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ADVENTRX Reports Third Quarter 2012 Financial Results
Date:11/5/2012

SAN DIEGO, Nov. 5, 2012 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE MKT: ANX) today reported financial results for the quarter ended September 30, 2012.

"With a strong cash position of approximately $40 million, we are well positioned to start our phase 3 study of ANX-188 in sickle cell disease," stated Brian M. Culley, Chief Executive Officer of ADVENTRX.  "We are pleased that we have finalized the protocol and completed the majority of our manufacturing activities that will enable us to start the study by the end of 2012," Mr. Culley continued. 

Third Quarter 2012 Operating ResultsADVENTRX's net loss for the third quarter of 2012 was $3.2 million, or $0.07 per share (basic and diluted), compared to a net loss of $3.5 million, or $0.13 per share (basic and diluted), for the same period in 2011.

Research and development (R&D) expenses for the third quarter of 2012 were $1.7 million, a decrease of $0.4 million, or 19%, compared to $2.1 million for the same period in 2011. The net decrease was primarily due to a $0.8 million decrease in external nonclinical study fees and expenses, which was offset by increases of $0.3 million in personnel costs and $0.1 million in external clinical study fees and expenses. The decrease in external nonclinical study fees and expenses resulted primarily from decreases in research-related manufacturing expenses of $1.1 million for ExelbineTM and $0.2 million for ANX-514.  The increase in personnel costs was primarily related to increased headcount, including relocation and recruitment costs for our new Chief Medical Officer.

Selling, general and administrative (SG&A) expenses for the third quarter of 2012 were $1.8 million, a decrease of $0.2 million, or 8%, compared to $2.0 million for the same period in 2011. The decrease resulted primarily from a decrease in consulting fees and legal expenses due to cost-savings realized by discontinuation of commercial-rea
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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