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ADVENTRX Grants Exclusive Rights to ANX-514 in South Korea
Date:3/25/2009

SAN DIEGO, March 25 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has granted Shin Poong Pharmaceutical Co., Ltd. (SEO: 019170.KS) exclusive rights in South Korea to make, use and sell ANX-514 (docetaxel emulsion), one of its two lead product candidates. Under the terms of their agreement, ADVENTRX will receive an upfront cash payment of $300,000, up to approximately $2 million in regulatory and commercial milestones and royalties on net sales of licensed products. Shin Poong is responsible for all development and commercial activities related to ANX-514 in South Korea.

ANX-514 is a reformulation of the blockbuster chemotherapeutic agent, Taxotere(R), an anti-cancer agent that is approved to treat breast, non-small cell lung, prostate, head and neck and gastric cancers. In 2007, the aggregate worldwide market for Taxotere was in excess of $3 billion. The market for Taxotere in South Korea was in excess of $30 million in 2007.

"Shin Poong is well-positioned to successfully develop and commercialize ANX-514 in South Korea," stated Brian M. Culley, Chief Business Officer of ADVENTRX. "Established in 1962, Shin Poong has grown to more than 1,500 employees. They are a leader in this territory, with expertise in clinical development, as well as a dedicated business unit focused on the sales and marketing of oncology products."

"We are excited about this first validation of our detergent-free docetaxel program, and we remain committed to finding additional partners for ANX-514, as well as ANX-530, in other territories and working towards consummating the strategic transaction process we began in December 2008," added Mr. Culley. "With support from our consultants and vendors, we continue to be on track to announce preliminary pharmacokinetic results from our bioequ
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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