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ADVENTRX Announces Further Cost-Cutting Measures
Date:1/5/2009

ugh difficult, the changes we announce today are the right moves for the Company's stockholders and provide the best opportunity to find the right strategic partner or partners," stated Jack Lief, Chair of the ADVENTRX Board of Directors. "Mark's willingness to join the Company as an executive and now to transition back to his prior Board role has been tremendously valuable, both to the Board and to management, and we thank him for his dedication to ADVENTRX," added Mr. Lief.

"At this time, when conserving cash is vital, I believe I can best help the Company achieve its goals by transitioning back to my prior role as a Board member," stated Mark Bagnall. "I plan to stay involved with the Company and will remain engaged in the Company's on-going strategic partnering discussions."

Strategic Opportunities

ADVENTRX is seeking partners for one or both of its two late-stage oncology programs, both of which are novel reformulations of currently approved products and are designed to improve the safety profiles of the approved products without affecting efficacy. ANX-514 (docetaxel emulsion for injection) is a reformulation of the blockbuster chemotherapeutic agent, Taxotere(R). In 2007, the aggregate worldwide market for Taxotere was in excess of $3 billion. ANX-530 (vinorelbine injectable emulsion) is a reformulation of Navelbine(R) which, despite being a generic product for a number of years, still sells in excess of $200 million a year world-wide. Both of the Company's product candidates have the potential to be on the market in 2010.

About ANX-530 (vinorelbine emulsion)

ANX-530 is a novel emulsion formulation of the chemotherapy drug vinorelbine. ANX-530 emulsifies vinorelbine into a homogeneous suspension of nanoparticles that is designed to protect the venous endothelium during administration into a peripheral vein. Navelbine(R), a branded formulation of vinorelbine, is approved
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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