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

on in personnel and related costs, offset by a $1.3 million decrease in external clinical trial expenses related to ANX-530 and CoFactor and a $58,000 decrease in share-based compensation expense. R&D expenses for the six-month period ended June 30, 2008 included non-cash, share-based compensation expense amounting to $0.4 million, compared to $0.5 million for the same period a year ago.

SG&A expenses increased by $0.2 million, or 4%, to $5.0 million for the six-month period ended June 30, 2008, from $4.8 million for the 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. SG&A expenses for the six-month period ended June 30, 2008 included non-cash, share-based compensation expenses amounting to $0.5 million, compared to $0.7 million for the same period a year ago.

Interest and other income amounted to $0.6 million for the six-month period ended June 30, 2008, compared to $1.2 million for the same period a year ago.

Balance Sheet Highlights

As of June 30, 2008, the Company had cash, cash equivalents and short-term investments in securities totaling $22.1 million. Stockholders' equity amounted to $19.7 million as of June 30, 2008.

Conference Call and Webcast

ADVENTRX management will host a conference call with simultaneous webcast to discuss second quarter results, provide a corporate update and take investors' questions tomorrow at 1:30 p.m. Pacific/ 4:30 p.m. Eastern Time. Evan M. Levine, Chief Executive Officer and President, and Mark N.K. Bagnall, Chief Financial Officer and Executive Vice President, are scheduled to lead the call and will be joined by other members of the Company's senior management. The conference call may be accessed by dialing (888) 215-7027 for domestic callers and (913) 312-0654 for international callers. The webcast will be available live via the Internet by accessing ADVENTRX's websi
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SOURCE ADVENTRX Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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