ADVENTRX Announces Restructuring and Cost Reduction I... (

ADVENTRX Announces Restructuring and Cost Reduction Initiatives

Date:10/20/2008

- CEO Resigns; Executive Team Reorganized; 27% Reduction in Force

- Timelines Revised for ANX-530 and ANX-514 - Company to Present Updated Corporate Outlook at Conferences in October

SAN DIEGO, Oct. 20 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (Amex: ANX) announced today that it has implemented a restructuring designed to reduce operating costs while continuing advancement towards the Company's near term goals. ADVENTRX will focus its resources solely on the continued development and regulatory approvals of ANX-530 (vinorelbine emulsion) and ANX- 514 (docetaxel emulsion). The restructuring reduced the Company's staff by a total of nine employees, or approximately 27% of its workforce. These changes will allow the Company to retain the appropriate personnel to submit New Drug Applications (NDAs) for both ANX-530 and ANX-514, and are expected to provide ADVENTRX with cash sufficient to fund operations until mid-2009. In addition, the Company announced that it is revising its timelines for ANX-530 and ANX- 514. Additional information regarding the restructuring and program timelines are provided below.

ADVENTRX also announced that Evan M. Levine has resigned his positions as Chief Executive Officer and President, effective October 17, 2008, to pursue other opportunities. Mr. Levine will continue to serve on the Company's Board of Directors. The Company intends to conduct a search for a replacement Chief Executive Officer. In the interim, consistent with the Company's CEO succession plan, ADVENTRX will be led by a committee of executive officers.

"We thank Evan for his leadership and contributions to the Company and wish him the best in his future endeavors," stated Jack Lief, Chair of t
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ADVENTRX Announces Restructuring and Cost Reduction I...( - CEO Resigns; Executive Team Re...)