Navigation Links
ADVENTRX Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2007 Financial Results
Date:3/13/2008

Conference call scheduled for March 13 at 1:30 p.m. (Pacific Time);

simultaneous webcast at http://www.adventrx.com

SAN DIEGO, March 13 /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 and infectious disease, today reported financial results for the fourth quarter and year ended December 31, 2007.

Three-Month Period Ended December 31, 2007 Operating Results

ADVENTRX's net loss was $5.4 million, or $0.06 per share, for the three- month period ended December 31, 2007, compared to a net loss of $4.3 million, or $0.05 per share, for the same period in 2006. Included in the net loss for the three-month period ended December 31, 2007 were non-cash, share-based compensation expenses amounting to $538,000, compared to $505,000 for the same period in 2006.

Research and development, or R&D, expenses increased by $827,000, or 27%, to $3.9 million for the three-month period ended December 31, 2007, from $3.1 million for the same period a year ago. The increase was primarily due to a $665,000 increase in expenses related to external research-related manufacturing, regulatory and quality assurance activities and a $137,000 increase in personnel and related costs. R&D expenses for the three-month period ended December 31, 2007 included non-cash, share-based compensation expense amounting to $260,000, compared to $143,000 for the same period a year ago.

Selling, general and administrative, or SG&A, expenses increased by $193,000, or 11%, to $1.9 million for the three-month period ended December 31, 2007, from $1.7 million for the same period a year ago. The increase was primarily due to a $201,000 increase in personnel and related costs and a $109,000 increase in market research consulting expense for ANX-530 and ANX- 514, partially offset by a $78,000 decrease in non-cash, share-based compensation expense related to non-employee stock options and a $62,000 decrease in overall legal fees. SG&A expenses for the three-month period ended December 31, 2007 included non-cash, share-based compensation expenses amounting to $278,000, compared to $362,000 for the same period a year ago.

Interest income amounted to $438,000 for the three-month period ended December 31, 2007, compared to $455,000 for the same period a year ago.

Effective January 1, 2007, the Company adopted FASB Staff Position on No. EITF 00-19-2, Accounting for Registration Payment Arrangements ("FSP EITF 00- 19-2"). Pursuant to FSP EITF 00-19-2, the Company determined that no contingent liability was required to be recognized as of December 31, 2007 relating to a class of warrants issued in July 2005 that contained a registration payment arrangement, and accordingly, the carrying amount of the warrant liability that had been reported in previous periods was eliminated. In applying the new method retrospectively, the comparative financial statements of prior periods have been adjusted to eliminate the fair value of the warrant liability.

Year 2007 Operating Results

The net loss for the year ended December 31, 2007 was $22.1 million, or $0.25 per share, compared to $28.7 million, or $0.39 per share, for 2006. Included in the loss for 2006 was a charge of $10.4 million of in-process research and development expense recorded in connection with the acquisition of SD Pharmaceuticals and eight of its product candidates. Included in the net loss for 2007 were non-cash, share-based compensation expenses amounting to $2.5 million, compared to $2.1 million for 2006.

R&D expenses increased by $3.9 million, or 33%, to $15.9 million for 2007, from $12.0 million for 2006. The increase in 2007 was primarily due to a $2.3 million increase in expenses related to external preclinical, research-related manufacturing, quality assurance and regulatory activities, a $1.5 million increase in personnel-related costs and a $223,000 increase in external clinical expenses. R&D expenses for 2007 included non-cash, share-based compensation expense amounting to $1.1 million, compared to $510,000 for 2006.

SG&A expenses increased by $1.4 million, or 20%, to $8.7 million for 2007, from $7.2 million for 2006. The increase in 2007 was substantially due to a $1.0 million increase in personnel and related costs and a $321,000 increase in legal fees, of which $204,000 was related to the enforcement of our rights under the Theragenex license agreement, which we terminated in August 2007. SG&A expenses for 2007 included non-cash, share-based compensation expenses amounting to $1.4 million, compared to $1.6 million for 2006.

Revenue of $500,000 in 2007 represented a license fee earned from licensing ANX-211, compared to no revenue earned in 2006. Interest income amounted to $2.2 million in 2007, compared to $1.2 million in 2006. The increase in interest income in 2007 was due to a higher average invested balance primarily as a result of an equity financing in November 2006 and a higher average interest rate in 2007.

During 2007, the Company made significant additions and changes to the management team, including the appointment of a vice president of commercialization and a vice president of regulatory affairs.

Balance Sheet Highlights

As of December 31, 2007, the Company had cash, cash equivalents and investments in securities totaling $33.5 million, with cash and cash equivalents of $14.8 million and short-term investments in securities of $18.7 million. Stockholders' equity amounted to $31.0 million as of December 31, 2007.

Conference Call and Webcast

ADVENTRX management will host a conference call with simultaneous webcast to discuss fourth quarter and full-year results, provide a corporate update and take investors' questions today at 1:30 p.m. Pacific/4:30 p.m. Eastern Time. Evan M. Levine, Chief Executive Officer and President, and Gregory P. Hanson, Chief Financial Officer and Senior Vice President, are scheduled to lead the call and will be joined by other members of the Company's senior management. The conference call may be accessed by dialing (800) 896-8445 for domestic callers and (785) 830-1916 for international callers. The webcast will be available live via the Internet by accessing ADVENTRX's website at http://www.adventrx.com under "Investors". Replays of the webcast will be available on ADVENTRX's website for 30 days and a phone replay will be available through March 18, 2008 by dialing 888-203-1112 and entering the pass code 3804583.

Annual Meeting

The Company's 2008 Annual Meeting of Stockholders will be held on May 28, 2008, at 9:00 a.m. (Pacific Time) at the Company's offices at 6725 Mesa Ridge Road, Suite 100, San Diego, California. All stockholders are invited to attend.

About ADVENTRX Pharmaceuticals

ADVENTRX Pharmaceuticals is a biopharmaceutical company focused on in- licensing, developing and commercializing proprietary product candidates primarily for the treatment of cancer and infectious disease. The Company seeks to improve the performance and commercial potential of existing treatments by addressing problems associated with these treatment regimens. More information can be found on the Company's web site at http://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 ADVENTRX will be unable to raise sufficient capital to fund the projects necessary to meet its anticipated or stated goals and milestones; the risk that preclinical results are not indicative of the success of subsequent clinical trials and the results of pending clinical trials; the potential for ADVENTRX's product candidates to receive regulatory approval for one or more indications on a timely basis or at all, and the uncertain process of seeking regulatory approval; other difficulties or delays in developing, testing, manufacturing, marketing and obtaining regulatory approval for ADVENTRX's product candidates; the potential for regulatory authorities to require additional preclinical work or other clinical requirements to support regulatory filings; the market potential for ADVENTRX's product candidates and ADVENTRX's ability to compete in those markets; the scope and validity of patent protection for ADVENTRX's product candidates; patent and non-patent exclusivity covering Navelbine(R) and Taxotere(R); 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 update any forward-looking statement as set forth in this press release to reflect events or circumstances arising after the date on which it was made.

ADVENTRX Pharmaceuticals, Inc.

(A Development Stage Enterprise)

Summary Consolidated Financial Information

(In 000s except for per share data)

Consolidated Statement of

Operations Data:

Three months ended Twelve months ended

December 31, December 31,

2007 2006 2007 2006

(unaudited) (unaudited)

Revenues $-- $-- $500 $--

Operating expenses:

Research and

development 3,887 3,060 15,934 12,001

In-process research

and development -- -- -- 10,422

Selling, general and

administrative 1,884 1,691 8,679 7,236

Depreciation and

amortization 48 49 198 177

Total operating

expenses 5,819 4,800 24,811 29,836

Loss from operations (5,819) (4,800) (24,311) (29,836)

Interest income 438 455 2,169 1,164

Loss before income taxes (5,381) (4,345) (22,142) (28,672)

Provision for income

taxes -- -- -- --

Net loss $(5,381) $(4,345) $(22,142) $(28,672)

Net loss per share -

basic and diluted $(0.06) $(0.05) $(0.25) $(0.39)

Weighted average shares -

basic and diluted 90,253 83,092 89,913 73,988

Balance Sheet Data:

2007 2006

Total cash and investments in securities $33,463 $51,745

Net working capital 30,658 49,889

Total assets 34,542 52,798

Total liabilities 3,507 2,484

Stockholders' equity 31,035 50,314


'/>"/>
SOURCE ADVENTRX Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. ADVENTRX Announces Fast Track Designation Granted By the FDA For CoFactor For the Treatment of Metastatic Colorectal Cancer
2. ADVENTRX Pharmaceuticals to Present at the 2007 Thomas Weisel Partners Healthcare Conference
3. ADVENTRX Pharmaceuticals to Present at the 20th Annual Bear Stearns Healthcare Conference
4. ADVENTRX Announces ANX-514 Clinical Development Plan Affirmed by the FDA
5. ADVENTRX Pharmaceuticals to Present at the ThinkEquity Partners Fifth Annual Growth Conference
6. ADVENTRX Pharmaceuticals to Present at the 2007 UBS Global Life Sciences Conference
7. ADVENTRX to Present ANX-514 Preclinical Data at 2007 AACR-NCI-EORTC International Conference
8. ADVENTRX Pharmaceuticals to Present at the 2007 BIOInvestor Forum
9. ADVENTRX Appoints Vice President of Commercialization
10. ADVENTRX Pharmaceuticals Reports Third Quarter 2007 Financial Results
11. ADVENTRX Announces Consolidation of Clinical and Management Positions
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... (PRWEB) , ... February 08, 2016 , ... ... p.m. , Location: Baruch S. Blumberg Institute at the Pennsylvania Biotechnology Center of ... Blumberg Institute and The Commonwealth Medical College (TCMC) will hold an open house ...
(Date:2/9/2016)... , ... February 09, 2016 , ... Tunnell Consulting, Inc. ... Based in Paris, he will focus on acquiring new accounts and work closely with ... , “Fred brings to our European clients more than 15 years of ...
(Date:2/9/2016)... ... February 09, 2016 , ... ... for Public Policy for the National Organization for Rare Disorders (NORD). Dorman will ... ensure their voices are heard throughout the drug regulatory review process. , “Adding ...
(Date:2/9/2016)... LONDON , February 9, 2016 ... replace paper and protect IP   E-WorkBook ... will be rolled out in Germany ... and protect valuable IP. Users will be able to search ... or experiment as part of the application, to boost collaboration ...
Breaking Biology Technology:
(Date:2/3/2016)... , February 3, 2016 ... new market research report "Automated Fingerprint Identification System Market ... Latent Search), Application (Banking & Finance, Government, Healthcare, and ... by MarketsandMarkets, the market is expected to be worth ... of 21.0% between 2015 and 2020. The transformation and ...
(Date:2/3/2016)... , Feb. 3, 2016 ... the addition of the "Emotion Detection ... Machine Learning, and Others), Software Tools (Facial ... Areas, End Users,and Regions - Global forecast ... --> http://www.researchandmarkets.com/research/d8zjcd/emotion_detection ) has ...
(Date:2/2/2016)... NEW YORK , Feb. 2, 2016 /PRNewswire/ ... analysis of the bioinformatic market by reviewing the ... computer enabled tools that drive the field forward. ... report to: Identify the challenges and opportunities ... service providers and software solution developers, as well ...
Breaking Biology News(10 mins):