SAN DIEGO, June 15 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced that it has completed the previously announced sale of shares of convertible preferred stock pursuant to a registered direct offering to a single institutional investor, representing gross proceeds of approximately $2 million. The preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investor at a price of $0.1105 per share.
The investor also received warrants to purchase 8,116,290 shares of ADVENTRX's common stock. The warrants have an exercise price of $0.15 per share and are exercisable at any time after the six-month anniversary of the closing of the transaction and before the fifth anniversary of such initial exercise date. ADVENTRX plans to use the net proceeds from the offering to fund activities related to seeking FDA approval to market ANX-530 (vinorelbine emulsion) in the United States, including manufacturing-related activities, and for general corporate purposes, including general and administrative expenses.
The shares and warrants were sold by ADVENTRX pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission ("SEC"). A prospectus supplement relating to the offering was filed with the SEC on June 8, 2009. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registra
|SOURCE ADVENTRX Pharmaceuticals, Inc.|
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