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
|SOURCE ADVENTRX Pharmaceuticals, Inc.|
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