in the emergency room, announced ... 2016 Israeli Advanced Technology Industries (IATI) BioMed Conference. ... 15th National Life Sciences and Technology Week, and ... Intercontinental Hotel in Tel Aviv, Israel . ...
Breaking Biology Technology:
(Date:4/19/2016)... April 20, 2016 The new ... a compact web-based "all-in-one" system solution for all door ... reader or the door interface with integration authorization management ... control systems. The minimal dimensions of the access control ... the building installations offer considerable freedom of design with ...
(Date:3/31/2016)... 31, 2016   ... the "Company") LegacyXChange is excited to release ... soon to be launched online site for trading 100% ... ) will also provide potential shareholders a sense of ... to an industry that is notorious for fraud. The ...
(Date:3/22/2016)... PROVO and SANDY, Utah ... Ontario (NSO), which operates the highest sample volume laboratory ... and Tute Genomics and UNIConnect, leaders in clinical sequencing ... announced the launch of a project to establish the ... panel. NSO has been contracted by ...
Breaking Biology News(10 mins):