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ADVENTRX Pharmaceuticals Reports Third Quarter 2007 Financial Results
Date:11/7/2007

e financial statements of prior periods have been adjusted to eliminate the fair value of the warrant liability.

Nine Months Ended September 30, 2007 Operating Results

The net loss for the first nine months of 2007 was $16.8 million, or $0.19 per share, compared to $24.3 million, or $0.34 per share, for the same period a year ago. Included in the loss for the nine-month period ended September 30, 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.

R&D expenses were $12.0 million for the first nine months of 2007, compared to $8.9 million for the same period a year ago. The increase in R&D expenses for 2007 was primarily related to a $1.4 million increase in expenses related to research-related manufacturing and quality assurance activities for our product candidates, a $214,000 increase in external preclinical study fees and expenses mostly related to ANX-201 and a $1.3 million increase in personnel and related costs.

SG&A expenses were $6.8 million for the first nine months of 2007, compared to $5.5 million for the same period a year ago. The increase in SG&A expenses for 2007 was substantially due to a $1.1 million increase in SG&A personnel and related costs and a $251,000 increase in legal fees primarily related to patent applications.

Revenue of $500,000 in the first nine months of 2007 represented a license fee earned from licensing ANX-211, compared to no revenue for the comparable period in 2006.

Balance Sheet Highlights

As of September 30, 2007, the Company had cash, cash equivalents and investments in securities totaling $38.6 million, including cash and cash equivalents of $19.3 million and short-term investments in securities of $19.3 million. Stockholders' equity amounted to $35.9 million as of September 30, 2007.

Conference Call and Webcast

Management will host a confe
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SOURCE ADVENTRX Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
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