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ADVENTRX Exploring Strategic Options
Date:12/15/2008

SAN DIEGO, Dec. 15 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (Amex: ANX), a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates primarily for the treatment of cancer, today 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 Company's assets. The Company is currently in discussions with several candidates for both strategic and partnering transactions.

"Publicly announcing our exploration of strategic alternatives provides the best opportunity to find a partner who wishes to acquire one or both of our late-stage oncology assets," stated Mark Bagnall, the Company's Executive Vice President and Chief Financial Officer. "As we expand our horizons, we continue both our on-going discussions with potential pharmaceutical partners and to conduct those activities that maintain the value of our lead programs. We believe that ADVENTRX offers its partners near-term up-side in an otherwise tumultuous market and has the potential to deliver attractive returns by way of its innovative lower-cost, lower-risk business model."

ADVENTRX currently is focused on commercializing two late-stage product candidates in the U.S., both of which are reformulations of currently approved products and are designed to improve the safety profile of the approved product without affecting its efficacy. ANX-514 (docetaxel emulsion) 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 emulsion) is a reformulation of Navelbine(R) which, despite being a generic product for a number of years, still
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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