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

ed 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. '/>"/>

SOURCE ADVENTRX Pharmaceuticals, Inc.
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