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ADVENTRX Reports Third Quarter Financial Results
Date:11/8/2010

SAN DIEGO, Nov. 8, 2010 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today reported financial results for the three and nine months ended September 30, 2010.

"Our balance sheet remains strong due to our commitment to prudent cash management and reflected $29.3 million in cash at September 30," said Brian M. Culley, Chief Executive Officer of ADVENTRX.  "We recently submitted a New Drug Application to the FDA for our lead product candidate, Exelbine, as planned, and look forward to working with the FDA toward a potential approval for Exelbine next year," continued Mr. Culley.  

Third Quarter Financial ResultsADVENTRX's net loss applicable to common stock for the third quarter of 2010 was $1.8 million, or $0.13 per share, compared to net loss applicable to common stock of $2.7 million, or $0.57 per share, for the same period in 2009. Net loss applicable to common stock and net loss were the same for the three months ended September 30, 2010.  Net loss applicable to common stock for the three months ended September 30, 2009 included a non-cash, deemed dividend expense of $0.4 million related to the Company's July and August 2009 equity financings.  

Research and development (R&D) expenses for the third quarter of 2010 were $0.9 million, a decrease of $0.5 million, or 36%, compared to $1.4 million for the same period in 2009. The decrease was due primarily to a $1.0 million decrease in research-related manufacturing expenses for ANX-530, or Exelbine™, partially offset by a $0.3 million increase in fees for consulting services related to Exelbine and ANX-514 and a $0.2 million increase in toxicology study expenses related to Exelbine.

Selling, general and administrative (SG&A) expenses were $0.9 million for the third quarter of 2010 and for the same period in 2009.  

Year-to-Date
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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