ADVENTRX Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2008 Financi...(nses related to ANX-514 and a $0.1 milli...)

Date:3/25/2009

nses related to ANX-514 and a $0.1 million increase in personnel costs, offset by a $1.6 million decrease in external clinical trial expenses related to ANX-510, or CoFactor(R), and ANX-530 and a $0.2 million decrease in non-cash, stock-based compensation expenses. R&D expenses for the three-month period ended December 31, 2008 included non-cash, stock-based compensation expenses amounting to $0.1 million compared to $0.3 million for the same period a year ago.

Selling, general and administrative, or SG&A, expenses increased by $0.8 million, or 40%, to $2.6 million for the three-month period ended December 31, 2008, from $1.9 million for the same period a year ago. The increase was substantially due to a $0.6 million increase in severance expenses, a $0.2 million increase for consulting expenses related to market research and a $0.1 million increase in professional services, offset by a $0.1 million decrease in non-cash, stock-based compensation expenses. SG&A expenses for the three-month period ended December 31, 2008 included non-cash, stock-based compensation expenses amounting to $0.1 million, compared to $0.3 million for the same period a year ago.

Interest income amounted to $18,000 for the three-month period ended December 31, 2008, compared to $438,000 for the same period a year ago. The decrease in interest income was primarily attributable to lower invested balances and interest rates.

Year 2008 Operating Results

ADVENTRX's net loss was $26.6 million, or $0.30 per share, for 2008, compared to a net loss of $22.1 million, or $0.25 per share, for 2007. Included in the loss for 2008 were non-cash, share-based compensation expenses amounting to $1.6 million compared to $2.5 million for the same period in 2007.

R&D expenses increased by $2.0 million, or 12%, to $17.9 million for 2008, from $15.9 million for 2007. The increase was primarily due to a $6.2 mil
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SOURCE ADVENTRX Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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