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ADVENTRX Pharmaceuticals Reports Second Quarter Financial Results
Date:8/12/2009

SAN DIEGO, Aug. 12 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today reported financial results for the three and six months ended June 30, 2009.

"Following our recent successful fundraisings, we believe we have the capital to complete and submit a New Drug Application (NDA) for ANX-530 to the U.S. Food and Drug Administration later this year," said Brian M. Culley, Principal Executive Officer at ADVENTRX. "Our financial results reflect a commitment to careful cash management and deployment, such as for the manufacturing work we re-started in June and successfully completed earlier this month, a key step toward our first NDA submission."

Second Quarter Financial Results

For the three months ended June 30, 2009, ADVENTRX's net loss applicable to common stock was $3.8 million, or $0.04 per share, compared with a net loss applicable to common stock of $6.4 million, or $0.07 per share, for the comparable period in 2008. Included in the net loss applicable to common stock for the 2009 second quarter was a non-cash deemed dividend expense of $1.2 million incurred in connection with the Company's June 2009 equity financing. Net loss for the three months ended June 30, 2009, which does not reflect the deemed dividend expense, was $2.6 million. Included in both net loss and net loss applicable to common stock were charges associated with the Company's reductions in force made in October 2008, and January and March 2009.

Research and development (R&D) expenses in the second quarter of 2009 were $1.5 million, a decrease of $3.1 million, or 68%, compared with R&D expenses of $4.5 million in the second quarter of 2008. The decrease was primarily due to a $1.1 million decrease in externa
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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