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:6/27/2017)... ... June 27, 2017 , ... DuPont Pioneer ... exclusive rights to the ERS patent portfolio covering CRISPR-Cas genome editing technology for ... foundational intellectual property (IP) of the CRISPR-Cas technology from co-inventor and co-owner Emmanuelle ...
(Date:6/26/2017)... ... ... Third Wave Bioactives, LLC announces the addition of Brett Thompson. Brett joins ... and ensuring quality customer experience. , Brett brings to Third Wave Bioactives ... and sales roles. “Brett’s background working with customers and eye for market opportunities make ...
(Date:6/26/2017)... (PRWEB) , ... June 26, 2017 , ... Two new ... annual Shareholders Meeting on June 9, 2017: Jeremy Nowak, President, J Nowak Strategy and ... Center also announced the election of Glen N. Gaulton and Kenneth L. Kring, and ...
(Date:6/23/2017)... Frederick, MD (PRWEB) , ... June 23, 2017 ... ... laboratory software solutions provider, announced the latest version of LimitLIS®, its rapidly growing ... designed to speed up user adoption, ensure installation integrity, and provide more customization ...
Breaking Biology Technology:
(Date:4/5/2017)... Today HYPR Corp. , leading innovator ... of the HYPR platform is officially FIDO® Certified ... architecture that empowers biometric authentication across Fortune 500 enterprises ... over 15 million users across the financial services industry, ... product suites and physical access represent a growing portion ...
(Date:4/4/2017)... --  EyeLock LLC , a leader of iris-based identity ... and Trademark Office (USPTO) has issued U.S. Patent No. ... iris image with a face image acquired in sequence ... th issued patent. "The issuance ... multi-modal biometric capabilities that have recently come to market ...
(Date:3/30/2017)... 2017  On April 6-7, 2017, Sequencing.com will host ... hackathon at Microsoft,s headquarters in Redmond, ... on developing health and wellness apps that provide a ... Genome is the first hackathon for personal genomics ... companies in the genomics, tech and health industries are ...
Breaking Biology News(10 mins):