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ADVENTRX Pharmaceuticals Announces Closing of $22.5 Million Financing
Date:1/12/2011

SAN DIEGO, Jan. 13, 2011 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has completed the previously announced sales of 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 have an exercise price of $2.75 per share and are 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 have an exercise price of $2.75 per share and are exercisable at any time after the closing of the transaction and before the 5-year anniversary of the initial exercise date.  

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: 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 on Form S-3 filed with the Securities and Exchange Commission ("SEC"). A prospectus supplement r
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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