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ADVENTRX Pharmaceuticals Reports Second Quarter 2008 Financial Results and Business Update
Date:8/11/2008

same period a year ago. The increase was primarily due to a $0.2 million severance expense related to the departure of our former chief financial officer in April 2008, as well as an increase of $0.4 million in consulting expenses for tax services, market research for ANX-530 and legal expenses related to the Theragenex settlement. SG&A expenses for the three-month period ended June 30, 2008 included non-cash, share-based compensation expenses amounting to $0.2 million, compared to $0.3 million for the same period a year ago.

Interest and other income amounted to $0.3 million for the three-month period ended June 30, 2008, compared to $0.6 million for the same period a year ago.

Six-Month Period Ended June 30, 2008 Operating Results

ADVENTRX's net loss was $12.4 million, or $0.14 per share, for the six-month period ended June 30, 2008, compared to a net loss of $10.8 million, or $0.12 per share, for the same period in 2007. Included in the net loss for the six-month period ended June 30, 2008 were non-cash, share-based compensation expenses amounting to $1.0 million, compared to $1.2 million for the same period in 2007.

For the six-month period ended June 30, 2008, we recognized $0.5 million in licensing revenue, which represents a portion of the $0.6 million Theragenex settlement payment. The additional $0.1 million was recognized as other income. For the six-month period ended June 30, 2007, we recognized $0.5 million in licensing revenue under our license agreement with Theragenex. Since January 2007, we have received $1.1 million from Theragenex.

R&D expenses increased by $0.7 million, or 9%, to $8.3 million for the six-month period ended June 30, 2008, from $7.6 million for the same period a year ago. The increase was primarily due to a $1.8 million increase in expenses related to external research-related manufacturing and regulatory and quality assurance activities related to ANX-530 and ANX-514 and an increase of $0.2 milli
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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