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:3/22/2017)... LEXINGTON, Mass. , March 22, 2017   ... collections, today announced that Doctors Pathology Service ... mid-Atlantic region of the United States ... the Delaware Health Information Network (DHIN) to ... researchers. The novel program, announced in ...
(Date:3/22/2017)... , March 22, 2017   ... independent provider of product and service solutions ... that it has acquired EPL Archives, Inc., ... customers across the entire regulated product research, ... sample, document storage and ancillary services. EPL ...
(Date:3/22/2017)... , ... March 21, 2017 , ... ... , more than tripling its goal and raising over $30,000 in the first ... that grows nutritious veggies & herbs fast, easy, and affordably, anywhere. , “Simply ...
(Date:3/22/2017)... ... March 22, 2017 , ... March 22, 2017...Council for Agricultural Science and Technology, ... that utilizes technological innovation in smart, sustainable ways. Humans depend on plants for food, ... and environmental stability. This paper is the first in a series that connects science ...
Breaking Biology Technology:
(Date:3/9/2017)... MELBOURNE , Australia , March ... clinical study data at the prestigious World Lung Imaging ... Dr. Andreas Fouras , was invited to deliver ... and pulmonary medicine. This globally recognised event brings together ... and share the latest developments in lung imaging. ...
(Date:3/7/2017)... , March 7, 2017   HireVue , the ... global companies identify the best talent, faster, today announced ... Sales Officer (CSO) and Diana Kucer as ... out a seasoned executive team poised to drive continued growth ... on a year of record bookings in 2017. ...
(Date:3/2/2017)... Summary This report provides all ... and its partnering interests and activities since 2010. ... The Partnering Deals and Alliance since 2010 report provides ... of the world,s leading life sciences companies. ... ensure inclusion of the most up to date deal ...
Breaking Biology News(10 mins):