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ADVENTRX Pharmaceuticals Announces Closing of Financing
Date:5/6/2010

SAN DIEGO, May 6 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has completed the previously announced sale of shares of its Series F convertible preferred stock pursuant to a registered direct offering to institutional investors, representing gross proceeds to ADVENTRX of approximately $19.2 million.  ADVENTRX plans to use the net proceeds from the offering to fund activities relating to acquiring and developing additional product candidates, to continue development of its current lead product candidates, and for general corporate purposes.

The convertible preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investors at a conversion price of $3.7025 per share and will accrue a 2.19446320054018% cumulative dividend until May 6, 2020.  If the convertible preferred stock is converted at any time prior to May 6, 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 May 6, 2020, or approximately $219.45 per $1,000 stated value of convertible preferred stock converted, less any dividend payments made with respect to the converted convertible preferred stock.  Approximately $4.2 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 series A warrants to
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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