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ADVENTRX Pharmaceuticals Announces Closing of Financing
Date:7/6/2009

SAN DIEGO, July 6 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has completed the previously announced sale of shares of its 5% Series B convertible preferred stock pursuant to a registered direct offering to a single institutional investor, representing gross proceeds of approximately $1.36 million. Twenty-five percent, or approximately $340,250, of the gross proceeds will be placed in an escrow account, which amounts will be released to make the dividend and other payments described below.

The preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investor at a price of $0.1432 per share and will accrue a 5% dividend until July 6, 2014. If the convertible preferred stock is converted at any time prior to July 6, 2014, ADVENTRX will pay the holder an amount equal to the total dividend that would accrue on the convertible preferred stock from the conversion date through July 6, 2014, or $250 per $1,000 principal amount of convertible preferred shares converted, less any dividend payments made with respect to such converted convertible preferred shares.

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 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 30, 2009. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: '/>"/>

SOURCE ADVENTRX Pharmaceuticals, Inc.
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