ADVENTRX Pharmaceuticals Reports Third Quarter 2008 Financial Results and Busin...(ed to $0.6 million for the nine-monthper...)

Balance Sheet Highlights

As of September 30, 2008, the Company had cash and cash equivalents totaling $15.3 million. Stockholders' equity amounted to $13.3 million as of September 30, 2008.

Business Update

In October 2008, the Company implemented a restructuring plan designed to reduce operating costs, which included an approximately 27% reduction of the Company's workforce. The Company discontinued active work on all product candidates other than ANX-530 and ANX-514, including its CoFactor program. As previously announced, enrollment in our discontinued Phase 3 clinical trial of CoFactor was stopped, however, patients currently receiving CoFactor in this trial will continue to receive treatment. With respect to ANX-530 and ANX-514, until it has secured additional funding, the Company anticipates focusing primarily on those activities relating to submitting NDAs for ANX-530 and ANX-514 and will delay or significantly reduce spending on other work. After adjusting to reflect anticipated severance costs, the Company expects the reduction-in-force will reduce its compensation expenses in 2009 by approximately $1.5 million.

Also in October 2008, Evan M. Levine resigned his positions as Chief Executive Officer and President to pursue other opportunities. Mr. Levine will continue to serve on the Company's Board of Directors. The Company has informally begun a search for a replacement Chief Executive Officer. In the interim, consistent with the Company's CEO succession planning, ADVENTRX will be led by a committee of executive officers.

Mr. Bagnall will serve as the Company's principal executive officer in addition to continuing in his other capacities.

Conference Call and Webcast

ADVENTRX management will host a conference call with simultaneous webcast to discuss third quarter results, provi
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