"This restructuring balances the difficult trade-off between curtailing spending and conducting those activities that continue to demonstrate and build the value of ANX-530 and ANX-514, while efficiently moving towards becoming a commercial organization," said Mark Bagnall, the Company's Executive Vice President and Chief Financial Officer. "Our cash conservation measures will cut our overall burn rate by approximately 50%," added Mr. Bagnall.
The Company discontinued active work on all product candidates other than ANX-530 and ANX-514, including its CoFactor(R) program. Patients currently receiving CoFactor will continue to receive treatment. With respect to ANX-530 and ANX-514, until the Company has secured additional funding, it anticipates focusing primarily on those activities relating to submitting NDAs and may delay or significantly reduce spending on other work, including activities related to product launches.
The Company will present its updated corporate outlook at the 3rd Annual BIOCOM Investor Conference in San Diego on October 27th, 2008 at 2:30 p.m. Pacific Time, as well as at the 7th Annual BIOInvestor Forum in San Francisco on October 30th, 2008 at 3:15 p.m. Pacific Time. The presentations will be webcast live via the "Investors" section of the Company's web site at http://www.adventrx.com under "Events." The webcasts will be available for replay for 14 days and can be accessed through the same link.
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 in the U.S. to treat advanced non-small c
|SOURCE ADVENTRX Pharmaceuticals, Inc.|
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