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ADVENTRX Pharmaceuticals Announces Closing of Financing
Date:10/9/2009

SAN DIEGO, Oct. 9 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has completed the previously announced sale of shares of its Series D convertible preferred stock pursuant to a registered direct offering to institutional investors, representing gross proceeds to ADVENTRX of approximately $11.3 million. ADVENTRX plans to use the net proceeds from the offering to fund its operations during the FDA review period of an ANX-530 NDA and to continue development of ANX-514, and for general corporate purposes.

The preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investors at a conversion price of $0.18805 per share and will accrue a 4.25660% cumulative dividend until October 9, 2020. If the convertible preferred stock is converted at any time prior to October 9, 2020, 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 October 9, 2020, or $468.23 per $1,000 stated value of preferred stock converted, less any dividend payments made with respect to the converted preferred stock. Approximately $5.3 million of the gross proceeds will be placed in an escrow account, which amounts will be released to make the dividend and other payments described above. The investors also will receive warrants to purchase an aggregate of 19,800,000 shares of ADVENTRX's common stock. The warrants will have an exercise price of $0.1468 per share and are exercisable at any time after the closing of the transaction and before the fifth anniversary of the initial exercise date.

The convertible preferred stock and warrants were sold by ADVENTRX pursuant to an effective registration statement on Form S-1 filed with the Securities and Exchange Commission ("SEC"). A prospectus
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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