ADVENTRX Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2008 Financi...( SAN DIEGO March 25 /- ADVENTRX Pharma...)

SAN DIEGO, March 25 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today reported financial results for the fourth quarter and year ended December 31, 2008.

"2008 was a transition year for ADVENTRX in which we advanced a new business model focused on lower-risk reformulations of previously-approved drugs. We achieved important milestones with our new lead programs, but given the difficult economic environment, we were unable to attract financing on terms that would allow us to pursue their commercialization," said Brian M. Culley, ADVENTRX's Chief Business Officer. "As a result, over the past several months, we have implemented significant cost-containment measures and, in December, publicly announced that we were exploring strategic options as a means to continue the necessary activities, whether by us or a partner, to bring our lead product candidates to market."

Three-Month Period Ended December 31, 2008 Operating Results

ADVENTRX's net loss was $7.5 million, or $0.08 per share, for the three-month period ended December 31, 2008, compared to a net loss of $5.4 million, or $0.06 per share, for the same period in 2007. Included in the net loss for the three-month period ended December 31, 2008 were non-cash, share-based compensation expenses amounting to $0.2 million, compared to $0.5 million for the same period in 2007.

Research and development, or R&D, expenses increased by $1.0 million, or 25%, to $4.8 million for the three-month period ended December 31, 2008, from $3.9 million for the same period a year ago. The increase was primarily due to a $2.3 million increase in expenses related to external research-related manufacturing and regulatory and quality assurance activities related to ANX-530 and ANX-514, a $0.4 million increase in external clinical trial expe
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