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ADVENTRX Pharmaceuticals Announces Capital Raise of $22.5 Million
Date:1/7/2011

SAN DIEGO, Jan. 7, 2011 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has entered into definitive agreements to sell 8,184,556 units in a registered direct offering to RA Capital Management, certain healthcare-focused investors, and other institutional investors for a per unit purchase price of $2.75, representing gross proceeds to ADVENTRX of approximately $22.5 million.  Each unit consists of one share of common stock, a Series A warrant and a Series B warrant. ADVENTRX plans to use the net proceeds from the offering to fund activities relating to acquiring and developing additional products or product candidates, to continue development of its current lead product candidates, and for general corporate purposes.

The Series A warrants are exercisable for up to an aggregate of 2,046,139 shares of ADVENTRX's common stock. The Series A warrants will have an exercise price of $2.75 per share and will be exercisable at any time after the closing of the transaction and before the date that is 5 trading days after the 1-year anniversary of the initial exercise date. The Series B warrants are exercisable for up to an aggregate of 2,046,139 shares of ADVENTRX's common stock. The Series B warrants also will have an exercise price of $2.75 per share and will be exercisable at any time after the closing of the transaction and before the 5-year anniversary of the initial exercise date.  The closing of the offering is expected to take place on or about January 11, 2011, subject to the satisfaction of customary closing conditions.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), acted as the exclusive placement agent for the transaction.

The securities described above are being offered by ADVENTRX pursuant to an effective registration statement(s) on Form S-3 f
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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